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文章阅读:Re: [转载] waht does "mezzanine round " mean
[同主题阅读] [版面: 经济] [作者:qili] , 2000年01月13日11:55:39
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发信人: qili (qili), 信区: Economics
标  题: Re: [转载] waht does "mezzanine round " mean
发信站: The unknown SPACE (Thu Jan 13 12:02:04 2000), 转信

Mezzanine is a debt with warrant-like equity kickers.

For example, a deeped subordinated debt (usually with 10%+ cash coupon,
and some PIK) with warrants (or conversion rights) is a mezzanine.

It is usually provided by instituitional investors who like to have
current income (which a straight equity doesn't offer), and yet wants to
equity upside (which a debt instrument doesn't offer).

Depending on the deal is structured, it can look more like debt (higher
cash coupon, lower equity stake), or more like equity (loswer copuon,
less liquidation preference, and higher equity stake).

You can achieve the same economics using a preferred equity with
cash dividends (but it is more cash-costly for the issuer). A
mezzanine financing is more tax-efficient, but difficult to unwind in
an IPO scenario.

Mezzanine has been around since the 80s, but never got on til 5-6 years
ago.

【 在 breeze (gaga) 的大作中提到: 】
: 【 以下文字转载自 Stock 讨论区 】
: 【 原文由 breeze 所发表 】
: a startup said.. got a "mezzanine round of financing".. what does that mean?
: saw this on that stupid cnbc ad as well..
: thx


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