Mezzanine debt 夹心债务

It is a method of financing where the debt has embedded equity instruments attached. This increases the value of the debt. 夹层融资是一种无担保的长期债务， 这种债务附带有投资者对融资者的权益认购权，这也增加了债权的价值。

优点：

1. it offers more flexibility in terms of coupon rates. Providers of mezzanine finance tend to be long-term investors rather than those trying to make a quick return therefore they are less likely to demand very high coupon rates. 它的利率更灵活。 层融资的ᨀ供者往往是长期投资者，并非想赚快钱，因此他们不太可能要求非常 高的票面利率。

2. It also provides the company with a means of rising finance for ventures that might not be attractive to commercial banks. 也提供给了企业其他的融资手段，当他们无法吸引商业银行进行融资时。

缺点：

1. The value of current equity holders’ holding will e reduced by the warrants. The extent of this problem will depend on the amount by which the value of the company is likely to rise if he projet proceeds using the suggested method offinancing. 当前股权持有人持有的价值将由权证降低。这个问题的程度将取决 于公司因为开展项目而特定融资的总金额和对应价格。

2. The lenders may insist on some degree of restrictive covenants, such as restrictions on the future borrowing or meeting targets on certain financial ratios. 贷款人可能会坚持某种程度的限制性契约，比如限制了未来借款或者某些财务比例的要求。

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