Tranche (Banking & Finance Glossary)

Summary

A piece, portion or slice of a financing. This portion is one of several related Tranches that are offered at the same time but have different risks, rewards and/or maturities. For example, it can refer to individual Credit Facilities (such as Term Loan A, Term Loan B, Revolving Credit Facility) within the same Credit Agreement, each of which is a separate loan Tranche. Tranches often have separate voting rights.