DFX Intelligence
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Borrower
I•••••• P••••• I••
Insurancegroup grade Aoff every schedule since Dec 31, 2024sponsor unattributed
Also written as: I••••••
Nothing material in the last 200 days. Last change: 31 Dec 2024, Consensus mark 96¢ on cost, down from 101¢ a year ago, 103¢ last quarter.
Mark path, consensus per quarter end
101¢ · 101¢ · 103¢ · 103¢ · 96¢Q4 2023 to Q4 2024
Where each lender marks it on the second lien term loan, 12 points apart
87¢99¢
Principal held
at least $18.9M
sum of BDC pieces, a lower bound
Fair value
$16.7M
96c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
3 on the latest quarter
Facilities
4
1 equity pieces beside them
Next maturity
Jul 1, 2025
$14.2M inside 24 months
On the tape since
Dec 31, 2021
latest Dec 31, 2024
Events
26
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2024, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| N•• M••••••• F•••••• C••• | $14.2M | 99¢ | -5 pts |
| C••••••• C•••••• B••• I••• | $4.67M | 87¢ | -13 pts |
| A•••• C••••• B•• I••• | no principal filed | no cost filed | no comparable mark |
Every BDC piece · 6 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N•• M••••••• F•••••• C••• | term loan second lien S••••• lien | $7.1M | $6.3M 99c | 16.58% PIK 12.25% |
| N•• M••••••• F•••••• C••• | term loan second lien S••••• lien | $7.1M | $6.3M 99c | 16.58% PIK 12.25% |
| C••••••• C•••••• B••• I••• | term loan second lien Investment T••• S••••• S•••••• S••••• L••• T••• L••• I••••••• T••• S + 1225 PIK (100 F•••• | $2.3M | $2.0M 87c | SOFR+1225 bp |
| C••••••• C•••••• B••• I••• | term loan second lien Investment T••• S••••• S•••••• S••••• L••• T••• L••• I••••••• T••• S + 1225 PIK (100 F•••• | $2.3M | $2.0M 87c | SOFR+1225 bp |
| A•••• C••••• B•• I••• | delayed draw term loan first lien S••••• S•••••• T•••• A•••••••• D•••••• D••• L•••, M••••••• 5/8/2023 | Not disclosed | Not disclosed | SOFR+1200 bp |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C••••••• C•••••• B••• I••• | equity equity Investment T••• C••••• S•••• | Not disclosed | Not disclosed n/a |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien exited Dec 31, 2024 | at least $18.9M | 96c | SOFR+1225 bp PIK 12.25% | Jul 1, 2025 | 2 |
| first lien term loan first lien exited Sep 30, 2024 | at least $6.8M | 100c | SOFR+1225 bp PIK 12.25% | May 8, 2025 | 4 |
| second lien delayed draw term loan second lien exited Jun 30, 2023 | at least $380,000 | 101c | Oct 1, 2023 | 1 | |
| first lien delayed draw term loan first lien exited Dec 31, 2024 | unknown | n/a | SOFR+1200 bp | May 8, 2023 | 1 |
Equity pieces beside the debt: equity (Not disclosed fair value, 1 BDC)
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 3 | $18.9M | $16.7M | 96c | 2 |
| Sep 30, 2024 | 4 | $27.5M | $27.5M | 105c | 6 |
| Jun 30, 2024 | 4 | $26.3M | $25.9M | 105c | 6 |
| Mar 31, 2024 | 3 | $24.9M | $24.2M | 106c | 6 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2023 | 3 | $24.2M | $23.6M | 106c | 3 |
| Sep 30, 2023 | 3 | $23.2M | $22.5M | 105c | 3 |
| Jun 30, 2023 | 3 | $21.4M | $24.2M | 98c | 0 |
| Mar 31, 2023 | 2 | $20.6M | $21.5M | 90c | 1 |
| Dec 31, 2022 | 3 | $20.7M | $20.5M | 85c | 4 |
| Sep 30, 2022 | 1 | $15.9M | $14.5M | 75c | 2 |
| Jun 30, 2022 | 1 | $4.8M | $0 | n/a | 0 |
| Dec 31, 2021 | 1 | $50.7M | $49.5M | 98c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Maturity shortened (observed)Dec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
Full timeline · 30 eventsShow fewer
- Maturity extended (observed)Sep 30, 2024
- Facility left every BDC scheduleSep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- PIK interest appearsMar 31, 2024
- PIK interest appearsMar 31, 2024
- PIK interest appearsMar 31, 2024
- Maturity shortened (observed)Mar 31, 2024
- Returned to accrualMar 31, 2024
- Spread changed (observed)Dec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Spread increasedDec 31, 2023
- Spread increasedDec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- Spread changed (observed)Dec 31, 2023
- PIK interest appearsSep 30, 2023
- PIK interest appearsSep 30, 2023
- Spread changed (observed)Sep 30, 2023
- PIK interest appearsSep 30, 2023
- PIK interest appearsSep 30, 2023
- Mark recoveredJun 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- INTEGROderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 5 BDCsderived
- Industry
- Insurancereportedas one filer wrote it