Has two common meanings. Mezzanine securities refers generally to securities that have superior financial characteristics compared to those of common stock; usually such securities have the characteristics of both debt and equity securities. Frequent examples of mezzanine securities are subordinated debt with warrants or various forms of convertible preferred stock (see preferred stock). The term mezzanine securities or a mezzanine financing is also used to describe the last private placement conducted prior to a company's IPO.