ood this interpretation to be correct. Certainly MPM did not. For example, in a December 2012 prospectus MPM represented to the SEC that the Senior- Lien Notes were Senior Indebtedness. 15-1771 JA 3725. Because those note classes are subordinate to pre-existing liens as to the Debtors' collateral, they, too

ton D.C.; MARK R. SOMERSTEIN, MARK I. BANE, Ropes & Gray, New York, NY. for Wilmington Trust, National Association as Indenture Trustee for the 1.5 Lien Notes. DANIELLE SPINELLI, JOEL MILLAR, Wilmer Cutler Pickering Hale and Dorr LLP, Washington, D.C.; [" .2] PHILIP D. ANKER, ALAN E. SCHOENFELD, Wilmer Cu

Devloos end Produete Avantor Inc. 11/WRI 4.750% lit Lion Notes 160124 $600 82 8 101.378 448% 216 1001/23 Aventor Inc. IVWRI 6.000% 1st Lien Notes 10.0124 $1,500 B2 B 100.050 5.99% 367 100123 Avantor Inc. IVWRI 9.000% Senior NoMs 160025 $2000 Caa2 CCC. 99370 911% 669 1001/25

08 480% 267 120121 One Cali (ONECAL/ 7.500% let Lien Notes 020124 $240 B3 B. 96.750 8.15% 578 07.01/24 One Call (ONECAL) 10.00C% 2nd Lien Notes 100124 5404 Cae3 CCC 88.375 12.58% 1,019 1001/24 One Cali (ONECALI 8.875% Senior Notes 121621 $6 Cee3 CCC 88.470 12.62% 1.048 12:1

s to execute on its F2018 plan to deliver improved EBITDA, which could provide capacity to repurchase an additional $25 million of 9.875% 2025 2"1 Lien Notes at some point in the next six months. In light of this, we view a 12.25% YTW as adequate compensation for investors, as there are scarce opportunit