easy · Private Credit & Debt loan-structures-instruments
A direct lender provides a $50M Unitranche facility at a blended rate of SOFR + 650 bps. Internally, the facility is bifurcated into a $30M 'first-out' tranche at SOFR + 450 bps and a $20M 'last-out' tranche.
What is the indicative margin for the 'last-out' lender?
- 1,100 bps
- 650 bps
- 950 bps
- 850 bps
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