Metito Utilities mezzanine capital raise, funded by
NBK Capital and the IFC, is the first hybrid deal of its kind
in the Middle East. But while mezzanine financing is expected
to grow in the region, Metitos structure might not be
replicated for a while. The $40 million deal for the privately
owned water treatment company took the form of preferred stock.
It had to have equity characteristics for accounting
purposes. But it also needed debt-like returns and other