[brunooo]

Great question and no idea. They’re sophisticated cats and thus guess the answer is “the deal is whatever you can negotiate with them.”

But it wouldn’t be very likely that anyone would give you the same terms for a junior tranche.

Not investing, legal, or any other advice, but unless my company would be in a very weird situation requiring access to 50% or more of our funds in the next 2 weeks, I wouldn’t even start entertaining offers below 95% or maybe 92%.