Going public by only selling bonds

Suppose that a private company wants to raise money, but they want to do so only be issuing debt (i.e. bonds). Why isn't this method of raising money more common? I realize how an LBO works by issuing
massive amounts of debt to buy out a company. But suppose that there is a new company. This company wants to not dilute the existing shareholder's value, and therefore, it only wants to issue debt. Is this possible or common? If so, why/why not?
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It's possible, but it is still a private company. A bondholder is not an owner in the company.
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Donald Trump sold bonds to finance one of his Atlantic City properties. Eventually, the bondholders had to settle for a few pennies on the dollar plus stock in a newly (since bankrupted) public company.
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On Wed, 30 Jan 2008 22:56:04 -0800 (PST), "e^(ix)" wrote:

It's possible, but you're still a private company (you do have to make some SEC filings on your commercial paper).
One example I can think of off the top of my head is Belk, the department store chain.
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