â¢ Teamwork at all levels is seen as key to improving processes and services. â¢ Quality management and improvement training are provided at all levels of the organization. â¢ Accountability for quality and productivity improvement is tied to managers' performance evaluations.
DEFINITION of 'Senior Debt'. Borrowed money that a company must repay first if it goes out of business. Companies have a number of options for obtaining financing, including bank loans and the issuance of bonds and stocks. Each type of financing has a different priority level in being repaid if the company decides to liquidate. If the company goes under, the holders of each type of financing have different levels of rights to the company's assets.
The mezzanine debt is in the middle between the senior debt, which isnormally secured, and the equity at the bottom. Mezzanine securities are structured as subordinated debtwhich carry a fixed coupon-between 12-14% - and an equity kicker-in the form of warrants. Themezzanine debt is generally unsecured ranks junior to bank loans and usually high yield bonds and seniorto the equity.The mezzanine market really took off in the early 80s.