Mezzanine Debt Model
Analyse current-pay and PIK mezzanine returns behind senior debt.
- Editable formulas and assumptions
- Base and downside cases
- Model-specific reconciliation checks
- Mezzanine recovery, IRR and MOIC
Updated 27 September 2026. The screenshots are generated from the actual workbook. Illustrative defaults must be replaced and independently reviewed for live decisions.
From assumptions to an auditable investment case.
An annual subordinate-debt model with current cash coupon, PIK accrual and senior-priority recovery at exit. It distinguishes contractual claim from actual recovery so a shortfall remains visible rather than becoming an artificial distribution.
How to use it
- Read the ReadMe and Checks sheets before changing inputs.
- Enter mezzanine principal, current-pay coupon, PIK rate, senior debt, annual term and net exit proceeds.
- Review the annual Waterfall for PIK accrual, senior-priority repayment, mezzanine recovery and any unrecovered claim.
- Compare the base and downside cases and review the Sensitivity sheet.
- Review each check against its stated expected result, then independently verify assumptions and formulas before using the dashboard.
Worksheets included
Built for the full deal team
Quality controls
The Checks sheet reconciles the mezzanine claim and checks the dashboard IRR calculation. The Waterfall distinguishes the contractual claim from actual exit recovery. An interim senior debt schedule is not included.
Questions about the Mezzanine Debt Model
What does the Mezzanine Debt Model calculate?
An annual subordinate-debt model with current cash coupon, PIK accrual and senior-priority recovery at exit. It distinguishes contractual claim from actual recovery so a shortfall remains visible rather than becoming an artificial distribution.
What is included in the download?
An editable .xlsx workbook with Dashboard, Assumptions, Waterfall, Sensitivity, Checks, ReadMe worksheets.
Does the price include professional use?
Yes. The workbook licence covers internal and client analysis for one organisation, without a subscription. Reselling or redistributing the template is excluded.
Does the workbook contain macros?
No. Calculations use visible spreadsheet formulas and the file contains no VBA.
How do I enter my assumptions?
Enter mezzanine principal, current-pay coupon, PIK rate, senior debt, annual term and net exit proceeds. Input cells are visually distinguished from formulas; follow the ReadMe instructions.
Can I test a downside case?
Yes. Use the base/downside case selector and review the workbook’s Sensitivity sheet. The available assumptions depend on the model.
Which quality controls are included?
The Checks sheet reconciles the mezzanine claim and checks the dashboard IRR calculation. The Waterfall distinguishes the contractual claim from actual exit recovery. An interim senior debt schedule is not included.
Can I rely on the default assumptions?
Defaults are illustrative, not current market evidence. Replace and independently verify them for every live transaction.
Which Excel version is recommended?
Use a current desktop release of Microsoft Excel. LibreOffice may format or calculate some financial functions differently.
Which version will I receive?
Your order confirmation provides the purchased workbook, currently v1.3, updated 27 September 2026.