pˌiːˌaɪkˈeɪz ɑːɹ pɹaɪmˈɛɹᵻli jˈuːzd fɔːɹ lˈɛvɚɹɪdʒd bˈaɪaʊts, dˈɪvɪdˌɛnd ɹᵻkˌæpɪɾəlᵻzˈeɪʃənz, ænd, mˈoːɹ ɹˈɛɹli, tə faɪnˈæns ɐkwɪsˈɪʃənz.
PIKs are primarily used for leveraged buyouts, dividend recapitalizations, and, more rarely, to finance acquisitions.