Bridge financing is a short-term financing strategy that provides immediate cash flow between periods of long-term financing. Bridge financing operates in numerous different settings—from consumer real estate to large-market mergers and acquisitions. Private equity funds and other acquirers often utilize bridge financing as a necessary tool to complete transactions. Many mid-market and large-market mergers and acquisitions require the acquiring party to obtain long-term financing to complete a transaction, however, often, acquisition targets will not agree to a purchase agreement contingent on the acquirer obtaining future financing. This forces an acquirer to "bridge" the gap between signing a purchase agreement and securing long-term financing. For instance, in March 2020, T-Mobile USA, Inc. obtained $19 billion in bridge financing in connection with its acquisition of Sprint Corporation. As another example, in December 2020, Utz Quality Foods obtained $490 million in bridge ...