With the help of junk bond financing from Michael Milken, Hurwitz took over Simplicity Pattern Co.

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Silicon Valley-style venture capital emerged during the 1970s, as did venture debt, better (and unfortunately) known as junk bond financing.

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Using a combination of junk bond debt and bank financing, Singleton and his 87-year-old partner, Richard Scudder, are masters at bunching smallish suburban and hick-town papers around metro areas and skimming off advertising revenue that would otherwise go to the big paper in the city.

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The corporate financing window remains wide open even for junk bonds.

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Financing is cheap on loans used to finance leverage buyouts: The average yield in the junk-bond market is at its lowest level since October 2007, falling to 8.7%.

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