An overview of the debt finance aspects of a buyout (whether a management buyout (MBO), a management buy-in (MBI), a buy-in management buyout (BIMBO) or an institutional buyout (IBO)). This practice note outlines the different types of debt that may be used (senior, mezzanine, high yield, second lien and PIK), the security that is usually taken, priority issues and the typical terms of the senior and mezzanine finance documentation. The debt finance for a buyout may also be referred to as acquisition finance or leveraged finance.