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Dell Inc. is no longer a Fortune 500 company, despite ranking #51 last year and #44 in 2012. In fact, it has been in the mix for well over a decade before this year’s fall from rankings grace.
戴爾公司（Dell Inc）2012年在《財(cái)富》美國500強(qiáng)排名第44位，去年排名為第51位，然而今年它卻跌出了榜單。事實(shí)上，這家公司在今年落榜之前已經(jīng)連續(xù)十多年上榜。
So, what happened?
那么，到底發(fā)生了什么事？
Dell was taken private last October by company founder Michael Dell and private equity firm Silver Lake in a contentious $25 billion transaction. Often such private companies still can qualify for the Fortune 500 — which largely relies on annual revenue data — because their debt is publicly-traded and, as such, the companies release financial performance.
去年10月，戴爾公司創(chuàng)始人邁克爾o戴爾和私募股權(quán)投資公司銀湖投資集團(tuán)（Silver Lake）完成了備受爭(zhēng)議的 250億美元戴爾私有化交易。通常，這樣的私營(yíng)企業(yè)仍然有資格躋身財(cái)富500強(qiáng)（上榜的主要依據(jù)是每年的營(yíng)收數(shù)據(jù)）因?yàn)樗麄兊膫鶆?wù)公開交易，進(jìn)而也會(huì)公布財(cái)務(wù)業(yè)績(jī)。
But as we reported last month, Dell structured its bonds by using something called Rule 144a for-life, a technique that is growing in popularity among private equity-backed companies(despite creating some short-term liquidity constraints for bondholders). In terms of the Fortune 500, this means that Dell needn’t publicly-disclose its financials. Instead, bondholders, prospective bondholders and certain analysts are provided quarterly data via conference calls and an online data room, but only on a confidential basis.
但是，正如我們?cè)谏蟼€(gè)月所報(bào)道的，戴爾公司通過144a終身規(guī)則（Rule 144a for-life）進(jìn)行了債券結(jié)構(gòu)化，這項(xiàng)規(guī)則在私募股權(quán)基金支持的公司中越來越受到歡迎（盡管它對(duì)債券持有人設(shè)置了一些短期的流動(dòng)性約束）。就《財(cái)富》美國500強(qiáng)方面而言，這意味著戴爾公司無須公開披露自己的財(cái)務(wù)狀況。相反，戴爾公司通過電話會(huì)議和在線數(shù)據(jù)室向債券持有人、未來債券持有人和某些分析師發(fā)布季度數(shù)據(jù)，但前提是對(duì)外保密。
Fortune did reach out to Dell when putting together the Fortune 500, but was rebuffed.
《財(cái)富》雜志（Fortune）在編輯財(cái)富500強(qiáng)榜單時(shí)曾經(jīng)試圖與戴爾公司進(jìn)行溝通，但是遭到了回絕。
Dell has enough debt that some of its financials likely will leak at some point, but it hasn’t happened yet. And, without official figures, it’s out.
戴爾公司擁有龐大的債務(wù)，因此它可能會(huì)在某些時(shí)候公布一些財(cái)務(wù)數(shù)據(jù)，但是現(xiàn)在還沒有。由于沒有獲得官方數(shù)據(jù)，戴爾沒能進(jìn)入本年度的財(cái)富500強(qiáng)。
