sˈɛkənd lˈiːən lˈoʊnz ɑːɹ jˈuːzd ɪn lˈɛvɚɹɪdʒd bˈaɪaʊts tə fˈɪl smˈɔːl ɡˈæps bᵻtwˌiːn ðə faɪnˈænsɪŋ nˈiːdz ʌvðə bˈɑːɹoʊɚ ænd mˈæksɪməm θɹˈɛʃoʊldz mˈɛʒɚd baɪ vˈɛɹiəs lˈɛvɚɹɪdʒ mˈɛtɹɪks ʌv sˈiːnjɚ sᵻkjˈʊɹd lˈɛndɚz.
Second lien loans are used in leveraged buyouts to fill small gaps between the financing needs of the borrower and maximum thresholds (measured by various leverage metrics) of senior secured lenders.