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Unitranche vs senior plus mezzanine — which should a borrower pick?

A unitranche is one facility from one lender at one blended rate; senior plus mezzanine is two facilities from two lenders with an intercreditor agreement between them. Unitranche wins on speed, simpler documents and a single relationship, with a blended rate that sits between pure senior and mezzanine pricing. Senior plus mezzanine can reach deeper leverage and lets a borrower keep a cheaper bank senior, at the cost of negotiating two lenders. On TerraNova, 260 active funds carry a unitranche mandate, 552 senior and 451 mezzanine.

Figures from the researched book · updated Sep 14, 2026 · refreshed daily · rendered Sep 15, 2026