Mezzanine debt is unsecured debt which is junior to the senior debt. Mezzanine debt is frequently associated with acquisitions and buyouts, for which it may be used to prioritize new owners ahead of existing owners in case of bankruptcy. Mezzanine is a middle layer of financing that is senior to equity but junior to the senior debt layer. Mezzanine financing is typically used to achieve goals that require capital beyond what senior lenders will extend.