Carlyle Fund Expects Assets Will Be Seized

Carlyle Fund Expects Assets Will Be Seized

米国のプライベート・エクイティ・ファンドであるCarlyle Groupの関連会社Carlyle Capital（アムステルダム証券取引所上場）が資金難に陥り、先週と比べて９０％も株価が下落したという記事。

Carlyle Capital, an Amsterdam-listed affiliate of the Carlyle Group, the private equity fund, said it “has not been able to reach a mutually beneficial agreement to stabilize its financing.” Its shares fell more than 70 percent Thursday. They have fallen more than 90 percent since the company’s problems became public last week.

Carlyle Capital が投資していたのは、トリプルＡの格付けがついたFannie Mae や Freddie Macの債券でしたが、１ドルの資本に対して３１ドルの借入を行うという非常にレバレッジの高い資金調達を行っていたようです。投資の価値が下落するにつれて、債権者がより多くの証拠金を要求して来たのに対し、親会社であるCarlyle Groupからの１億５０００万ドルのクレジットラインでは対応できなかったとのことです。

Carlyle Capital invested in triple-A rated mortgage debt issued by Fannie Mae and Freddie Mac, and like other investment vehicles it had leveraged its capital aggressively, borrowing $31 for every dollar of equity. As of February, it had $21.7 billion worth of assets in its investment portfolio. But as those investments lost value, creditors demanded that it put up more and more money in margin calls. A $150 million line of credit from its parent, the Carlyle Group, was not enough to keep it out of trouble as lenders demanded more collateral to back up their loans.

カーライル・グループのプレスリリース（日本語）（３月１１日のものです。）

March 13, 2008#2008-025
The Carlyle Group Issues Additional Statement on CCC