Trading levels

sample-002 — sample data

Secondary-market bid/ask, 12-month history, and desk commentary for every tranche. Where pricing isn't observable, fair-value model output is shown with a "(model)" tag.

As of2026-04-25Vendor pricing composite (mock)

Desk readout

Senior unsecured at 71¢ and subordinated at 52¢ are the active signal — secondary is pricing in priming/LME risk that is not yet expressed in the secured tier. A drop-down at this point is consistent with where the curve sits.

Senior unsecured down 14¢ over 12 months
From 85¢ to 71¢. Steepest decline of the capital structure.
Sub down 26¢ over 12 months
Largest absolute move; thin volume amplifies prints.
TLB began softening Q3'25
94.2¢ → 87.8¢. Coincides with first 10-Q showing soft demand.

Traded tranches¢ on the dollar · YTM annualized

Tranche	Bid	Ask	Δ day	YTM	12-mo	Commentary
Term Loan B 1L · cov-lite · senior secured $1,100MSOFR + 3252030	87.0	88.5	-0.25	11.2%	97.5 → 87.8	Steady decline since Q3'25; market pricing modest LME risk. Last 30 days saw $42M in volume. Ad-hoc group accumulating below 90.
Senior Secured Notes 1L · 6.50% · 2029 $478M6.50%2029	96.0	96.8	-0.10	7.8%	99.2 → 96.4	Trading near par; secured paper less affected by the LME chatter. Limited volume, mostly insurance / pension hands.
Senior Unsecured Notes Unsecured · 7.625% · 2031 $830M7.625%2031	71.0	73.0	-0.50	14.2%	85.0 → 72.0	Unsecured tier is the principal indicator — at 71c the market is pricing in priming risk. Ad hoc group has not formed; if drop-down lands, secondary will move materially.
Subordinated Notes Sub · 9.00% · 2032 $125M9.00%2032	52.0	55.0	-1.00	18.5%	78.0 → 53.5	Sub paper is the most sensitive — at 52c the market is pricing the sub to recover well below par in stress. Thin volume; bid-ask is wide.

Non-traded facilities

Revolving Credit Facility
Bank facility — not actively traded. Listed for completeness; would be drawn under near-term stress.
$375M · SOFR + 275

Where to go next

Scenario modeler

How this curve translates into pre/post P&L on a specific position.

Term sheet review

What transaction the borrower is proposing — and why the curve looks the way it does.

Dossier

Covenant scorecard for the underlying agreement.

Phase 2 mockup · stylized prices · vendor API + fair-value fallback land in Phase 3+