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4. 译酬为85元/千汉字（税前）
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样张如下，这一部分是描写垃圾债券大王米尔肯的：
Drexel’s West Coast business soon relocated from Century City to Beverly
Hills, and it was there, in November 1983, that Milken, Joseph, and a select
group of Drexel’s corporate finance officers conceived of a new application
for junk bonds. The strategy they plotted, which they believed would provide
a “quantum leap” in the level of their business, was to make junk bonds
an integral part of a corporate transaction called a leveraged buyout. It was
the dawn of the so-called LBO, a form of acquisition that was spurred by
the remarkably quick and successful buyout of Gibson Greeting Cards in
1982 by an equity group put together by former Treasury secretary William
Simon. An LBO involves purchasing a company largely through the use
of debt (hence, the transaction is “leveraged”), so the buyer can use just a
token amount of its own equity capital and a much larger amount of “other
people’s money” procured through borrowing. About 60 percent of the
acquisition funding typically came from commercial banks that secured
their loans by using the target company’s assets as collateral, and another
10 percent or so was supplied by the new owners of the company in the
form of common stock equity. The toughest money to locate, however, was
“mezzanine” debt—the unsecured financing level between the collateralized
bank debt and the new owners’ equity. If it could be found at all, such
debt was usually available from a small number of aggressive insurance
company lenders or specialty mezzanine finance funds and only after prolonged
business investigations and the negotiation of a long list of restrictive
conditions.
[victory]
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