It means that for every dollar in Sr. First Lien Notes that are redeemed, you will receive $1.00 in cash, but lose $1.00 in Sr. 1st Lien Notes that were paying out at a 13% rate.
If the question was: "how much of our notes are being redeemed?"
One of my Fidelity accounts shows that the redemption rate is ~ 19.7%. After checking a different account (also with Fido), 19.85% of the Notes in the latter account were redeemed.
So it appears that approximately 1 in 5 of our Notes are being redeemed, we will continue to receive 13% on the remaining ~ 80% of the 1st Lien Notes that remain in our accounts, and that the Sr. Second Lien Notes continue to accrue 13%, but those are seemingly accruing interest as Payment-In-Kind for the time being.
I hope that this helps!
Ps: FWIW, I checked a Schwab account that also holds both series of Notes, but it appears that the Schwab accounts have not yet been updated.