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Financing a firm’s acquisition with a significant amount of debt. A firm typically issues term loans and junk bonds to drive IRRs for their private equity overlords (due to tax-deductibility of interest).

Outside of its native LBO context, to ‘lever up’ refers to the act of getting rekt and fully sending it.
Ex.1: “Blackstone is about to lever up that company’s balance sheet to 6.9x LTM Adj EBITDA. They’re underwriting to a 42.0% net IRR

Ex.2: “Yo Tucker was levered up last night and stage dived from the DJ booth right into some chick’s VIP table. He then called the bouncer a back-office jabroni as he was dragged out”
by djdsol69 December 25, 2019
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A crucial moment where one hides their erect penis by tucking it beneath the elastic of their shorts, usually in an opportunistic fashion, in the unexpected anticipation of standing up.
After twenty minutes of watching Hannah dance, poor Jimmy could hear the taxi for the town centre as it pulled up outside. He was grateful that she went to answer the door, since it gave him the briefest of moments to lever-up before they headed off to The Commercial Hotel.
by sir_rushington March 19, 2017
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