Senior Note

Senior Note

Das nachrangige Darlehen (auch Junior Debt) ist ein Begriff der Unternehmensfinanzierung. Es handelt sich um ein Darlehen, das anderem Fremdkapital gegenüber im Fall der Liquidation oder der Insolvenz eines Unternehmens nachgeordnet ist. Es ist daher erst unmittelbar vor dem Eigenkapital zu bedienen. Die Nachrangigkeit wird durch die Vereinbarung eines Rangrücktritts (Subordination) erreicht.

Nachrangige Darlehen spielen als hybride Finanzierungsinstrumente eine bedeutende Rolle im Bereich des Mezzanine-Kapitals. Sie bleiben bilanzrechtlich Fremdkapital, sind im Rahmen der Unternehmensfinanzierung aber als Zwischenform zwischen Eigen- und Fremdkapital anzusehen.

Nachrangige Darlehen treten häufig in der Form von Gesellschafterdarlehen auf.

Übliche Bezeichnungen für nachrangige Darlehen sind auch nachrangiges Fremdkapital, Subordinated Debt, Mezzanine Debt oder Unsecured Junior Debt.

Junior & Senior Subordinated Notes

Junior Subordinated Notes (auch Junior Notes) sind im Vergleich zu Senior Subordinated Notes (auch Senior Notes) nachrangig besichert. Bei Junior Subordinated Notes handelt es sich um die Form von Nachrangigen Darlehen, die das höchste Risiko bergen und am Eigenkapital-ähnlichsten sind[1]. Senior Subordinated Notes hingegen sind quasi vorrangige nachrangige Darlehen, die zwar im Vergleich zu anderen Darlehen nachrangig, jedoch vorranging zu einigen verbleibenden Darlehen besichert sind.

Einzelnachweise

  1. http://www.manager-magazin.de/magazin/artikel/0,2828,366079-9,00.html

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