Courses / Capital Structure / Collateral Subordination Upgrade AccountYour current access is limited. To continue watching this lesson, you'll need to purchase a subscription. Sign UpCollateral SubordinationCollateral Subordination establishes seniority among different tranches of debt through access to collateral.DiscussionRestricted AccessYou need to sign up for a Lumovest subscription in order to join discussions. Sign UpRestricted AccessYou need to sign up for a Lumovest subscription in order to to download lesson materials. Sign UpCapital Structure 1. What is Capital Structure (3:40) 2. Capital Structure Seniority (4:13) 3. Debt Tranche Name (5:13) 4. Pari-Passu (2:19) 5. Senior Debt vs. Junior Debt (3:11) 6. Contractual Subordination (3:18) 7. Collateral Subordination (3:47) 8. First Lien vs. Second Lien (2:35) 9. Structural Subordination (5:49) 10. Seniority and Cost of Capital (1:11) 11. Key Takeaways on Seniority (3:56) 12. Coupon (3:31) 13. Floating Interest Rate (4:52) 14. Tax Shield on Interest Expense (3:17) 15. Tenor (1:52) 16. Mandatory Amortization (2:02) 17. Optional Repayment (3:32) 18. Refinancing Risk (2:21) 19. Bullet Repayment (1:12) 20. Leverage Multiples (2:01) 21. Capital Structure Risk is Cumulative (4:38) 22. Coverage Multiples (1:20) 23. Three Types of Covenants (3:13) 24. Maintenance Covenants vs. Incurrence Covenants (2:22) 25. Revolving Credit Facility (RCF) (5:30) 26. Revolver Interest Rate (4:17) 27. Loan (2:38) 28. Bond (1:39) 29. Mezzanine (5:49) 30. Equity (3:15) 31. Connecting Dots (3:07)
