hard · Private Credit & Debt
A 300.0 million Unitranche facility is split via an 'Agreement Among Lenders' (AAL) into a $200.0 million First-Out (FO) tranche at L + 400 and a $100.0 million Last-Out (LO) tranche.
In a restructuring where only $220.0 million is recovered, how much does the LO lender receive?
- $73.3 million
- $100.0 million
- $20.0 million
- $0 million
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