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!
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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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