EV is $800 so the debt has to be worth not more than that. If you think about seniority, the HY debt would take the haircut here. So $400 for bank and $400 for HY.
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Could be wrong but doesn't it depend on whether the PE firm assumes the debt or pays off the debt?
EV is $800 so the debt has to be worth not more than that. If you think about seniority, the HY debt would take the haircut here. So $400 for bank and $400 for HY.
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