Are FILO loans added on to a revolver pari passu to the revolver?
If a revolver has a second tranche that is a FILO loan, does that make the RCF 1L and the FILO loan 2L? Or are they both 1L? The issuer also has other 1L and 2L notes.
Or is the FILO loan considered 1L upon maturity but subordinate to all other debt in the event of prepayments? What if the company files for bankruptcy before maturity?
Im trying to make a recovery analysis but this FILO loan is really confusing me.
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