debt for expansion phase

问题如下：

For a growth and mature company, which type of debt is more likely to be used to finance its expansion?

选项：

A.

Convertible debt

B.

Leveraged loans

C.

Mezzanine debt

解释：

C is the correct answer. Mezzanine debt is often used in growth and buyout equity transactions as well as acquisitions. It can ease initial cash flow pressures due to its longer time to maturity with no amortization and deferred debt service options like paid in kind interest or warrants. Convertible debt is more common in early - stage companies, and leveraged loans are more prevalent in buyout situations.

夹层债务常用于成长和收购股权交易以及收购中。由于其到期时间较长且无需摊销，还有实物支付利息或认股权证等递延债务服务选项，它可以缓解初始现金流压力。可转换债务在早期公司中更常见，杠杆贷款在收购情况中更普遍（不满足growth阶段的要求）。