Liability management exercises · defined & tracked

liabilitymanagement.ca

Lexicon

Uptier

Transaction type · also called uptiering; uptier exchange

A transaction that reallocates recovery value among existing creditors: majority lenders amend the documents to create a priority tranche, exchange into it, and leave non-participating lenders subordinated.

Associated with Serta Simmons (2020), after which the term entered common use

Discussed at ¶¶ 2.27, 14.1 of Liability Management Exercises: Law and Practice.