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Clear filtersQXO: The 2033 Term Loan Over the 2034 Notes
Credit Memo· PDF· Updated 27-Oct-26Buy the 2033 Term Loan B at 97.6 for S+200 and watch the 6.875% 2034s at 94.7. On spread the loan gives up only ~60bp for a first lien, and its documents limit what can go ahead of it.
Leveraged LoansHigh YieldXPO: Owning the First Lien Instead of the Notes
Credit Memo· PDFThe 2031 first-lien term loan at par against the same issuer's unsecured notes at 104 to 105, where the call schedules capped total return.
Leveraged LoansHigh Yield