Do syndicated loans have the same priority as bank loans in the capital structure?
i.e. Are they less risky and therefore more senior than senior secured notes? Do they have the same priority as plain-vanilla bank loans, or is it Bank Loans > Syndicated Bank Loans > Senior Secured Notes?
Also, is a revolver be more senior than a TL?
Thank you!
t
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This is wrong.. Term Loan As and Term Loan Bs (both senior secured) are pari passu / equal on the capital structure. Term Loan As benefit from higher amortization/payback and Term Loan Bs benefit from higher yield. Revolvers are also pari with these tranches unless you have a super priority revolver
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They are unsecured and rank lower than Sr. Secured Term Loan A/B loans but equal to any unsecured debt like high yield bonds
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yes, they are unsecured as well
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