Why and when should companies consider the use of subordinated mezzanine financing techniques, hybrid instruments and structured notes? How do subordinated, quasi-equity financing techniques such as pay-in-kind, warrant-linked and profit-participation loans work, and when does it make sense to use them? How are they priced? How and when can hybrid capital provide cheaper funding for issuers? From an investor's point of view, how can the security be dissected, and what drives its pricing?