How a Hot M&A Environment Affects Mezzanine Debt *

How a Hot M&A Environment Affects Mezzanine Debt *

Over the past year, and even more so in recent months, the middle-market mergers & acquisitions (“M&A”) environment has been characterized by heavy deal activity with abundant debt levels and upward valuation pressure.  Average Total Enterprise Value / EBITDA (“Purchase Price ...
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What is Payment In Kind (PIK) Loan Interest?

What is Payment In Kind (PIK) Loan Interest?

What is Payment In Kind (PIK) Loan Interest? Payment In Kind, or PIK, is an often misunderstood topic in leveraged finance. In the industry it is used to describe interest that can be paid by a borrower in a deferred manner via the issuance of additional securities instead of the more typical ...
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