Mezzanine Debt

Mezzanine Debt
Unter einer  Mezzanine-Finanzierung wird allgemein die Bereitstellung von nachrangig besichertem Kapital meist im Zuge von Management-Buyouts (MBO) oder Management-Buyins (MBI) verstanden. Das Mezzanine-Kapital weist eine Zwischenstellung zwischen Eigenkapital und Fremdkapital auf (hybride Finanzierung). Das M.D. ist eine Ausprägung des Mezzanine-Kapitals, die mehr dem Fremdkapital als dem Eigenkapital nahe steht. Typische Instrumente zur Bereitstellung von M.D. sind typische stille Beteiligungen, partiarische Darlehen, Gesellschafter-Darlehen, nachrangige Darlehen sowie Genussrechte und High Yield Bonds. Bei MBO und MBI präferieren die Banken in jüngster Vergangenheit die Bereitstellung von M.D. gegenüber der Begebung von Fremdkapital, da ansonsten den hohen Risiken in diesem Marktsegment nur geringe Margen gegenüber stehen. Bei größeren Transaktionsvolumina wird das M.D. i.d.R. weiter unterteilt in das Junior Subordinated Debt und das Senior Subordinated Debt. Beide Begriffe lassen sich hinsichtlich ihrer Nachrangigkeit differenzieren. So wird im Fall einer Liquidation das Senior Subordinated Debt gegenüber dem Junior Subordinated Debt bevorzugt bedient.

Lexikon der Economics. 2013.

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