Glossary Category: S

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

A Financial Covenant which is only tested in case a certain condition (Springing Test) is met. A typical construct in Revolving Credit Facilities which accompany

Debt which has priority over junior debt in an insolvency or enforcement scenario.Examples of Senior Debt: Senior Secured Debt, 1st Lien Debt, Super Senior Debt

Buying and selling syndicated debt instruments (bonds or loans) in the secondary market, after the initial (or primary) syndication See also: Junior Debt If you

Sale of a portfolio company from one private equity firm to another See also: Primary Buyout If you would like to learn more about the

Subordinated secured debt ranking below first lien but above unsecured creditors. If you would like to learn more about the financing process, please see our