medium · Debt Capital Markets
A distressed firm has an EV of 700 million. It has $200 million in RCF (1st Lien), $400 million in Term Loan B (1st Lien), and $200 million in 2nd Lien debt.
What is the recovery for the 2nd Lien holders?
- 25%
- 50%
- 0%
- 100%
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