Which of the following statements accurately describes characteristics of a leveraged buyout as discussed in lectures? (a) Leveraged buyouts are financed mainly by the use of high levels of debt capital with the intention to sell the company to the creditors after improving its operating performance. (b) Targets of leveraged buyout activity tend to be companies with volatile cash flows - as the probability of large positive returns is greater. (c) The first stage of a leveraged buyout generally involves the private equity firm taking a mature, public company with stable cash flows to private and then improving its operating performance to sell it at a higher value to another company or list it on the stock exchange again. (d) More than one of the above. (e) None of the above