AFM知識點匯總—Mezzanine debt 夾心債務

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來源: 正保會計網校編輯：梨 2022/07/05 11:03:03　字體：大小

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Mezzanine debt 夾心債務

It is a method of financing where the debt has embedded equity instruments attached. This increases the value of the debt. 夾層融資是一種無擔保的長期債務，這種債務附帶有投資者對融資者的權益認購權，這也增加了債權的價值。

優點：

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. 它的利率更靈活。層融資的?供者往往是長期投資者，并非想賺快錢，因此他們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. 也提供給了企業其他的融資手段，當他們無法吸引商業銀行進行融資時。

缺點：

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. 當前股權持有人持有的價值將由權證降低。這個問題的程度將取決于公司因為開展項目而特定融資的總金額和對應價格。

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. 貸款人可能會堅持某種程度的限制性契約，比如限制了未來借款或者某些財務比例的要求。

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