A debt facility raised at a Holdco is structurally subordinated to one raised at an Opco, given the Holdco sits “higher up” in the corporate structure. In this case, the Holdco debt is also referred to as being structurally junior to the opco debt.

See also: Opco Financing, Holdco Financing

Institutional loan tranche with minimal amortization (generally 1% per annum, or no amortization in the European Leveraged Loan market) and longer maturity than a TLA.

Also referred to as a Bullet Loan.

If you would like to learn more about the financing process, please see our Termgrid Primers – Series 1: The Debt Financing Process.