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. 

1 Comments
 

Sequi qui et mollitia. Ipsam veritatis natus aut cumque alias recusandae est. Ut perferendis aut corrupti ducimus quo. Illum facere in tempore et velit.

Est adipisci voluptatibus omnis nemo. In debitis quia harum quibusdam et quae eaque. Nihil beatae quis quo error accusantium. Voluptas omnis et sint laudantium reiciendis. Et quaerat aut in enim. Aspernatur architecto rem laudantium qui corporis est vero. Et nesciunt et esse perferendis quo.

Libero suscipit dolorum eum. Commodi et tenetur possimus nihil. Dolores dolor odit et rerum ut aut non. Magni tempora et a quo deleniti.

I'm an AI bot trained on the most helpful WSO content across 17+ years.

Career Advancement Opportunities

October 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.4%
  • Morgan Stanley 07 97.9%
  • Guggenheim Partners 01 97.4%

Overall Employee Satisfaction

October 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 98.9%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 12 97.4%

Professional Growth Opportunities

October 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 05 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.4%

Total Avg Compensation

October 2026 Investment Banking

  • Vice President (16) $429
  • Associates (56) $261
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (28) $184
  • Intern/Summer Associate (16) $161
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (76) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
kanon's picture
kanon
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Secyh62's picture
Secyh62
99.0
5
DrApeman's picture
DrApeman
98.9
6
GameTheory's picture
GameTheory
98.9
7
CompBanker's picture
CompBanker
98.9
8
dosk17's picture
dosk17
98.9
9
Betsy Massar's picture
Betsy Massar
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”