In the previous agreement, parties were limited to holders of at least half of the aggregate outstanding principal amount of Term Loan Credit Facility Claims and PGN Claims; holders of at least half of the aggregate outstanding principal amount of Junior Debt
Claims; and the Consenting Sponsors.
The junior debt
ratings of these banks were affirmed, reflecting the banks' continuing strengths, namely their strong market shares in a supportive operating environment, which allow them to generate strong risk-adjusted profitability and build capital organically.
The deed-in-lieu of auction wipes out the value of the junior debt
, they'd argued, allowing CW to reap an "unearned windfall" when the property is sold.
The valuation of senior and junior debt
has been investigated by Black and Cox (1976) and Geske (1977).
This is already the case in Switzerland, where the two large global banks have to build loss-absorbing junior debt
and equity up to 19% of their risk- weighted assets (RWA) over the next five years.
In this scenario, junior debt
holders and uninsured depositors of the two biggest banks were to be fully bailed in.
West Brom cancelled the 6.15% coupon on its PIBS and also converted junior debt
into a new type of equity.
the financiers also agreed to extend the maturity of junior debt
worth SAR 2.25 billion until June 5, from the original date of May 1.
extended the junior debt
with the agreement of a lending syndicate led by Arab
With access to prime and non-prime sources of funding, including senior debt, junior debt
, mezzanine finance and equity, we can increase our clients' funding options."
A total EUR6m will be raised by selling up to 6.8 million new shares in Glaston and EUR4m -- in junior debt
with a three-year maturity.
British airport operator BAA reported today that it has completed a GBP625m, four-year Class B bank junior debt