Mezzanine subordinate debt
total commitment 20,000,000
5 year term
Cash interest 13%
PIK interest 2%
Warrant 2.5%(assume no share purchase)
Drawdown 17,500,000 in Year 1
2,500,000 in Year 2
Repay bullet year 5
5 year  pro forma EBITDAs all known
Interest and principal repay schedules for all prior debts known
Calculate IRR for the debt investment.
求教各位大神，计算IRR时，归属于此mezzanine debt的现金流该如何计算，怎么会受其他优先债每年偿还利息的影响？
跪谢！