Jurisdiction(s):
United Kingdom

Key definition

Acquisition finance definition

What does Acquisition finance mean? acquisition finance is the debt and/or equity raised to fund the purchase price and costs of an acquisition. It is a market term, not defined in legislation or case law, and is used across corporate, banking and leveraged finance practice. Funding may include bank term and revolving facilities, private credit/direct lending, bridge-to-bond loans, high‑yield bonds, mezzanine, vendor loan notes, and equity (for example, a share issue or private subscription). In leveraged buyouts it is commonly secured on the buyer/target group with upstream and cross‑stream guarantees, subject to corporate benefit, distributions rules and financial assistance restrictions. Across England & Wales,...

Leveraged acquisition finance: mandatory and voluntary prepayment, exit and change-of-control triggers, proceeds/excess cashflow sweeps, order of application, put/portability, and mandatory prepayment and holding accounts

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Practice notes

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Mandatory prepayment events

Facility agreements very frequently oblige borrowers to repay, in whole or in part, the facility when specified particular triggers arise, commonly referred to as mandatory prepayment events. For an overview of the typical mandatory prepayment events, see Practice Note: Repayment, prepayment and cancellation. Historically, leveraged facilities agreements have set out a broader catalogue of mandatory prepayment events in comparison with an investment grade loan agreement...

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Web page updated on 21/05/2026

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