Transaction Structure

The InvestMichigan! Mezzanine Fund provides mezzanine debt or equity to companies seeking capital for ownership transitions, business expansions, leveraged buyouts, recapitalizations and refinancings. Transactions by the Fund will be typically structured as follows:

Base Security: Subordinated debt or equity

Coupon: A cash payment reflective of current market conditions plus additional payment-in-kind interest or dividends

Maturity: Subordinated notes’ maturity will range from 5 to 7 years

Equity Features: Equity like securities may be included depending on the risk characteristics of the transaction and current market conditions

Board Representation: The Fund may have board representation or observation rights

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