03.03 · Financing
Mezzanine
Subordinated capital between senior debt and equity.
Mezzanine bridges the gap when senior lenders stop and the owners do not want to give up equity. It costs more than bank debt and less than dilution.
We source it from debt funds and private investors, and negotiate the terms that matter: interest structure, warrants or equity kickers, and the intercreditor position.
Scope of the mandate
Sizing the gap between senior debt and equity
Investor sourcing in Switzerland and abroad
Cash and PIK interest structures
Warrants, kickers and intercreditor terms
Typical situation
An acquisition is agreed, the bank will fund most of it, and the buyer wants to close the remaining gap without a new equity partner.
Responsible
Related sub-services
Sell-side mandatesHolding structuresListing readinessAsset & portfolio deals