Priority of Debt — Getting ‘Primed’


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Priority of Debt — Getting ‘Primed’

Jainisha Amin's avatar
Oliva Mantock's avatar
  1. Jainisha Amin
  2. +Oliva Mantock
13 min read

In this 9fin Educational piece, we discuss the different types of senior and priming debt, including structurally senior, effectively senior and super-senior debt. While we focus on these debt categories in the context of large-cap European leveraged loan agreements (“SFAs”), each debt category is equally relevant when considering priority of debt in other debt instruments, including high yield bonds.

This is the first part of a two-part series on priority of debt. In part two, we will discuss junior and subordinated debt, including second lien, senior parent debt and subordinated shareholder debt.

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