bᵻfˌoːɹ ðə kɹˈɛdɪt kɹˈʌntʃ ʌv tˈuː θˈaʊzənd ˈeɪt, sˈɛvɹəl lˈɛvɚɹɪdʒd bˈaɪaʊts hæv sˈiːn sˌʌm sᵻkjˈʊɹd sˈɛkəndlˈiːən tˈɜːm bˈæŋk lˈoʊnz kˈʌmɪŋ wɪð pˌiːˌaɪkˈeɪ ɔːɹ, mˈoːɹ fɹˈiːkwəntli, pˌiːˌaɪkˈeɪ tˈɑːɡəl fˈiːtʃɚz, ɪn ˈɔːɹdɚ tə səpˈoːɹt ðə fˈɜːmz ɐbˈɪləɾi tə kˈʌvɚ kˈæʃ ˈɪntɹɛst dˈʊɹɹɪŋ ðɪ ɪnˈɪʃəl pˈiəɹɪəd ˈæftɚ ðə lˈɛvɚɹɪdʒd bˈaɪaʊts.
Before the credit crunch of 2008, several leveraged buyouts have seen some secured second-lien term bank loans coming with PIK or, more frequently, PIK toggle features, in order to support the firm's ability to cover cash interest during the initial period after the leveraged buyouts.