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Depends on the type of debt, but typically there'll be a clause where a change of ownership would trigger repayment.
is this common, esp. in mid cap deals? and do all tranches have to be paid back? and by whom?
Yes - most deals as Not Your Buddy Pal have a change of control that would require you to pay back the debt. However, some large cap buyouts / dividend recaps has seen "portable capital structure" where if another Private Equity firm of a certain AUM / size etc. purchases it, the debt can stay in place at the Private Equity BUYER's option.
Would assume in any middle market deal, all debt tranches will have a mandatory prepayment in a change of control and paid out by the new buyer. It will be one of the line items in the Uses of S&U.
Transactions are usually cash free, debt free. Seller keeps the cash and satisfies all of the debt.
Debt is usually paid off with the proceeds of the transaction before any cash goes to the seller.
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