So either the interest amount of $435M per year (which is roughly 15% interest on 6.6B) is incorrect from the original article or they receives less than 20% of that interest? Strange.

$270M over 13 years from $1.1B in loans? ($270M = $470M - the $200M in fees.) That seems incredibly low interest. I am suspicious. LBO firms do not give low interest loans to their targets.

If we assume an interest rate of 5%, you get 50M in interest a year on 1B. 13 years will yeild $750M in interest.

Did these LBO firms really offer loads at something like 1.5%?

Something isn't adding up.

> they receives less than 20% of that interest?

They hold less than 20% of the debt. Most of their investment went in as equity. That's wiped out.

> LBO firms do not give low interest loans to their targets

PE buys equity and subordinated debt. Sub debt has high rates and wonky structures. In this case, I believe it was pay in kind, "a type of high-risk loan or bond that allows borrowers to pay interest with additional debt rather than cash" [1]. Nice feature if the debt is repaid. Less fun when it's wiped out.

[1] https://en.wikipedia.org/wiki/PIK_loan

So basically, I can not reserve engineer what happened without the full details.