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An in-depth explanation of mezzanine finance

Mezzanine finance products, which have grown increasingly popular in recent years, involve a unique and complex form of analysis because of their hybrid nature. Because mezzanine finance involves no collateral, it accentuates legal terms, term sheets, and contracts, in addition to depicting dynamics of both debt and equity. Experienced chairman, lecturer, and professor of investment banking Luc Nijs presents readers with a thorough description of product groups, structuring and pricing, and cultural discrepancies in terms of regulation and application in Mezzanine Financing: Tools, Applications and Total Performance. Nijs analyzes common triumphs and failures encountered in mezzanine financing, and he discusses techniques for risk analysis and risk mitigation. A final study of international capital markets, their products' relevance, attractiveness, and liquidity, and the effects on pure equity/fixed-income risk concludes the book.

• Conveys a professional's advice through case studies of various regions, industries and contexts
• Provides the only complete analysis of mezzanine finance as no other books take on the topic as their only subject
• Details an increasingly popular and globally relevant subject in finance

Those seeking a detailed explanation of the complexities within mezzanine financing will encounter a professional account in Nijs's book.

• Sales Rank: #718327 in eBooks
• Published on: 2013-10-15
• Released on: 2013-10-15
• Format: Kindle eBook

Review

‘A comprehensive, focused and immediately useful read that extends the knowledge base with regard to mezzanine funding. The book provides concepts and frameworks that can be used when structuring debt. The case studies assist in explaining complex structures. This should be recommended reading for all debt financiers.’
—Leonette Reynolds-Venter, KZN Growth Fund, South Africa

‘A well-structured and comprehensive look at mezzanine finance, both from an academic and professional perspective.’
—Elin Ersdal, Investment Director and Head of Department, Industrial Partnerships and SME Funds, Norfund, Norway

‘Thanks to his expertise in the field of finance, as well as in education, Luc Nijs presents the practices of Mezzanine Finance in a didactical and very operational manner. We particularly appreciate the case studies used in this book, which clearly illustrate the reality of Mezzanine Finance today.’
—Eric Chardoillet, CEO FIRST FINANCE, leading company in financial training and certification

 

From the Back Cover

Mezzanine finance is an increasingly important part of the financing spectrum for lenders, corporations and project finance. It has many unique characteristics and categories and includes products and features which are meaningful in a diverse set of situations. Most mezzanine products are designed legally as debt instruments, but they are often exposed to equity-like risk. Proper pricing is therefore required. However, since most of the products are considered debt products, term sheets and covenants are essential to model the risk in an appropriate way.

The flexibility afforded by mezzanine products is appreciated as it allows firms to structure their balance sheet in a way that acknowledges the financial sensitivities in the firm’s, or project’s, business model. That flexibility has triggered countless innovations during the last 15 years, taking into account different and evolving risk appreciation and industry specifics. Most of that innovation has occurred through contractual arrangements and adjustments. Mezzanine finance has become an area where finance, legal, accounting and credit assessment come together and are blended with industry specifics.

Mezzanine Financing: Tools, Applications and Total Performance therefore takes a multidisciplinary approach, combining those factors to provide an holistic overview of the mezzanine product group and its applications.

The book is divided into four sections covering: 

• The mezzanine market and the demarcation of the product group.
• A detailed examination of the individual products, with do’s and don’ts, analysis of technical features and their impact on the risk--return trade-off, valuation dynamics, pricing grid of the instruments and structuring considerations.
• The implications of regulation and the peculiarities of the product group when applied within specific industries, including banking, insurance, project finance, real estate and private equity.
• Structuring the products, legal, accounting and credit rating intricacies.

Concluding with an analysis of innovations in the field in recent years, and an examination of the outlook for mezzanine products, this book is completed with appendices containing case studies and sample legal and contractual support documents to illustrate the more complex positions. References and footnotes throughout provide ideas for extensive further reading, making Mezzanine Financing: Tools, Applications and Total Performance the complete guide to mezzanine financing, and a valuable resource book for academics and professionals alike.

About the Author

Luc Nijs is the founder, chairman and group CEO of The Talitha Group, a global merchant banking group and global investment holding. Before that he was with Arthur Andersen and Deloitte. In addition, Luc provides extensive advisory, executive coaching and financial training for corporations, investment funds and financial institutions, and is active in over 160 countries worldwide on a wide array of strategy, investment and capital allocation issues. 

He has held academic positions in international taxation, finance and capital markets at UAMS/IPO (Belgium), Instituto de Empresa (Spain) and most recently the Aizkraukles Banka Chair in investment banking, private equity and entrepreneurial finance at the Riga Graduate School of Law (Latvia).

Luc is fluent in Dutch, English, French, German, Portuguese and Spanish and is competent in Russian and Chinese.

He authored Shaping Tomorrow’s Marketplace: Investment Philosophies for Emerging Markets and a Semi-Globalized World which was published by Euromoney in 2011, as well as the upcoming Global Agricultural Markets: Financial Dynamics and Industry Challenges, Palgrave Macmillan, (2014).

 

Most helpful customer reviews

2 of 2 people found the following review helpful.
Great overview of a space that is not otherwise well covered
By michael roberts
Outside of this book, little is written to directly address the mezzanine subset, and this is the first book I have seen that provides a fairly comprehensive look into the structural flexibility that makes mezzanine so interesting ( and perhaps what makes it hard to cover neatly). This may not be the end of your research depending on the depth you are seeking, but it should absolutely be the beginning.

0 of 1 people found the following review helpful.
Five Stars
By Bychkov Oleg Vyacheslavovitch
Not much of legal, but no competitors as well.

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• Sales Rank: #1838248 in Books
• Published on: 2000-08-31
• Original language: English
• Number of items: 1
• Dimensions: 9.45" h x .87" w x 6.10" l,
• Binding: Hardcover
• 167 pages

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5 cds

About the Author
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• Sales Rank: #4689767 in Books
• Published on: 2013-11-01
• Format: Unabridged
• Original language: English
• Number of items: 1
• Dimensions: 8.20" h x .80" w x 6.00" l, .0 pounds
• Binding: Hardcover
• 145 pages

About the Author
Marilyn Wyers is a doctoral candidate in Music Performance Education at Goldsmiths, University of London, as well as an established pianist, dancer and teacher. Her research focuses on the use of movement imagery in piano performance practice, drawing upon approaches in phenomenology, movement theory and sound studies. She has recently performed at International College, Beirut; Chancellor's Hall, London; Caddebostan Cultural Centre, Istanbul; The Arches, Glasgow; Canada Water Cultural Space, London; and Goldsmiths, University of London, Marilyn is also Deputy Chief Examiner for the International Baccalaureate music programme. Osvaldo Glieca is a British composer from London. He is a former Academic Assistant at the London College of Music and is currently a freelance arranger and orchestrator as well as a music licensing consultant for record labels and publishers in London. He was also an associate music acquisition researcher at the British Library Sound Archive until March 2013.

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• Sales Rank: #54893 in eBooks
• Published on: 2014-02-11
• Released on: 2014-02-11
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• Sales Rank: #8092929 in Books
• Published on: 1605
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¿Qué puedes hacer cuándo te enamoras de tu hermana?
Para Alejandro Montes, la pasión que Emma despierta en él supone la destrucción de la vida que hasta entonces había conocido. Abandonado siendo sólo un niño, ve peligrar la estabilidad de las personas que le acogieron al no poder controlar los sentimientos que alberga por su hermana.
Decidido a mantener la estabilidad de la única familia que ha tenido, ocultando los anhelos que ha albergado desde muy joven, Alejandro intentará rehacer su vida… pero el deseo que Emma provoca en él, pronto se hará imposible de esconder.
Antiguas verdades quedaran al descubierto en esta historia de pasiones prohibidas y mentiras del pasado, provocando que la familia Montes se deshaga poco a poco, como si cada uno de sus miembros, estuviera hecho de papel.

• Sales Rank: #1631546 in eBooks
• Published on: 2015-05-19
• Released on: 2015-05-19
• Format: Kindle eBook

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0 of 0 people found the following review helpful.
Linda historia
By Arasal
Me ha gustado mucho , una linda historia llena de verdades ocultas pero también de protagonistas que llegado el momento son capaces de afrontar sus sentimientos y luchar por ellos que me ha mantenido atrapada de principio a fin .

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[S777.Ebook] Ebook Archon: The Books of Raziel, by Sabrina Benulis

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Angels and demons do battle for a girl possessed by the spirit of a powerful, dead angel in this fabulous paranormal debut by Sabrina Benulis. Archon is the first of the Books of Raziel, a truly fantastic and very hip new take on heaven’s warriors that readers of the angelic novels of Danielle Trussoni, Lauren Kate, Becca Fitzpatrick, and Alexandra Adornetto are sure to adore. Archon is new wave urban fantasy, a tale of the supernatural that brilliantly blends passion, obsession, horror, and suspense in a way that will appeal to dark fantasy fans and paranormal romance readers equally. Sabrina Benulis’s angels are creepy, sexy, and totally awesome—and, like Anne Rice’s amoral, ambiguous, and addicting vampires, they will seduce and terrify you at the same time.

• Sales Rank: #858053 in Books
• Brand: Harper Voyager
• Published on: 2012-11-06
• Released on: 2012-11-06
• Original language: English
• Number of items: 1
• Dimensions: 8.00" h x .90" w x 5.31" l, .65 pounds
• Binding: Paperback
• 400 pages

Features

• Great product!

Review
“These angels can be vindictive and cruel, more human than you might expect and oozing supernatural abilities…. If you think you have the guts to take on this novel pick it up.” (Boulder Examiner)

“A dark, bold story.” (Lexington Literature Examiner)

“With the first installment in her trilogy, Benulis uses lush descriptions and larger than life characters to tell the story of a battle between Heaven and Hell… I will definitely be on the lookout for the next installment in her book of Raziel series.” (Suspense Magazine)

“Angela is someone I would want to be friends with, someone I would want to have in my corner. She’s out of her mind, a little, but honestly – who isn’t?” (Fictional Distraction)

“Forget what you think you know and allow the book to show you a new vision of angels and demons. It’s a terrifying one, but extremely interesting.” (Sci-Fi Fan Letter)

“Even when I wasn’t reading, I felt a little like I had one foot in the book and the other in reality.” (Literary Feline)

“This plot is original in every way, and it resembles nothing that I have ever read before.” (The Wilkes Beacon)

“In this fascinating, well written first novel, Sabrina Benulis has created a world where it’s hard to tell the demons and angels apart. Be prepared to read this one in one sitting because it’s one of those rare novels that grabs you and doesn’t let go.” (The Baryon Review)

From the Back Cover

Angela Mathers is obsessed with visions of angels, supernatural creatures who haunt her thoughts by day and seduce her dreams by night. Released from a mental institution, she hopes her new university, West Wood Academy, will give her the chance at a normal life.

But such is not to be. . . . For a secret coven plots within West Wood, and demons and angels alike walk the streets of Luz, searching for the key to open Raziel's book—a secret tome from a lost archangel. Some wish to destroy Raziel, others, like the Supernal Israfel, one of the highest of the high, to free him. For when the Archon rises as foretold, they will control the supernatural universe.

Torn between mortal love and angelic obsession, Angela holds the key to both Heaven and Hell, and both will stop at nothing to possess her. . . .

About the Author
Sabrina Benulis graduated with a master's in writing popular fiction from Seton Hill University. She currently resides in the Pocono Mountains of Pennsylvania with her husband, Mike, and her spoiled cockatiel, Caesar. Archon is her first novel.

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25 of 29 people found the following review helpful.
Reaches high but falls short of ambitious premise
By joyful
I'll be the first to admit that I was seduced by Archon's beautiful cover and the fascinating synopsis. I just came off of reading a wonderful angels and demons novel and so was receptive to this storyline. I was doubly encouraged when, upon reading the back of the ARC, I saw an enticing comparison to Angelology, one of my favorite reads of 2010. Regrettably, what initially lured me to Archon with promises of a heavenly read was not fulfilled.

I'll put the synopsis here since at the time of this review, there is none in the description:

"There are some things worse than death . . .

"For years, Angela Mathers has been plagued by visions of a supernatural being--an angel with beguiling sapphire eyes and magnificent bronze wings who haunts her thoughts and seduces her dreams. Newly freed from a mental institution where she has been locked away for two years, Angela hopes that being accepted at the Vatican's exclusive university, the West Wood Academy, will bring her peace and a semblance of normality.

"But Angela isn't normal. With her stain of dark red hair and alabaster skin, she is a blood head--a freak, a monster, and the possible fulfillment of a terrifying prophecy. Blessed with strange mystical powers, blood heads hold a special place in Luz, the remote island city that is home to the Academy. Among them, one special blood head is more powerful than all: the Archon, the human reincarnation of the dead angel, Raziel. And when the Archon arises as foretold, it will control the supernatural universe.

"Barely in control her own life, Angela has no ambition to control an entire universe, not when she's suddenly contending with a dangerous enemy determined to destroy her and a magnetic novitiate who wants to save her. But the choice may not be her own. . . .

"Torn between mortal love and angelic obsession, the young blood head must soon face the truth about herself and her world. It is she who holds the key to Heaven and Hell--and both will stop at nothing to possess her."

Archon doesn't suffer for lack of intriguing ideas: A supernatural realm composed of fallen angels in various, deadly but beautiful states of being - Thrones, Jinns, Fae, in addition to the demons and witches. A female Lucifer. A Golem-like creature. I loved the fact that the line between which supernatural creature was evil and who was not was blurred or basically nonexistent. The demons resembled the angels and vice versa and the earthly priests were the worst sinners among the humans. I loved the sense of rotting menace and dark sin pervading this fallen world. Benulis has created her own unique and complex version of Paradise Lost; of heaven, hell, and life on earth; of how and why the angels fell in the first place; and the impending apocalypse prophetically called the Ruin.

I have no doubt that Benulis's vision of Archon's world is complete and convincing - in her mind; however, that did not come across on the page for me.

I'm not sure if, three months prior to the release date, the uncorrected proof I received will differ greatly from the final product but as it is, I will try to temper my review with the thought that perhaps some of my issues may stem from that.

I applaud novels which dispense with chapters of back story and start in media res, but maybe a little explication would have helped in this case. 80 pages in and I had very little idea what was going on, no idea about the rules of its world or why I should care about the Ruin the way all the characters did. And that state barely improved as the book progressed. I was so disoriented that I kept confirming that Archon was indeed the first book of the series because I continually felt like I jumped straight into the sequel.

Even worse, I didn't care about any of the characters (except for Sophia but she ... I would love to tell you what she is because that's one of Archon's fantastic ideas, but I won't spoil it for you).

I didn't care if the narcissistic heroine, Angela, lived or died. How could I when she was so dedicated to committing suicide? There were times when I wished she had succeeded. At one point, Angela comes across the dead body of schoolgirl and she only shows indifference; she had more reaction to a dead rat.

Angela did not interest me as she had no interest in living. All she cared about was the beautiful angel in her dreams. Which is why she wanted to kill herself - to be with him. Problem is, other than his beauty, I could not fathom why she would want to kill herself over him.

This obsession made no sense to me, as was Angela's sudden infatuation with a beautiful novice priest and he with her. He commented on her painting and pouf! an immediate passionate connection ensues, not to be dampened even when he was going to let her be killed by his demonic cousin.

I was more interested in the villains (hard to tell who they were exactly as I could hardly distinguish between the angels and demons since they all behaved in callous, murderous ways) than in Angela.

Archon is not Angelology; not even close. It reaches high and I would have loved for it to succeed; however, the story disappointingly fell below its ambitious premise.

8 of 9 people found the following review helpful.
Good read, could have been better, but still compelling
By Richard C. Drew
In two words: Not bad.

I finished the book in two evenings - it's better that way. There are so many characters that are very similar (almost interchangeable) that it's a pain to remember who is who. If you read a chapter here and there you'll be totally lost. I attribute this to author inexperience - the story itself is fleshed out well, but the characters need work - they have little dimension and it's easy to confuse them. They all "talk" the same and there is little to set them apart.

Archon reads like it's the continuation of a series, even though it's not. The writer assumes we know the history and slang and it takes a while to catch on. I give Archon 4 stars because it's original, the plot is well thought-out and the main character puts a new twist on "immortality" (Think "Tempus" from "Thieves World'". There are some places the editor should have requested changes and clarification, so I blame the editor as much as the author for the sometimes confusing characters and story.

It's worth the read - there are many new takes on old ideas and a different approach to the heaven/hell and Gothic genre.

6 of 7 people found the following review helpful.
Dark and haunting
By Artimus
I had read the not so good reviews about this book before I picked it up. I decided to read it anyway and I am so glad I did. I loved every bit of it. It was a very dark and haunting tale about a girl finding her place a world with no hope to hold onto except her dreams. The characters were well thought out and left a whole bunch of room to be fleshed out in the sequel. I can see where the writer has deliberately left out information about certain people and notable objects brought up in the story to build up a plot for later which might be why some of the readers found the story to be a little confusing. you do have to concentrate on the story to really enjoy it to the fullest extent. So don't plan on just picking it up And reading a few chapters here and there. Try the best to read it all the way through. I'm looking very forward to the next in this series as its a very fresh idea that isn't following the whole vampire trend.

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