Mezzanine capital or Mezzanine financings (derived from architecture i.S.v. Zwischengeschoss) describes ways of financing, which represent a combination between own and outside capital in their legal and economic arrangements as comprehensive term. In the classical variant economical and/or own capital funds relating to the balance are supplied to an enterprise to be granted without to the financial sources being correct or influencing control rights and/or as the genuine partners.

Mezzanine capital can be gone own capital funds-similarly (so-called Equity Mezzanine) in the form of benefit rights, security-confirmed by a document bonus shares or quiet participation. Possible are beyond that change and Optionsanleihen. Mezzanine capital, which is granted in the form of subordinate, partiarischen loans or partner loans, possesses however an outside capital character and is i.d.R. relating to the balance as commitment to seize (so-called Debt Mezzanine).

The arrangement possibilities from Mezzanine capital are legally less strongly adjusted than for example share capital, so that flexible financing solutions are possible, in particular regarding running times, notice possibilities, interest charges, profit and loss regulations or repayment modalities. However straight these points decide, like the invested capital adhesion and are according to tax law regarded (own or outside capital). Confirmed to the folder adhesion and permission, at a public market (stock exchange) tradable securities by a document (in Germany e.g. bonus shares) is subject by the Federal Institution for supervision of financial service (BaFin).

In international accounting after internationally the Financial reporting standard (IFRS), formerly internationally Accounting standard (IAS), takes place the allocation to own or outside capital due to the actual contract design. Tendentious IAS sees 32 - Financial of instrument: Disclosure and presentation (financial instruments: Data and representation) however rather an allocation to the outside capital forwards, which can lead to a high

Mezzanine financings win particularly by the ever more careful granting of credit of the banks by Basel II in particular with medium-size enterprises increasingly in meaning.

Literature

• Mezzanine of financing instruments. Berlin 2004, ISBN 3-503-06373-0.
• Werner: Mezzanine capital. Bank publishing house Cologne, 2004, ISBN 3-86556-081-4
• Mueller Mezzanine Finance - new perspectives in the Unternehmensfinanzierung. 2. Edition, Paul Haupt publishing house Berne, Stuttgart, Vienna, 2004, ISBN 3-258-06819-4.

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• Overview article over the forms of the Mezzanine financing

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