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What is second-lien debt?

Second-lien debt is a secured loan whose claim on the collateral ranks behind the first-lien (senior) lender under an intercreditor agreement. It prices above senior and below unsecured mezzanine and is used to add leverage without replacing the senior facility. This site has no separate second-lien facet: screen mezzanine and senior lenders and confirm the lien position they will take.

Figures from the researched book · updated Oct 27, 2026 · rendered Oct 31, 2026

Full guide: Mezzanine explained →