Australia mezzanine: Compromise solution
The rise of holdco PIK debt has created Australia-based financing structures in which senior lenders and mezzanine providers can coexist. They also offer GPs greater flexibility at what is, for now, an acceptable price
Wind the clock back three years and there was little or no consensus as to how mezzanine providers could participate in Australian leveraged buyouts. Westpac had put forward a set of intercreditor principles...
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