小编在翻译时遇到“Mezz Loan”一词，通过词典查到，“Mezz”的全称为“mezzanine”，是建筑用语，表示“（两层楼间的）夹层露面；夹楼”。根据这一信息，查到“Mezz Loan”表示“夹层贷款”。

据百度百科介绍，夹层贷款介于一级担保债券和权益之间。它是一种混合型的产品，由次级优先偿付债务组成，包括期权或权证、附固定收益的权益投资（PIKS）等收益增级工具，旨在抵补高出于一级杠杆贷款的风险。

为了进一步了解夹层贷款，特附上Investopedia对该词的解释，并附上中文译文：

Mezzanine loans are a combination of debt and equity finance, most commonly utilized in the expansion of established companies rather than as start-up or early-phase financing. This type of financing is similar to debt capital in that it provides the lending party the right to adjust terms to access ownership or equity interest in the company if the loan is not paid back fully and on a timely basis. These types of loans are made available in short periods of time and usually only require minimal collateral from the borrower. Mezzanine loans command significantly higher interest rates, typically within the range of 20% to 30%.

夹层贷款介于债券融资和股权融资，通常用于知名公司的扩张，而不是用于创业融资或早期融资。这种融资方式与债务资本类似，如果贷款未按时全额偿付，贷款方有权调整还款方式获取公司的所有权或股权。借款人一般仅需抵押最低额度的抵押品就可在短期内获得贷款。夹层贷款的利率非常高，通常是20%-30%。

A number of characteristics are common in the structuring of mezzanine loans, such as:

· In relation to the priority with which they are paid, these loans are subordinate to senior debt but senior to common equity.

· Differing from standard bank loans, mezzanine loans demand a higher yield than senior debt and are often unsecured.

· No principal amortization exists.

· Part of the return on a mezzanine loan is fixed, which makes this type of security less dilutive than common equity.

夹层贷款的特点如下：

· 就偿还优先级来说，夹层贷款次于优先债务，但优于普通股股本。

· 与银行贷款不同的是，夹层贷款的收益率高于优先债务，通常为无担保。

· 不摊还本金。

· 夹层贷款的部分收益是固定的，相较于普通股股本，收益冲减较少。

Mezzanine loans assist in generating more capital for a business in addition to allowing it to increase its returns on equity and show a higher bottom-line profit. Mezzanine loans typically do not require payment during the term of debt, only at the end of the term. This enables a company to improve its cash flow. The company can also use the additional available funds to pay off other existing debt, invest working capital, develop products or finance market expansion. The company may also wish to hold onto the additional cash and allow it to accumulate on its balance sheet while seeking potential future opportunities to put the funds to their best possible use.

夹层贷款除了能够增加公司的股本回报率和净利润外，还可以产生更多资本。一般来说，夹层贷款无需在债务期限内偿还，在债务期限到期时偿还即可。这样可以促进公司资金流动，公司也可利用其他可用资金偿还现有债务、调用营运资金、开发产品或为市场扩张提供资金。公司在寻求未来能够最大化利用资金的同时，也希望能够留存额外现金，即资产负债表列示的库存现金。

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