AAM Research Piece, page-51

j/v so they say, but attributing the mezzanine loan the lowest in the structure will be an issue, because it will surely contain an equity kicker of some sorts, and you cannot have them exercise that on the level of the j/v (it would dilute the 51% interest of the senior partner in the jv). I think there will not be a mezzanine loan, but this will be mostly have to be covered by equity (hence the 'long proces'), but if there is, I would assume it on Holding level, with a second lien on the assets of the j/v; or via onlending from Holding to j/v with a lien on the onloaning and/or equity stake of Holding.

Since the Kfw loan prohibits another senior loan, it probably makes more sense for a financier putting it in the holding, so they can get a lien against the share of Alltech in the j/v and any other guantees they can give. Hence my assumption there will be no mezzanine finance, and it will be straight equity if anything. Or something that synthecially will be more or less the same.