pari passu

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Pari passu

Refers to the equal ranking of securities.

Pari Passu

Describing securities or debts with equal claim on some right. A new issue of a security may be issued pari passu, which indicates that it carries the same rights as shares already issued. For example, common shares are all pari passu with respect to each other; this means that no one share has a prior claim to a dividend over any other. However, all common shares are junior to any preferred share, which is likewise pari passu with respect to other preferred shares.

pari passu

In equal portions. Used to describe distributions to creditors if they will each take a pro rata share of a debtor's assets.

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The whole loan is divided into four, pari-passu A-notes, of which only the A-4 note has been included in this transaction.
The debt issue ranks pari-passu with other subordinated liabilities of OM plc and will be issued under the company's existing Global Note Programme.
ConocoPhillips and ConocoPhillips Company will guarantee the debt and it will be pari-passu with CP issued by ConocoPhillips.
Only the A-1 note is included in the trust; the pari-passu A-2 and A-3 notes, totaling $234 million, and a subordinate $30 million B-note are located outside the trust.