A private equity firm is structuring the acquisition of a technology company with annual revenues of approximately $$50$ million. The firm aims to optimize the capital structure to balance risk and return, enhance the company$$s value, and ensure operational flexibility.

Which of the following scenarios best represents an optimal capital structure for this private equity deal?

a$.$ The deal is financed with $90\%$ equity and $10\%$ senior secured debt, minimizing debt service requirements.

b$.$ The financing includes $80\%$ convertible bonds and $20\%$ equity, offering a unique mix that provides flexibility in terms of interest payments.

c$.$ The capital structure consists of $50\%$ unsecured debt, $20\%$ subordinated $($mezzanine$)$ debt, and $30\%$ equity, maximizing leverage to enhance potential returns.

d$.$ The acquisition is structured with $50\%$ equity, $40\%$ first$-$lien term loan, and $10\%$ second$-$lien term loan, to leverage returns while maintaining a moderate level of risk.