Intermediate equity definition
Intermediate equity classification means Standard & Poor’s will assess it as 50% debt and 50% equity. To qualify, this hybrid issue uses the standard structure – notes with a 25-year term, redeemable or callable at the issuer’s option after five years, and the ability for Caltex to defer the payment of interest.
Examples of Intermediate equity in a sentence
The Company has the right to cure an event of default of the senior secured leverage ratio in three of any of the four consecutive quarters through the issuance of additional Realogy Intermediate equity for cash, which would be infused as capital into the Company.