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a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><style data-mw-deduplicate="TemplateStyles:r1202158006">.mw-parser-output .law-sidebar .sidebar-heading{background:#aaddff;color:#000}.mw-parser-output .law-sidebar .sidebar-above{font-weight:normal}.mw-parser-output .law-sidebar .sidebar-below{padding:0.4em;border-top:1px #aaa solid;font-weight:normal;font-size:smaller}</style><table class="sidebar nomobile nowraplinks hlist law-sidebar"><tbody><tr><th class="sidebar-title"><a href="/wiki/Insolvency" title="Insolvency">Insolvency</a></th></tr><tr><td class="sidebar-image"><figure class="mw-halign-center" typeof="mw:File"><a href="/wiki/File:Peter_Paul_Rubens_(1577-1640)_(style_of)_-_A_Hand_Holding_an_Empty_Purse,_The_Emblem_of,_%E2%80%98No_suffering_can_compare%27_(with_that_of_the_bankrupt_spendthrift)_-_1298194_-_National_Trust.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Peter_Paul_Rubens_%281577-1640%29_%28style_of%29_-_A_Hand_Holding_an_Empty_Purse%2C_The_Emblem_of%2C_%E2%80%98No_suffering_can_compare%27_%28with_that_of_the_bankrupt_spendthrift%29_-_1298194_-_National_Trust.jpg/100px-thumbnail.jpg" decoding="async" width="100" height="131" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Peter_Paul_Rubens_%281577-1640%29_%28style_of%29_-_A_Hand_Holding_an_Empty_Purse%2C_The_Emblem_of%2C_%E2%80%98No_suffering_can_compare%27_%28with_that_of_the_bankrupt_spendthrift%29_-_1298194_-_National_Trust.jpg/150px-thumbnail.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Peter_Paul_Rubens_%281577-1640%29_%28style_of%29_-_A_Hand_Holding_an_Empty_Purse%2C_The_Emblem_of%2C_%E2%80%98No_suffering_can_compare%27_%28with_that_of_the_bankrupt_spendthrift%29_-_1298194_-_National_Trust.jpg/200px-thumbnail.jpg 2x" data-file-width="915" data-file-height="1200" /></a><figcaption></figcaption></figure></td></tr><tr><th class="sidebar-heading"> Processes</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Administration_(law)" title="Administration (law)">Administration</a></li> <li><a href="/wiki/Bankruptcy" title="Bankruptcy">Bankruptcy</a></li> <li><a href="/wiki/Chapter_7,_Title_11,_United_States_Code" title="Chapter 7, Title 11, United States Code">Chapter 7 (US)</a></li> <li><a href="/wiki/Company_voluntary_arrangement" title="Company voluntary arrangement">CVA</a></li> <li><a href="/wiki/Conservatorship" title="Conservatorship">Conservatorship</a></li> <li><a href="/wiki/Dissolution_(law)" title="Dissolution (law)">Dissolution</a></li> <li><a href="/wiki/Examinership" title="Examinership">Examinership</a></li> <li><a href="/wiki/Individual_voluntary_arrangement" title="Individual voluntary arrangement">IVA</a></li> <li><a href="/wiki/Liquidation" title="Liquidation">Liquidation</a></li> <li><a href="/wiki/Provisional_liquidation" title="Provisional liquidation">Provisional liquidation</a></li> <li><a href="/wiki/Receivership" title="Receivership">Receivership</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Officials</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Insolvency_practitioner" title="Insolvency practitioner">Insolvency practitioner</a></li> <li><a href="/wiki/Tribunal" title="Tribunal">Tribunal</a></li> <li><a href="/wiki/Regulatory_agency" title="Regulatory agency">Regulatory agency</a></li> <li><a href="/wiki/Liquidator_(law)" title="Liquidator (law)">Liquidator</a></li> <li><a href="/wiki/Referee_in_Bankruptcy" title="Referee in Bankruptcy">Referee in Bankruptcy</a></li> <li><a href="/wiki/Trustee_in_bankruptcy" title="Trustee in bankruptcy">Trustee in bankruptcy</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Claimants</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Creditor" title="Creditor">Creditor</a></li> <li><a href="/wiki/Preferential_creditor" title="Preferential creditor">Preferential creditor</a></li> <li><a href="/wiki/Secured_creditor" title="Secured creditor">Secured creditor</a></li> <li><a href="/wiki/Unsecured_creditor" title="Unsecured creditor">Unsecured creditor</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Restructuring</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Administration_in_United_Kingdom_law" title="Administration in United Kingdom law">Administration (UK)</a></li> <li><a href="/wiki/Chapter_11,_Title_11,_United_States_Code" title="Chapter 11, Title 11, United States Code">Chapter 11 (US)</a></li> <li><a href="/wiki/Cram_down" title="Cram down">Cram down</a></li> <li><a href="/wiki/Restructuring" title="Restructuring">Restructuring</a></li> <li><a href="/wiki/Scheme_of_arrangement" title="Scheme of arrangement">Scheme of arrangement</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Avoidance regimes</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Fraudulent_conveyance" title="Fraudulent conveyance">Fraudulent conveyance</a></li> <li><a href="/wiki/Undervalue_transaction" title="Undervalue transaction">Undervalue transaction</a></li> <li><a href="/wiki/Unfair_preference" title="Unfair preference">Unfair preference</a></li> <li><a href="/wiki/Voidable_floating_charge" title="Voidable floating charge">Voidable floating charge</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Offences</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Fraudulent_trading" title="Fraudulent trading">Fraudulent trading</a></li> <li><a href="/wiki/Misfeasance" title="Misfeasance">Misfeasance</a></li> <li><a href="/wiki/Trading_while_insolvent" title="Trading while insolvent">Trading while insolvent</a></li> <li><a href="/wiki/Wrongful_trading" title="Wrongful trading">Wrongful trading</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Security</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Floating_charge" title="Floating charge">Floating charge</a></li> <li><a href="/wiki/Lien" title="Lien">Lien</a></li> <li><a href="/wiki/Mortgage" title="Mortgage">Mortgage</a></li> <li><a class="mw-selflink selflink">Second lien loan</a></li> <li><a href="/wiki/Security_interest" title="Security interest">Security interest</a></li></ul></td> </tr><tr><th class="sidebar-heading"> International</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Chapter_15,_Title_11,_United_States_Code" title="Chapter 15, Title 11, United States Code">Chapter 15 (US)</a></li> <li><a href="/wiki/Cross-border_insolvency" title="Cross-border insolvency">Cross-border insolvency</a></li> <li><a href="/wiki/Insolvency_Regulation" title="Insolvency Regulation">Insolvency Regulation</a></li> <li><a href="/wiki/UNCITRAL_Model_Law_on_Cross-Border_Insolvency" title="UNCITRAL Model Law on Cross-Border Insolvency">UNCITRAL Model Law</a></li></ul></td> </tr><tr><th class="sidebar-heading"> By country</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Anguillan_bankruptcy_law" title="Anguillan bankruptcy law">Anguilla</a></li> <li><a href="/wiki/Australian_insolvency_law" title="Australian insolvency law">Australia</a></li> <li><a href="/wiki/British_Virgin_Islands_bankruptcy_law" title="British Virgin Islands bankruptcy law">BVI</a></li> <li><a href="/wiki/Insolvency_law_of_Canada" title="Insolvency law of Canada">Canada</a></li> <li><a href="/wiki/Cayman_Islands_bankruptcy_law" title="Cayman Islands bankruptcy law">Cayman</a></li> <li><a href="/wiki/Bankruptcy_in_China" title="Bankruptcy in China">China</a></li> <li><a href="/wiki/Hong_Kong_insolvency_law" title="Hong Kong insolvency law">Hong Kong</a></li> <li><a href="/wiki/Insolvency_and_Bankruptcy_Code" class="mw-redirect" title="Insolvency and Bankruptcy Code">India</a></li> <li><a href="/wiki/Bankruptcy_Law_in_the_Republic_of_Ireland" title="Bankruptcy Law in the Republic of Ireland">Ireland</a></li> <li><a href="/wiki/Insolvency_law_of_Russia" title="Insolvency law of Russia">Russia</a></li> <li><a href="/wiki/South_African_insolvency_law" title="South African insolvency law">South Africa</a></li> <li><a href="/wiki/Insolvency_law_of_Switzerland" title="Insolvency law of Switzerland">Switzerland</a></li> <li><a href="/wiki/United_Kingdom_insolvency_law" title="United Kingdom insolvency law">United Kingdom</a></li> <li><a href="/wiki/Bankruptcy_in_the_United_States" title="Bankruptcy in the United States">United States</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Other</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Anti-deprivation_rule" title="Anti-deprivation rule">Anti-deprivation rule</a></li> <li><a href="/wiki/Bankruptcy_alternatives" title="Bankruptcy alternatives">Bankruptcy alternatives</a></li> <li><a href="/wiki/Creditors%27_rights" class="mw-redirect" title="Creditors' rights">Creditors' rights</a></li> <li><a href="/wiki/Chapter_9,_Title_11,_United_States_Code" title="Chapter 9, Title 11, United States Code">Chapter 9 (US)</a></li> <li><a href="/wiki/Debtor" title="Debtor">Debtor</a></li> <li><a href="/wiki/Default_(finance)" title="Default (finance)">Default</a></li> <li><a href="/wiki/Financial_distress" title="Financial distress">Financial distress</a></li> <li><a href="/wiki/History_of_bankruptcy_law" title="History of bankruptcy law">History of bankruptcy law</a></li> <li><a href="/wiki/List_of_bankrupts" title="List of bankrupts">List of bankrupts</a></li> <li><i><a href="/wiki/Pari_passu" title="Pari passu">Pari passu</a></i></li> <li><a href="/wiki/Pre-packaged_insolvency" title="Pre-packaged insolvency">Pre-packaged insolvency</a></li> <li><a href="/wiki/Sovereign_default" title="Sovereign default">Sovereign default</a></li> <li><a href="/wiki/Subordination_(finance)" title="Subordination (finance)">Subordination</a></li></ul></td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Insolvency" title="Template:Insolvency"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Insolvency" title="Template talk:Insolvency"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Insolvency" title="Special:EditPage/Template:Insolvency"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>The vast majority of all <b>second lien loans</b> are <a href="/wiki/Capital_structure" title="Capital structure">senior</a> <a href="/wiki/Collateral_(finance)" title="Collateral (finance)">secured</a> <a href="/wiki/Debt" title="Debt">obligations</a> of the borrower. Second lien loans differ from both <a href="/wiki/Unsecured_debt" title="Unsecured debt">unsecured debt</a> and <a href="/wiki/Subordinated_debt" title="Subordinated debt">subordinated debt</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="First_lien_secured_loans">First lien secured loans</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Second_lien_loan&action=edit&section=1" title="Edit section: First lien secured loans"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the event of a bankruptcy or liquidation, the assets used by the company as security would first be provided to the first lien <a href="/wiki/Secured_loan" title="Secured loan">secured lenders</a> as repayment of their borrowings. To the extent that the value of the assets is sufficient to satisfy the company's obligations to the first lien <a href="/wiki/Secured_loan" title="Secured loan">secured lenders</a>, any additional proceeds from the sale of the pledged assets would then be made available to the second lien lenders as repayment of the second lien loan. </p><p>With almost no exceptions, a borrower will take a second lien loan either at the same time or after taking a traditional first lien <a href="/wiki/Secured_loan" title="Secured loan">secured loan</a> and the secured lenders will place limitations on the borrower's ability to pledge its assets or borrow additional secured debt. </p><p>The specific rights of the first lien and second lien lenders are established in the credit agreements between the borrower and each class of lender as well as in an intercreditor agreement. An intercreditor agreement is a contract between multiple classes of lenders where each class of lender agrees to specific procedures and preferences in the event of a bankruptcy or liquidation. Secured lenders will routinely require an intercreditor agreement to protect their interests before allowing a borrower to obtain a second lien loan. </p> <div class="mw-heading mw-heading2"><h2 id="Unsecured_debt">Unsecured debt</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Second_lien_loan&action=edit&section=2" title="Edit section: Unsecured debt"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Unlike <a href="/wiki/Unsecured_debt" title="Unsecured debt">unsecured debt</a>, second lien loans receive a pledge of specific assets of the borrower (e.g., buildings, land, equipment, intellectual property, receivables and other financial assets). </p> <div class="mw-heading mw-heading2"><h2 id="Subordinated_debt">Subordinated debt</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Second_lien_loan&action=edit&section=3" title="Edit section: Subordinated debt"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Subordinated_debt" title="Subordinated debt">Subordinated debt</a> refers to a class of obligations that are contractually subordinated in ranking to all of the <a href="/wiki/Capital_structure" title="Capital structure">senior</a> obligations (i.e., general non-subordinated obligations) of the company, whether they are secured or unsecured. Although the second lien loan's security interest is subordinated to the first lien loan's interest in the pledged assets of the company, the ranking of first lien and second lien loans are the same in the event the pledged assets are not sufficient to satisfy the outstanding borrowings. In the event of a liquidation of a company, both the first lien and second lien loans would likely be repaid in full (along with trade and other general creditors) before the subordinated lenders receive any repayment of their obligations. </p> <div class="mw-heading mw-heading2"><h2 id="Application_in_leveraged_buyouts">Application in leveraged buyouts</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Second_lien_loan&action=edit&section=4" title="Edit section: Application in leveraged buyouts"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Second lien loans are used in <a href="/wiki/Leveraged_buyout" title="Leveraged buyout">leveraged buyouts</a> to fill small gaps between the financing needs of the borrower and maximum thresholds (measured by various <a href="/wiki/Leverage_(finance)" title="Leverage (finance)">leverage</a> metrics) of <a href="/wiki/Capital_structure" title="Capital structure">senior</a> secured lenders. The arrangement fee and <a href="/wiki/Interest_(finance)" class="mw-redirect" title="Interest (finance)">interest (finance)</a> of a second lien loan are higher than those of the first lien secured loan of the same borrower because of increased risk for the lender that comes from a subordinated security interest. However, second lien debt can often reduce the overall cost of capital in a leveraged buyout transaction, replacing other more expensive forms of financing (e.g., <a href="/wiki/Capital_structure" title="Capital structure">senior</a> <a href="/wiki/Unsecured_debt" title="Unsecured debt">unsecured debt</a>). </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Second_lien_loan&action=edit&section=5" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Negative_pledge" title="Negative pledge">Negative pledge</a></li> <li><a href="/wiki/Pari_passu" title="Pari passu">Pari passu</a></li> <li><a href="/wiki/Preferential_creditor" title="Preferential creditor">Preferential creditor</a></li> <li><a href="/wiki/Seniority_(finance)" class="mw-redirect" title="Seniority (finance)">Seniority (finance)</a></li> <li><a href="/wiki/Senior_debt" title="Senior debt">Senior debt</a></li> <li><a href="/wiki/Security_interest" title="Security interest">Security interest</a></li> <li><a href="/wiki/Secured_creditor" title="Secured creditor">Secured creditor</a></li> <li><a href="/wiki/Subordinated_debt" title="Subordinated debt">Subordinated debt</a></li> <li><a href="/wiki/Unsecured_creditor" title="Unsecured creditor">Unsecured creditor</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Second_lien_loan&action=edit&section=6" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://www.cfo.com/article.cfm/3886708?f=home_featured">Second Liens: Borrower Beware</a></li> <li><a rel="nofollow" class="external text" href="http://www.iirusa.com/upload/wysiwyg/U2008/IIR_u2008_Shaffer.pdf">Second Lien Financing Forum</a></li> <li><a rel="nofollow" class="external text" href="http://www.linklaters.com/pdfs/publications/bankingupdate/dec04-2.pdf">Linklaters. Banking Update. Second lien financings and the European loan markets.</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20080910031857/http://www.mcguirewoods.com/news-resources/publications/corporate_services/private_equity.04.09.pdf">SECOND LIEN DEBT: A Guide to Key Terms and Inter-Creditor Issues</a></li> <li><a rel="nofollow" class="external text" href="http://corp.bankofamerica.com/public/public.portal?_pd_page_label=products/abf/capeyes/archive_index&dcCapEyes=indCE&cFile=C00125.htmlExpanding">The Borrowing Base with a Tranche B Loan</a></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output 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aria-labelledby="Corporate_finance_and_investment_banking" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Corporate_finance_and_investment_banking" title="Template:Corporate finance and investment banking"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Corporate_finance_and_investment_banking" title="Template talk:Corporate finance and investment banking"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Corporate_finance_and_investment_banking" title="Special:EditPage/Template:Corporate finance and investment banking"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Corporate_finance_and_investment_banking" style="font-size:114%;margin:0 4em"><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a> and <a href="/wiki/Investment_banking" title="Investment banking">investment banking</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;"><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Convertible_bond" title="Convertible bond">Convertible debt</a></li> <li><a href="/wiki/Exchangeable_bond" title="Exchangeable bond">Exchangeable debt</a></li> <li><a href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine debt</a></li> <li><a href="/wiki/Pari_passu#In_lending,_bankruptcy_and_default" title="Pari passu">Pari passu</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred equity</a></li> <li><a class="mw-selflink selflink">Second lien debt</a></li> <li><a href="/wiki/Senior_debt" title="Senior debt">Senior debt</a></li> <li><a href="/wiki/Secured_loan" title="Secured loan">Senior secured debt</a></li> <li><a href="/wiki/Shareholder_loan" title="Shareholder loan">Shareholder loan</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Subordinated_debt" title="Subordinated debt">Subordinated debt</a></li> <li><a href="/wiki/Warrant_(finance)" title="Warrant (finance)">Warrant</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;">Transactions<br /><span class="nobold">(terms/conditions)</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Public_offering" title="Public offering">Equity offerings</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/At-the-market_offering" title="At-the-market offering">At-the-market offering</a></li> <li><a href="/wiki/Book_building" title="Book building">Book building</a></li> <li><a href="/wiki/Bookrunner" title="Bookrunner">Bookrunner</a></li> <li><a href="/wiki/Bought_deal" title="Bought deal">Bought deal</a></li> <li><a href="/wiki/Bought_out_deal" title="Bought out deal">Bought out deal</a></li> <li><a href="/wiki/Corporate_spin-off" title="Corporate spin-off">Corporate spin-off</a></li> <li><a href="/wiki/Direct_public_offering" title="Direct public offering">Direct public offering</a></li> <li><a href="/wiki/Equity_carve-out" title="Equity carve-out">Equity carve-out</a></li> <li><a href="/wiki/Follow-on_offering" title="Follow-on offering">Follow-on offering</a></li> <li><a href="/wiki/Greenshoe" title="Greenshoe">Greenshoe</a> <ul><li><a href="/wiki/Reverse_greenshoe" class="mw-redirect" title="Reverse greenshoe">Reverse</a></li></ul></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</a></li> <li><a href="/wiki/Pre-IPO" title="Pre-IPO">Pre-IPO</a></li> <li><a href="/wiki/Private_placement" title="Private placement">Private placement</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rights_issue" title="Rights issue">Rights issue</a></li> <li><a href="/wiki/Seasoned_equity_offering" title="Seasoned equity offering">Seasoned equity offering</a></li> <li><a href="/wiki/Secondary_market_offering" title="Secondary market offering">Secondary market offering</a></li> <li><a href="/wiki/Underwriting" title="Underwriting">Underwriting</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">Mergers and<br />acquisitions</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Buy_side" title="Buy side">Buy side</a></li> <li><a href="/wiki/Contingent_value_rights" title="Contingent value rights">Contingent value rights</a></li> <li><a href="/wiki/Control_premium" title="Control premium">Control premium</a></li> <li><a href="/wiki/Demerger" title="Demerger">Demerger</a></li> <li><a href="/wiki/Divestment" title="Divestment">Divestment</a></li> <li><a href="/wiki/Drag-along_right" title="Drag-along right">Drag-along right</a></li> <li><a href="/wiki/Management_due_diligence" title="Management due diligence">Management due diligence</a></li> <li><a href="/wiki/Managerial_entrenchment" class="mw-redirect" title="Managerial entrenchment">Managerial entrenchment</a></li> <li><a href="/wiki/Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li> <li><a href="/wiki/Minority_discount" title="Minority discount">Minority discount</a></li> <li><a href="/wiki/Pitch_book" title="Pitch book">Pitch book</a></li> <li><a href="/wiki/Pre-emption_right" title="Pre-emption right">Pre-emption right</a></li> <li><a href="/wiki/Proxy_fight" title="Proxy fight">Proxy fight</a></li> <li><a href="/wiki/Post-merger_integration" title="Post-merger integration">Post-merger integration</a></li> <li><a href="/wiki/Sell_side" title="Sell side">Sell side</a></li> <li><a href="/wiki/Shareholder_rights_plan" title="Shareholder rights plan">Shareholder rights plan</a></li> <li><a href="/wiki/Special-purpose_entity" title="Special-purpose entity">Special-purpose entity</a></li> <li><a href="/wiki/Special_situation" title="Special situation">Special situation</a></li> <li><a href="/wiki/Squeeze-out" title="Squeeze-out">Squeeze-out</a></li> <li><a href="/wiki/Staggered_board_of_directors" class="mw-redirect" title="Staggered board of directors">Staggered board of directors</a></li> <li><a href="/wiki/Stock_swap" title="Stock swap">Stock swap</a></li> <li><a href="/wiki/Super-majority_amendment" class="mw-redirect" title="Super-majority amendment">Super-majority amendment</a></li> <li><a href="/wiki/Corporate_synergy" title="Corporate synergy">Synergy</a></li> <li><a href="/wiki/Tag-along_right" title="Tag-along right">Tag-along right</a></li> <li><a href="/wiki/Takeover" title="Takeover">Takeover</a> <ul><li><a href="/wiki/Reverse_takeover" title="Reverse takeover">Reverse</a></li></ul></li> <li><a href="/wiki/Tender_offer" title="Tender offer">Tender offer</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Debt_restructuring" title="Debt restructuring">Debt restructuring</a></li> <li><a href="/wiki/Debtor-in-possession_financing" title="Debtor-in-possession financing">Debtor-in-possession financing</a></li> <li><a href="/wiki/Dividend_recapitalization" title="Dividend recapitalization">Dividend recapitalization</a></li> <li><a href="/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</a></li> <li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged buyout</a></li> <li><a href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Private_equity" title="Private equity">Private equity</a></li> <li><a href="/wiki/Project_finance" title="Project finance">Project finance</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;"><a href="/wiki/Valuation_(finance)" title="Valuation (finance)">Valuation</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Accretion/dilution_analysis" title="Accretion/dilution analysis">Accretion/dilution analysis</a></li> <li><a href="/wiki/Adjusted_present_value" title="Adjusted present value">Adjusted present value</a></li> <li><a href="/wiki/Associate_company" title="Associate company">Associate company</a></li> <li><a href="/wiki/Business_valuation" title="Business valuation">Business valuation</a></li> <li><a href="/wiki/Conglomerate_discount" title="Conglomerate discount">Conglomerate discount</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a> <ul><li><a href="/wiki/Weighted_average_cost_of_capital" title="Weighted average cost of capital">Weighted average</a></li></ul></li> <li><a href="/wiki/Discounted_cash_flow" title="Discounted cash flow">Discounted cash flow</a></li> <li><a href="/wiki/Economic_value_added" title="Economic value added">Economic value added</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Fairness_opinion" title="Fairness opinion">Fairness opinion</a></li> <li><a href="/wiki/Financial_modeling" title="Financial modeling">Financial modeling</a></li> <li><a href="/wiki/Free_cash_flow" title="Free cash flow">Free cash flow</a> <ul><li><a href="/wiki/Free_cash_flow_to_equity" title="Free cash flow to equity">Free cash flow to equity</a></li></ul></li> <li><a href="/wiki/Market_value_added" title="Market value added">Market value added</a></li> <li><a href="/wiki/Minority_interest" title="Minority interest">Minority interest</a></li> <li><a href="/wiki/Mismarking" title="Mismarking">Mismarking</a></li> <li><a href="/wiki/Modigliani%E2%80%93Miller_theorem" title="Modigliani–Miller theorem">Modigliani–Miller theorem</a></li> <li><a href="/wiki/Net_present_value" title="Net present value">Net present value</a></li> <li><a href="/wiki/Pure_play#Pure_play_method" title="Pure play">Pure play</a></li> <li><a href="/wiki/Real_options_valuation" title="Real options valuation">Real options</a></li> <li><a href="/wiki/Residual_income_valuation" title="Residual income valuation">Residual income</a></li> <li><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></li> <li><a href="/wiki/Sum-of-the-parts_analysis" title="Sum-of-the-parts analysis">Sum-of-the-parts analysis</a></li> <li><a href="/wiki/Tax_shield" title="Tax shield">Tax shield</a></li> <li><a href="/wiki/Terminal_value_(finance)" title="Terminal value (finance)">Terminal value</a></li> <li><a href="/wiki/Valuation_using_multiples" title="Valuation using multiples">Valuation using multiples</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_investment_banks" title="List of investment banks">List of investment banks</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" 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