Sofr + 475 at origination never sold they sat in it and then offered to a few buyers at 60 last Q4 with no takers. 60 cents on a 6.5yr remaining term equates to ballpark +1100bps with no bid there. Now down to less than 6yrs remaining. I bet it’s 40 and + 1500bps to clear - 20% for senior debt on that bad boy.Typical Lax Dad wrote: ↑Fri Jul 07, 2023 10:45 pmWhat’s the yield? SOFR + 1000….I believe it broke at 60.Farfromgeneva wrote: ↑Fri Jul 07, 2023 10:38 pmI still want to know what the TL B would go for. 40 cents? No way it’s above 60 cents on the dollar when it broke 80 at origination basically when MS and BofA got hung with it. Think about it even if you believe Fidelity’s mark, you’ve got negative FCF, every covenant has busted within 2 quarters of closing and now an a Debt to EV ratio that was like .25-.3 or so, $13Bn in $46.5Bn, and is now more or less 1:1. And that EV involves a heck of a lot of goodwill and intangibles in it.Typical Lax Dad wrote: ↑Fri Jul 07, 2023 10:35 pm https://www.cbsnews.com/news/elon-musk- ... -fidelity/
What had happened wuz….
https://www.sec.gov/Archives/edgar/data ... ex99-c.htm