https://debtexplorer.whitecase.com/leveraged-finance-commentary/active-private-equity-firms-buoy-buyout-issuance# https://debtexplorer.whitecase.com/leveraged-f

https://debtexplorer.whitecase.com/leveraged-finance-commentary/active-private-equity-firms-buoy-buyout-issuance# https://debtexplorer.whitecase.com/leveraged-finance-comment...! I don't think that's going to walk you through all the steps, but it shows you there's a market for buyout bonds, aka, the bonds that pay the PE firms back so they saddle the buyout debt onto the companies themselves. There's no shortage of 'funds' that buy this garbage. When a bond has a certain credit rating, it's going to get sucked up into the funds, and those funds aren't capitalized by Warren Buffett, they get cash from Joe and Jane Doe's 401k. That's how it works.