Most common tranche of Debt Used in Dividend Recap?
What is the most common type of debt that is used when a sponsor wants to execute a dividend recap on a portfolio company? Is it a leveraged loan or bond? If so, of what kind/seniority (TLA, TLB, senior unsecured, etc.)? If there's not a common theme, what is the strategy used when deciding which type of debt to use?
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