What is it?
DirectLenderMatch classifies Second-Lien Term Loan under the financing form “Junior secured debt.” Its typical use in this directory is: Additional leverage behind senior debt.
How does it work?
The structure is generally evaluated, supported, or secured using the following basis: Enterprise assets behind first lien. Exact underwriting, eligibility, terms, and availability are provider-specific and can change.
What can it be used for?
Additional leverage behind senior debt.
What backs or supports it?
Enterprise assets behind first lien.
Why does this structure exist?
This structure provides a defined way to address the financing need described above. The provider, transaction, collateral, and underwriting context determine how the structure is implemented in practice.
Important considerations
Confirm current costs, risks, licensing, eligibility, collateral treatment, recourse, tax consequences, and availability directly with the provider and appropriate professional advisers. DirectLenderMatch does not compare rates or recommend products.
Is this actually a loan?
Workbook classification: Yes. Financing forms such as leases, purchases, shared equity, advances, and guarantees may solve a funding need without being conventional loans.
Verified lenders or providers
Direct private-credit lender
Golub Capital
Golub Capital's current Sponsor Finance page explicitly lists unitranche, recurring-revenue, first-/second-lien and committed delayed-draw term-loan facilities.
Official evidence page →Last verified: 2026-08-23
Related financing structures
Corporate Mezzanine Debt
Acquisition/growth capital behind senior debt
Unsecured Subordinated Note
Junior capital without asset lien
Corporate Revolving Credit Facility
Working capital/liquidity
Rescue / Special-Situations Financing
Liquidity for stressed but viable business
Senior Secured Corporate Term Loan
Corporate capital/expenditure/refinancing
Unitranche Loan
Middle-market acquisition/refinancing