Pre-transaction
$8.70M
$10.0M face87.0¢ blended
Today's market value
Term Loan B
1L · cov-lite
$10.00M face87.0¢11.2% YTM
$8.70M
Scenario modeler · Trinseo Drop-Down 2026
Pareto Industries — 2024 Senior Credit Agreement
Pick a holder profile and a position size. See what your paper becomes under the proposed transaction, the day-after market value impact, and expected return through maturity for both the consent path and the decline path.
Scenario
Designate Unrestricted Subsidiary; transfer $400M IP at FMV; raise $300M secured at the dropdown vehicle; tender existing 1L at 98¢ (par-minus-2 muffler).
Signature · Asset transfer to Unrestricted Sub at FMV + new secured debt at the dropdown vehicle + par-tender muffler
Holder
Profile
Face amount ($M)
Member of the ad-hoc group; consents in exchange for participation in the new senior tranche and tender pickup at 98¢.
Pre and post snapshots
Post-transaction
$10.75M
$12.5M face86.0¢ blended
Day-after market value
Tender at 98¢
25% of position · cash recovered
$2.50M face98.0¢
$2.45M
Term Loan B (remainder)
1L · 75% of original position
$7.50M face80.0¢13.5% YTM
$6.00M
New Drop-Down 1L
Senior secured at Unrestricted Sub
$2.50M face92.0¢9.5% YTM
$2.30M
Mark-to-market impact
+$2.05M(+23.6%)
Day-after MV is the immediate-recognition mark. Holders that consent capture the participation pickup; holders that decline absorb the post-deal re-rating.
Expected return through maturity~4 yr horizon · annualized
Consent / AHG path
+9.4%
Captures the participation pickup
Decline / hold-out path
+4.1%
Absorbs post-deal re-rating; no consent fee
Tender recovery + new tranche participation offsets the post-deal markdown on the 1L remainder. AHG path beats hold-and-wait by roughly 530 bps annualized over the 4-year horizon.
Matching this scenario in the wiki
Where to go next
Term sheet review
The transaction this scenario is modeling — proposed terms, consents, pattern match.
Trading levels
Current bid/ask + 12-month sparkline behind the pre-transaction prices.
Financials
Underlying capacity figures and the agreement KPIs that anchor them.
Diligence report
Single-flow printable view of the entire diligence package.
Phase 2 mockup · rule-based transformation · holder-position service + sacred-rights solver land in Phase 3+