DFX Intelligence
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Borrower
P••••••• • P••••••••• H••• D•••••• H•• H•••••••• L••
Advertisinggroup grade Aoff every schedule since Dec 31, 2024sponsor unattributed
Also written as: P••••••• • P••••••••• H••• D•••••• H•• H••••••• I LP
Nothing material in the last 200 days. Last change: 31 Dec 2024, Consensus mark 97¢ on cost, up from 96¢ a year ago, 95¢ last quarter.
Mark path, consensus per quarter end
96¢ · 95¢ · 95¢ · 95¢ · 97¢Q4 2023 to Q4 2024
Principal held
at least $28.7M
sum of BDC pieces, a lower bound
Fair value
$27.7M
97c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Nov 18, 2026
$2.5M inside 24 months
On the tape since
Dec 31, 2022
latest Dec 31, 2024
Events
12
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 |
|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | $28.7M | 97¢ | +2 pts |
Every BDC piece · 4 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• - T••• L••• S•••+210 C••• plus 5.00% PIK, 1.00% F•••• M••••••• D•• | $19.2M | $18.4M 97c | SOFR+210 bp PIK 5.00% |
| M••••• F•••••••• I••••••••• C••• | delayed draw term loan first lien F•••• L••• S•••••• D••• - D•••••• D••• S•••+210 C••• plus 5.00% PIK, 1.00% F•••• M••••••• | $7.0M | $6.7M 97c | SOFR+210 bp PIK 5.00% |
| M••••• F•••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• - R••••••• S•••+210 C••• plus 5.00% PIK, 1.00% F•••• M••••••• D••• | $2.5M | $2.4M 96c | SOFR+210 bp PIK 5.00% |
| M••••• F•••••••• I••••••••• C••• | equity equity C••••• Equity - C••••• S•••• | Not disclosed | $269,000 126c |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2024 | at least $19.2M | 97c | SOFR+210 bp PIK 5.00% | Nov 18, 2028 | 1 |
| first lien delayed draw term loan first lien exited Dec 31, 2024 | at least $7.0M | 97c | SOFR+210 bp PIK 5.00% | Nov 18, 2028 | 1 |
| first lien revolver first lien exited Dec 31, 2024 | at least $2.5M | 96c | SOFR+210 bp PIK 5.00% | Nov 18, 2026 | 1 |
Equity pieces beside the debt: equity ($269,000 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 | 1 | $28.7M | $27.5M | 97c | 3 |
| Sep 30, 2024 | 1 | $23.5M | $22.0M | 95c | 1 |
| Jun 30, 2024 | 1 | $23.0M | $21.6M | 95c | 0 |
| Mar 31, 2024 | 1 | $29.3M | $21.1M | 95c | 0 |
All 9 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2023 | 1 | $31.9M | $23.4M | 96c | 0 |
| Sep 30, 2023 | 1 | $29.4M | $20.5M | 94c | 0 |
| Jun 30, 2023 | 1 | $29.5M | $20.6M | 96c | 0 |
| Mar 31, 2023 | 1 | $29.5M | $20.7M | n/a | 0 |
| Dec 31, 2022 | 1 | $29.6M | $19.2M | 96c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest increasedDec 31, 2024
- Mark recoveredDec 31, 2024
Full timeline · 16 eventsShow fewer
- Facility left every BDC scheduleDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- PIK interest appearsDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- PIK interest increasedDec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest appearsSep 30, 2024
- PIK interest appearsSep 30, 2024
- New borrower on a BDC scheduleDec 31, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- PRINTING AND PUBLISHING HERO DIGITAL HROderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 1 BDCderived
- Industry
- Advertisingreportedas one filer wrote it