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Topic: Mezzanine capital

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	Venture capital -- Facts, Info, and Encyclopedia article (Site not responding. Last check: 2007-10-14)
		Venture capital partners (also known as "venture capitalists" or "VCs") may be former (The office of the United States head of state) chief executives at firms similar to those which the partnership funds.
		Venture capital is a phenomenon most closely associated with the (North American republic containing 50 states - 48 conterminous states in North America plus Alaska in northwest North America and the Hawaiian Islands in the Pacific Ocean; achieved independence in 1776) United States and technologically innovative ventures.
		At the same time, venture capital investors are seeking to reduce the large commitments they have made to venture capital funds.
	www.absoluteastronomy.com /encyclopedia/v/ve/venture_capital.htm (1647 words)

	Build Your Wealth: Mezzanine Capital
		Mezzanine capital has features in common with both equity investments and debt, with investors only receiving any investment returns or capital when the senior debt (first mortgage) is paid in full.
		Mezzanine property funds are structured to provide a base level of annual income plus a share in capital gains at the end of the investments’ life.
		Mezzanine capital is provided through specialist managers as the usual investor in these property funds is sophisticated and very aware of the increased risk associated with the higher returns.
	www.propertyoz.com.au /data/info/BuildYourWealth/MEZZANINE.htm (456 words)

	Mezzanine Capital (Site not responding. Last check: 2007-10-14)
		Mezzanine capital (or mezzanine debt) is a broad financial term that refers to unsecured, high-yield, subordinated debt or preferred stock that represents a claim on a company's assets that is only senior to that of a company's shareholders.
		Mezzanine capital is a more expensive financing source for a company than secured debt or senior debt.
		A mezzanine loan is a relatively large, unsecured loan (a loan that is not backed by a pledging of assets) with a maturity of at least five years.
	www.wwwtln.com /finance/124/mezzanine-capital.html (541 words)

	subdebt - Ironwood Capital - investment management, Connecticut
		A mezzanine investment is typically made in a company that is facing some sort of growth opportunity, e.g., the acquisition of another company, the acquisition of the company itself by new management, the establishment of a new product line or distribution channel or merely internal growth.
		Mezzanine capital is most commonly used in situations where the equity component of a company's capital structure is insufficient to satisfy senior lenders.
		Furthermore, mezzanine finance, since it is primarily debt with only enough warrants to enhance the overall yield to an acceptable level, is less dilutive, requiring the owners to give up less of the company than an equivalent amount of pure equity would require.
	www.ironwoodcap.com /about_news_mezzanine.htm (1494 words)

	EC2 @ USC - Digital Commerce Center - Small Business Advisor
		Most often, the capital structures were inappropriate because they were too heavily weighted to debt, created insurmountable performance hurdles for management, and did not take into consideration realistic projections for the company.
		Mezzanine financing is sought to either fill the gap between equity and senior debt, or to simply increase leverage and boost the returns on your equity.
		These mezzanine funds provide debt capital secured not by the hard asset of the house but by your annual earnings potential or cash flow, which for business is known as "ebitda"-- earnings before interest, taxes, depreciation and amortization.
	www.ec2.edu /dccenter/sba/101298.html (834 words)

	Mezzanine Finance: Closing The Gap Between Debt And Equity
		A hybrid form of capital, mezzanine financing is sandwiched between senior debt and equity on a company's balance sheet.
		Mezzanine capital typically is used to fund a growth opportunity, such as an acquisition, new product line, new distribution channel or plant expansion.
		Mezzanine lenders also may reserve a portion of their available capital in order to make additional investments in those companies that perform well.
	www.bofabusinesscapital.com /resources/capeyes/a10-02-124.html (1649 words)

	Venture Capital Directory — Private Equity
		ACI Capital is an integrated investment firm and merchant bank that has generated superior risk adjusted returns for nearly 50 years by partnering with management teams to build valuable companies.
		American Capital is an equity partner in management and employee buyouts; provides mezzanine and senior debt financing for buyouts led by private equity firms; and provides capital directly to private and small public companies.
		Bindley Capital Partners (BCP) is a private investment firm focused on acquiring or investing in outstanding private companies, co-investing with equity sponsors and committing capital to established third-party managers in the private and public markets.
	www.boogar.com /resources/venturecapital/private_equity.htm (3296 words)

	Proskauer Rose LLP - Mezzanine Finance
		Proskauer's Mezzanine Finance Group is comprised of seasoned attorneys experienced and active in all aspects of the mezzanine finance, junior capital and second lien market.
		Our attorneys are skilled in all areas of the capital structure, including both debt and equity, from the traditional subordinated debt to junior subordinated notes, holdco notes, second liens, last-out senior and all types of preferred and common equity.
		Mezzanine finance is what we do; we know the market and we bring that extra value to our clients' transactions.
	www.proskauer.com /practice_areas/areas/134 (448 words)

	Welcome to William Blair & Company - Mezzanine
		Mezzanine capital is the level of capital between senior debt and equity, and typically is issued in the form of subordinated debt or preferred stock with equity provided by a warrant, conversion feature or the outright purchase of common stock.
		Mezzanine capital is a financing option for companies in transition.
		As a mezzanine investor, we are both a lender and a shareholder.
	www.williamblair.com /Pages/wbmezz_services.asp (306 words)

	Welcome to William Blair & Company - Mezzanine
		Mezzanine capital provides borrowing capability beyond senior debt while minimizing the dilution associated with equity capital.
		While mezzanine capital can be used in conjunction with equity, it is often the only junior capital a transaction requires.
		William Blair Mezzanine Capital Partners refers collectively to William Blair Mezzanine Capital Partners III, LLC, William Blair Mezzanine Capital Partners II, L.L.C. and William Blair Mezzanine Capital Partners, L.P., the General Partner of each of three limited partnerships raised for the purpose of investing mezzanine capital.
	www.williamblair.com /pages/wbmezz_home.asp (408 words)

	Buyouts (Site not responding. Last check: 2007-10-14)
		Traditional mezzanine funds, however, are shocked at the sudden and enormous amount of money coming into the sector and wonder if it is a signal that mezzanine, as we now know it, will never be the same.
		By using leverage, not only have these SBIC Funds been able to succeed in raising capital when they otherwise might not be able to do so from traditional sources, their leverage gives them an overall less expensive form of capital and the opportunity to compete with Traditional Funds.
		Mezzanine capital is rapidly becoming a commodity, a downward spiral that will continue the deterioration in returns.
	www.ventureeconomics.com /buy/protected/1070549894071.html (1094 words)

	Mezzanine Debt--Another Level To Consider
		Mezzanine debt capital generally refers to that layer of financing between a company's senior debt and equity.
		By contrast, mezzanine fund managers are attracted to the cash-on-cash returns (cash received/initial cash outlay) generated by the debt element of private mezzanine securities.
		Typically, an average performing mezzanine fund is able to avoid the steep negative returns compared to a pure equity fund as a result of the contractual cash coupon.
	www.bofabusinesscapital.com /resources/capeyes/a08-03-176.html (1353 words)

	Mezzanine financing alternative helps lower overall cost of capital - 2003-04-14 (Site not responding. Last check: 2007-10-14)
		With public capital markets still effectively closed to many businesses in the oil and gas industry, three options are available to a company seeking to fund new development activities or acquire new prospects to supplement their existing properties: bank financing, private equity and an increasingly popular third option, mezzanine financing.
		Mezzanine lenders are actively seeking out new deals in an effort to put their own capital to work.
		Mezzanine financing is, as its name implies, layered between senior debt and equity in the borrower's capital structure.
	houston.bizjournals.com /houston/stories/2003/04/14/focus6.html (886 words)

	ACG - Past Events (Site not responding. Last check: 2007-10-14)
		Ron explained that prepayment penalties are increasing among mezzanine financiers, coupled with no-call periods of approximately 2 years, and highlighted the increased emphasis on pay-in-kind (PIK) interest in lieu of warrants.
		As Ron explained in detail, the investment objectives of the mezzanine financiers (ex., stand-alone funds, hedge funds, insurance companies, bank affiliated funds, and SBIC funds) are dependent upon their investors.
		Ron pointed out that one of the benefits of mezzanine debt, as illustrated through his discussions on the topics noted above, is as a source of funds without having to give up equity.
	www.acg.org /stlouis/pastevents/index.asp?n=237 (323 words)

	Blackstone - Mezzanine Financing Group (Site not responding. Last check: 2007-10-14)
		Blackstone Mezzanine Partners ("BMP"), with over $1.1 billion of committed capital, is one of the largest funds dedicated to private mezzanine investments.
		Mezzanine investments are generally structured as subordinated debt or preferred stock with a current cash coupon and an equity participation feature, usually in the form of warrants.
		Blackstone raised a fund dedicated to mezzanine investments in 1999 to capitalize on several key trends.
	www.blackstone.com /mezzanine (191 words)

	www.sachsenlb.de >> Mezzanine Capital
		In the case of acquisition finance Mezzanine Capital is being used in between equity and senior debt and guarantees best designed financing structures.
		When financing established mid cap companies, the Mezzanine Capital closes the gap between equity and senior debt and can be individually structured according to the company’s requirements.
		Mezzanine Capital is highly flexible in terms of funding, interest and repayment scheme
	www.sachsenlb.de /en/produkte/mezzanine (210 words)

	Venture Capital Resource Directory - VC Firms, Angel Investors, Raising Capital, Business Plans, Entrepreneurs, ... (Site not responding. Last check: 2007-10-14)
		From a balance sheet or capitalization perspective, the term "mezzanine" or subordinated debt describes the layer of a company's capital structure that bridges the gap between senior debt (including long-term and working capital lines) and equity.
		Other features of a mezzanine deal may include “ratchet” provisions where the amount of warrants issued by the company to the investor/lender is tied to the company’s performance on a year-by-year basis or at the end of the loan.
		Mezzanine financing is ideal for certain situations, especially management buyouts, acquisitions, and financing high growth.
	www.vfinance.com /ceo/ceo.asp?ToolPage=article_detail.asp&id=39 (1708 words)

	PNC Equity Management: PNC Mezzanine Capital (Site not responding. Last check: 2007-10-14)
		PNC Mezzanine Capital's investments are typically structured as subordinated debt with warrants, although preferred stock with a dividend can be considered.
		PNC Mezzanine Capital seeks high quality companies that hold a strong position in their markets and strong management with significant committed capital.
		The Pennsylvania Capital Fund is a mezzanine partnership sponsored by PNC Equity and funded by the state of Pennsylvania.
	www.pncequity.com /mezzanine (410 words)

	ENTERPRISE FORUM : CASES : JANUARY 2002
		Rick Burnes, general partner at the venture capital firm Charles River Ventures, described the last few years as a "major-league roller-coaster." According to Burnes, today's venture capital world is "grossly overfunded," yet entrepreneurs are having a hard time raising capital.
		Capital today is "realistically priced," he said, and there is more emphasis on good technology.
		To be appropriate candidates for mezzanine capital, companies should be generating revenue and either be profitable now or about to become so soon.
	www.mitforumcambridge.org /cases/c_jan02.html (789 words)

	Accession Mezzanine Capital LP[EBRD - Project Summary Document]
		This will be in the form of pure mezzanine (either in support of a private-equity backed acquisition or in a capital restructuring) or a mixture of mezzanine and private equity which will likely have spill-over effects on the provision of other forms of capital and the development of local financial markets.
		Due to the nature of the mezzanine instrument and the appointment of a representative on the board of investee companies, the Fund will be able to track very closely the financial performance of the companies and advise on financial management.
		The Accession Mezzanine Capital LP, is a limited partnership organised under the laws of England for the purpose of making pure mezzanine investments, or a mixture of mezzanine and private equity investments in private unquoted companies in the EU accession countries.
	www.ebrd.com /projects/psd/psd2002/8902.htm (531 words)

	John Hancock Mezzanine Advisors
		Hancock Mezzanine Advisors, LLC, through its mezzanine funds, is a leading investor in private mezzanine securities, which typically include debt with equity participation in the form of warrants, preferred stock or common stock.
		Hancock Mezzanine Partners, L.P. ("Fund I"), a $425 million mezzanine capital pool, was formed in August 1998 and was fully invested as of September 2000.
		Hancock Mezzanine Partners II, L.P. ("Fund II"), a $200 million mezzanine capital pool, was formed in December 2001 and was fully invested as of October 2003.
	www.hancockmezzanine.com (375 words)

	0.2.3: Venture Capital Firms - Encyclopedia - Library - VC Experts
		The VCs either initiate their own projects, often finding a talented entrepreneur who has succeeded in bringing a start-up to fruition and backing him on whatever project he selects, or accepting specific recommendations from, say, a member of the VC's scientific advisory board.
		Moreover, recent research discloses that much of the professionally managed "venture capital" is actually so-called mezzanine capital, meaning it is available only to those firms which have achieved at least adolescence, often defined as cash-flow break-even.
		A venture pool affiliated with a large bank-holding company holds out the possibility of a preferred relationship with the bank, although the problems inherent in being both a lender and an investor have generally inhibited, and rightly so, the bank-lending side from being intimately involved with the bank-venture investing side.
	vcexperts.com /vce/library/encyclopedia/documents_view.asp?document_id=22 (748 words)

	PNC Bank - Capital Markets - Private Placements (Site not responding. Last check: 2007-10-14)
		The private capital markets offer issuers a wide variety of long-term capital ranging from senior secured notes to mezzanine financing to preferred and common equity.
		PNC Capital Markets is a significant participant in the top 15 placement agents during 1998 and 1999 in the traditional fixed income private placement market.
		PNC Capital Markets Mezzanine and Private Equity Placements Group is unique among within our industry as we are one of the few financial institutions offering services dedicated solely to the structuring and placement of mezzanine and equity.
	www.pncbank.com /corporate_banking/capital_markets/private_placements/0,3810,765,00.html (384 words)

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