convertible bond seniority in cash waterfall

问题如下：

Which of the following best describes the seniority feature of mezzanine debt?

选项：

A.

It is always senior to all other forms of debt.

B.

It is subordinated to senior secured debt and may have a claim after senior debt claims are satisfied.

C.

It has the same seniority as convertible bonds.

解释：

B is the correct answer. Mezzanine debt is generally subordinated in the capital structure. It is junior to senior secured debt, and its claims are satisfied only after all senior debt claims are met. This means that in the event of default or liquidation, senior secured debt holders have a prior claim on the company's assets compared to mezzanine debt holders.

夹层债务在资本结构中通常处于次级地位。它从属于高级有担保债务，并且仅在所有高级债务求偿权得到满足后才有求偿权。这意味着在违约或清算事件中，与夹层债务持有人相比，高级有担保债务持有人对公司资产有优先求偿权。

C选项错误，可转债的优先级也会低于高级，但它的风险和求偿顺序不能简单的说与夹层债务相同。