The alternative debt market is constantly innovating and changing. As buyers paid higher prices in the late end of the investment cycle, new debt structures emerged to absorb the additional uses of funds. Many recent structures were in the form of a unitranche loan with different layers packaged together. The integration of two loan layers – one senior and one mezzanine debt– into one structure makes it easier to close and theoretically, easier to manage post-closing. This is certainly the case if all goes well and if the company hits all its numbers and covenants. When all does not go well, as many companies are now finding out, it is much riskier to have one lender than it is to have two lenders via a senior & mezzanine debt structure.
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