Accounting
quasi-equity [IFC]
Turkish: Yari Ozkaynak (Quasi-Equity) [IFC]
English Definition
A hybrid form of financing positioned between pure debt and pure equity in repayment ranking and risk profile, frequently deployed by development finance institutions such as the IFC; subordinated loans, convertible instruments and revenue-linked return structures fall within the category. Its appeal lies in letting a sponsor strengthen the project company's equity base without suffering equity dilution, since lenders often admit the instrument into the leverage ratio on equity terms, which expands senior-debt capacity beyond what is apparent.
Türkçe Tanım
Geri odeme onceligi ve risk profili bakimindan saf borc ile saf ozkaynak arasinda konumlanan, IFC gibi kalkinma finansmani kurumlarinin siklikla kullandigi melez finansman bicimidir; sermaye benzeri krediler, donusturulebilir araclar ve gelire endeksli getiri yapilari bu kategoriye girer. Yari ozkaynagin cekiciligi, sponsorun ozkaynak seyrelmesine ugramadan proje sirketinin ozkaynak tabanini guclendirmesine imkan vermesindedir; nitekim kredi verenler bu araci cogu zaman ozkaynak muamelesiyle kaldirac oranina dahil eder, bu da birinci sira borc kapasitesini gorunurden daha fazla genisletir.