Wykup lewarowany – możliwości i ograniczenia finansowania
Leveraged buyout – financing possibilities and limitations

Summary/Abstract: Most of the means financing buyout transaction usually consist of external capital – in the form of senior debt, mezzanine financing, as well as ownership capital offered by specialized financial institutions. Therefore, the article is aimed at the assessment of possibilities and restrictions of acquiring particular forms of external buyout transaction financing in Polish conditions. The conducted divagations allow for finding out that private equity funds remain the most increasing source of financing. Risk capital belongs to the most expensive sources of financing and deprives the individual investors of benefits offered by debt capital. However, acquiring the debt capital is not simple, especially when the financial instruments dedicated to buyout transactions do not function properly. It seems, however, that the benefits resulting from its application, besides insufficient access to a bank credit will contribute to the future increased participation of mezzanine in financing buyouts.

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