DFX Intelligence
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Borrower
F•••••••• T••••••••• G•••• H•••••••• L••
Softwaregroup grade Aoff every schedule since Sep 30, 2022sponsor unattributed
Also written as: F•••••••• T••••••••• Blocker Buyer, Inc; F•••••••• T••••••••• Group Holding LLC; F•••••••• T••••••••• Group LLC; F•••••••• T••••••••• Holdings, LLC; F•••••••• T••••••••• Holdings, LLC; F•••••••• T••••••••• Intermediate Holdings, LLC; F•••••••• T••••••••• Parent, LLC
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
102¢ · 102¢Q4 2021 to Q3 2022
Where each lender marks it on the first lien term loan, 3 points apart
100¢103¢
Principal held
at least $135M
sum of BDC pieces, a lower bound
Fair value
$151M
102c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
2
2 equity pieces beside them
Next maturity
Sep 1, 2023
$135M inside 24 months
On the tape since
Dec 31, 2021
latest Sep 30, 2022
Events
3
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2022, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| F• K•• C•••••• C••• | $60.5M | 103¢ | 0 pts |
| N•• M••••••• F•••••• C••• | $42M | 100¢ | 0 pts |
| C•••••• S•••••• L••••••• I••• | $17.6M | 102¢ | -1 pts |
| A••• C•••••• C••• | $14.8M | 100¢ | 0 pts |
Every BDC piece · 13 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F• K•• C•••••• C••• | term loan first lien F•••• L•••, S••••••• & Services 2 | $26.7M | $26.9M 104c | S+575 bp |
| F• K•• C•••••• C••• | term loan first lien F•••• L•••, S••••••• & Services 1 | $22.9M | $22.9M 100c | S+575 bp |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• L••• 1 | $21.4M | $21.4M 100c | S+475 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 1 | $14.7M | $14.7M 100c | S+475 bp |
| C•••••• S•••••• L••••••• I••• | term loan first lien | $14.6M | $14.6M 102c | S+575 bp |
View all 13 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F• K•• C•••••• C••• | term loan first lien F•••• L•••, S••••••• & Services 3 | $10.9M | $11.0M 105c | S+575 bp |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• L••• 2 | $8.1M | $8.1M 100c | S+475 bp |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• L••• 3 | $7.5M | $7.5M 100c | S+475 bp |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• L••• 4 | $5.0M | $5.0M 100c | S+475 bp |
| C•••••• S•••••• L••••••• I••• | term loan first lien F•••• L••• D••• | $3.0M | $3.0M 100c | S+575 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 2 | $100,000 | $100,000 100c | S+475 bp |
| A••• C•••••• C••• | preferred equity equity C•••• A preferred units | Not disclosed | $7.2M 107c | PIK 9.00% |
| A••• C•••••• C••• | equity equity C•••• B common units | Not disclosed | $8.4M |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2022
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Sep 30, 2022 | at least $135M | 102c | S+475 bp | Sep 18, 2023 | 4 |
| other lien unstated exited Dec 31, 2021 | at least $14.7M | 103c | S+525 bp | Sep 18, 2023 | 1 |
Equity pieces beside the debt: equity ($8.4M fair value, 1 BDC), preferred equity ($7.2M 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 |
|---|---|---|---|---|---|
| Sep 30, 2022 | 4 | $135M | $135M | 102c | 0 |
| Dec 31, 2021 | 4 | $254M | $255M | 102c | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2022
- Spread increasedSep 30, 2022
- Spread increasedSep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
- Facility left every BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- FRONTLINE TECHNOLOGIESderivedthe codename stem after legal suffixes and deal words
- Spellings
- 5 across 4 BDCsderived
- Industry
- Softwarereportedas one filer wrote it