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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 this site, 328 active funds carry a unitranche mandate, 1,066 senior and 596 mezzanine.
Figures from the researched book · updated Oct 27, 2026 · rendered Nov 1, 2026
Full guide: Unitranche explained →
1,557
Active funds
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