酒店巨頭希爾頓跑步重返股市
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????2008年，希爾頓酒店（Hilton Worldwide）宣布了信貸危機(jī)和隨后的金融風(fēng)暴發(fā)生前最后一項(xiàng)巨額收購(gòu)交易。上周，這家公司又表示，它正在計(jì)劃重返股市。
????希爾頓已經(jīng)提交了注冊(cè)文件，首發(fā)上市規(guī)模為12.5億美元，主承銷(xiāo)商包括德意志銀行（Deutsche Bank）、高盛（Goldman Sachs）、美銀美林（BoA Merrill Lynch）和摩根士丹利（Morgan Stanley）。希爾頓沒(méi)有公開(kāi)披露它的證券代碼，也沒(méi)有說(shuō)明計(jì)劃在哪家證券交易所掛牌。 ????2007年夏天，黑石集團(tuán)（Blackstone Group）斥資260億美元（約合1600億元人民幣）對(duì)這家酒店巨擘實(shí)施了私有化。和宣布私有化之前希爾頓的平均股價(jià)相比，私有化價(jià)格具有40%的溢價(jià)。此后，希爾頓經(jīng)歷了一系列困難——有些和公司本身有關(guān)（大量與收購(gòu)有關(guān)的債務(wù)），有些則是外部因素（旅游業(yè)滑坡，房地產(chǎn)市場(chǎng)暴跌等）。 ????但初看上去，希爾頓的首發(fā)申請(qǐng)文件表明情況有了明顯好轉(zhuǎn)。在截至2012年6月30日的財(cái)年中，希爾頓實(shí)現(xiàn)收入94億美元（579.04億元人民幣），高于2010財(cái)年的81億美元（498.96億元人民幣）。三年來(lái)，這家公司的凈利潤(rùn)穩(wěn)步增長(zhǎng)，而負(fù)債已經(jīng)下降。舉例來(lái)說(shuō)，截至2013年6月30日，希爾頓披露的長(zhǎng)期債務(wù)為142.8億美元（879.65億元人民幣），而一年前這個(gè)數(shù)字還高達(dá)157億美元（967.12億元人民幣）。在這期間，它調(diào)整后息稅折舊攤銷(xiāo)前利潤(rùn)已從8.87億美元（54.64億元人民幣）增至10.4億美元（64.06億元人民幣）。（財(cái)富中文網(wǎng)） ????譯者：Charlie ???? |
????Hilton Worldwide was the last mega-buyout to be announced before the 2008 credit crunch and ensuing financial crisis. This morning it announced plans to return to the public markets. ????Hilton has filed registration documents for a $1.25 billion IPO, with Deutsche Bank (DB), Goldman Sachs (GS), BoA Merrill Lynch (BAC) and Morgan Stanley (MS) listed as lead underwriters. It did not publicly disclose either a ticker symbol or on which exchange it plans to trade. ????The hotel giant was taken private by The Blackstone Group (BX) in the summer of 2007 for $26 billion, at a share price that represented a 40% premium to where Hilton had been trading the day before its deal announcement. Since then it has weathered a variety of challenges -- some of its own making (lots of buyout-related debt) and some external (tourism declines, real estate meltdown, etc.). ????But a cursory glance at its IPO docs suggest a strong rebound. Hilton reports $9.4 billion in revenue for the year ending June 30, 2012, compared to $8.1 billion for calendar year 2010. Net income has increased steadily over each of the past three years, while debt has declined. For example, the company reports $14.28 billion in long-term debt as of June 30, 2013, compared to $15.7 billion on June 30, 2012. Adjusted EBITDA over that same period increased from $887 million to $1.04 billion. |
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