Credit / Bond Tranches Questions

  1. Do both Term Loan A and Term Loan B have 1st and 2nd lien, etc. within them? i.e. (TL-A 1st lien, TL-A 2nd lien, TL-B 1st lien, TL-B 2nd lien, etc.)?

  2. Does a revolver have tranches within it?

  3. Can a revolver (syndicated to banks) ever be issued along with TL-B (syndicated to institutions) but without TL-A (syndicated to banks)?

(4. What are the different tranches and types of DIP loans?)

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