Mezzanine Level

The Mezzanine Level refers to an intermediate layer between senior and junior positions, often used metaphorically in capital structure discussions to describe financing that sits between senior secured debt and common equity. In private financing, Mezzanine Level risk/return is typically higher than senior debt but lower than equity, and Mezzanine Level instruments may include subordinated debt with warrants or conversion features.

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Ryan Roberts Startup Lawyer
Ryan Roberts is a startup lawyer with more than two decades of experience advising on venture financings and M&A transactions totaling more than $1 billion. He is the author of the Amazon bestselling startup law book Acceleration.