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Expert Analysis

An Overview Of 1st-Out Revolvers

Law360, New York ( June 13, 2012, 6:01 PM EDT) -- "Let's structure it as a first-out tranche." This refrain is being voiced with increasing frequency as arrangers and underwriters of credit facilities attempt to design capital structures with the broadest appeal to market participants. As the name suggests, a "first-out" credit facility (also referred to as a "superpriority" or "super-senior" credit facility) at its most basic level is characterized by one lender group being paid ahead of other equally and ratably secured lenders in certain circumstances and thus becoming the "first out" among otherwise equally ranked creditors....

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