Abstract
This article focuses on privately placed mezzanine capital as an alternative for medium-sized businesses to pure debt and pure equity financing. We empirically examine the European mezzanine market and analyze typical cost components of mezzanine loans in order to study whether the conditions for mezzanine takers have deteriorated during the financial crisis. We also analyze correlations and changes in correlations between the two interest components of mezzanine loans as well as between the share of senior debt and of subordinated debt. For our investigation, we use a unique data set that includes 1427 mezzanine transactions that were made in Europe from 1982 to 2010.
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