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momo · 2024年01月18日

debt

NO.PZ2023103101000012

问题如下:

Q. In contrast to direct lending and distressed debt, mezzanine debt most likely requires higher interest rates for its investors due to its:

选项:

A.reliance on leverage. B.overall ranking and status in company debt structure. C.need for management involvement over an extended time.

解释:

B is correct. Because of its typically junior ranking and its usually unsecured status, mezzanine debt is riskier than senior secured debt. To compensate investors for this heightened risk, investors commonly demand higher interest rates. A is incorrect because leverage is typically a feature of a form of direct lending in which firms may also provide debt in the form of a leveraged loan, a loan that is itself levered with borrowing costs figuring into returns. C is incorrect because operational involvement over a possibly lengthy time with unpredictable risks describes the role of turnaround investors involved with distressed debt.

为什么选b,不选c呢

1 个答案

pzqa35 · 2024年01月19日

嗨,努力学习的PZer你好:


这个问题是说跟direct lending 和 distressed debt相比,mezzanine debt为什么要求有高的收益率,我们知道夹层债是位于股跟债之间的,因此它的风险和收益都是要比direct lending 和 distressed debt高的,所以B选项说这是由于它在debt structure中的位置决定的是对的。C选项说需要管理者的参与,一般而言distressed debt可能才需要管理者的参与,因为涉及到破产的清算或者重组这些,而mezzanine debt一般是投资者需要花更多的时间,因为将来有可能债转股变成股东,有可能需要参与公司的经营决策。

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努力的时光都是限量版,加油!

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