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senior subordinated debt

German translation: Emission von Senior Subordinated Notes

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08:55 Aug 13, 2002
English to German translations [PRO]
Bus/Financial - Investment / Securities
English term or phrase: senior subordinated debt
If A issues not less than $150.000.000 of senior subordinated debt (the High Yield Debt)concurrently with Closing on terms satifactory to the Arrangers, then the initial pricing for the Revolver and the Term Loan will be reduced by 50 basis points.

Eigentlich dachte ich "senior" sei vorrangig und "subordinated" nachrangig, aber das geht hier wohl nicht
Annette Scheler
Germany
Local time: 15:00
German translation:Emission von Senior Subordinated Notes
Explanation:
Obwohl der nachstehende Auszug aus dem IFR Capital Markets Glossary auf eine inhaltliche Parallelität zwischen "Senior Subordinated" und "Mezzanine" hindeutet, würde ich angesichts der unterschiedlichen Ausgestaltungsmerkmale der einzelnen Emissionen von einer Gleichsetzung abraten:

"Mezzanine finance (UK)
Mixed form financial instruments layered in a firm's capital structure between equity and senior debt. A typical mezzanine slice in a company's financial structure takes the form of a debt instrument producing a higher than average yield with a coupon typically 2.5-4.0% above Libor, but the instrument will also provide the possibility of participation in the equity of the company by means of warrants.
[...]"

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Note added at 2002-08-13 11:19:16 (GMT)
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See the discussion on http://www.proz.com/kudoz/243361
Selected response from:

Ralf Lemster
Germany
Local time: 15:00
Grading comment
ich suche noch immer nach einer deutschen Entsprechung, aber trotzdem danke!
4 KudoZ points were awarded for this answer

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Summary of answers provided
3Emission von Senior Subordinated Notes
Ralf Lemster
3keine Gesamtlösung, aber...
Steffen Walter


Discussion entries: 3





  

Answers


4 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
keine Gesamtlösung, aber...


Explanation:
...senior kann auch für "Vorzugs-" stehen, wie in "senior debentures" = "Vorzugsobligationen"

Also wäre eine Konstruktion mit "nachrangige Vorzugs..." evtl. möglich. Klingt immer noch widersprüchlich, ich weiß... Bin mir nicht sicher, wofür "debt" in diesem Fall steht (Darlehen??).

Steffen Walter
Germany
Local time: 15:00
Works in field
Native speaker of: Native in GermanGerman
PRO pts in category: 1028
Login to enter a peer comment (or grade)

2 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
Emission von Senior Subordinated Notes


Explanation:
Obwohl der nachstehende Auszug aus dem IFR Capital Markets Glossary auf eine inhaltliche Parallelität zwischen "Senior Subordinated" und "Mezzanine" hindeutet, würde ich angesichts der unterschiedlichen Ausgestaltungsmerkmale der einzelnen Emissionen von einer Gleichsetzung abraten:

"Mezzanine finance (UK)
Mixed form financial instruments layered in a firm's capital structure between equity and senior debt. A typical mezzanine slice in a company's financial structure takes the form of a debt instrument producing a higher than average yield with a coupon typically 2.5-4.0% above Libor, but the instrument will also provide the possibility of participation in the equity of the company by means of warrants.
[...]"

--------------------------------------------------
Note added at 2002-08-13 11:19:16 (GMT)
--------------------------------------------------

See the discussion on http://www.proz.com/kudoz/243361

Ralf Lemster
Germany
Local time: 15:00
Specializes in field
Native speaker of: German
PRO pts in category: 1394
Grading comment
ich suche noch immer nach einer deutschen Entsprechung, aber trotzdem danke!
Login to enter a peer comment (or grade)




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