The debt waterfall

5 min readThe Tickmark desk

Capital structure is a queue. Everything about pricing, covenants and control follows from where a lender stands in it.

From the top down: revolver, first lien term loan, second lien, senior unsecured notes, subordinated or mezzanine, then equity.

Keep reading

The rest of this article, every other article, and the reps that go with them are one click away. Nothing to fill in.