Muhasebe
Yari Ozkaynak (Quasi-Equity) [IFC]
İngilizce: quasi-equity [IFC]
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.
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.