A sponsor is purchasing a target in an LBO transaction. After initial all initial funding sources were exhausted, the sponsor still needed a mezzanine financing of $89 million. The mezzanine investor requires 6% cash interest and an equity kicker of $50 million at exit (which is at the end of year 5 ; that is, at t=5 ). Assume the face value of the mezzanine note at exit at is equal to $89 million. Calculate the IRR of the mezzanine investment. 16% 14% 18% 20% 22%