Dell, HP Bondholders Could Feel Buyout Pain
Dell (NASDAQ:DELL) and Hewlett Packard (NYSE:HPQ) bondholders would likely be out of luck in a debt-fueled buyout of either company according to a Thursday analysis from ratings agency Moody's. According to a survey of investment-grade technology companies across Moody's ratings universe Dell and HP have the weakest protections for bondholders -- known as covenants -- which may leave investors most vulnerable to potential debt-fueled buyouts. Moody's identifies Dell and HP as not having so-called "change of control" protections that would allow current bond holders to be paid back first in the event of a debt-financed acquisition of either company. ...
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