The question of giving absolute priority may be difficult in the current marketplace. I thought it would be reasonable to offer status equal to that of the existing secure creditors of the company. That might work. It might eliminate the pressure on the interest rates, given the panicky conditions in the market today.
If open market rates are available at all--and today is not really an open market--you will find that companies work under high interest rates too. I remember we worked at 14% interest rates for a while.