DFX Intelligence
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Borrower
H••••••••• I••••••••• P•••••••• L••
Trading Companies & Distributorsgroup grade Aoff every schedule since Mar 31, 2025sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Mar 2025, Consensus mark 99¢ on cost, up from 99¢ a year ago, 101¢ last quarter.
Mark path, consensus per quarter end
99¢ · 101¢ · 101¢ · 101¢ · 99¢Q1 2024 to Q1 2025
Where each lender marks it on the first lien term loan, 1 point apart
99¢100¢
Principal held
at least $199M
sum of BDC pieces, a lower bound
Fair value
$169M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
5 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Oct 7, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2023
latest Mar 31, 2025
Events
2
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | $117M | 99¢ | -2 pts |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | $35.2M | 99¢ | -2 pts |
| G•••••• S•••• B••• I••• | $29.4M | 99¢ | -2 pts |
| G•••••• S•••• M••••• M••••• L•••••• C•••• I• | $11.8M | 99¢ | -2 pts |
| P•••••• S••••• B•• L•• | $5.82M | 99¢ | -2 pts |
Every BDC piece · 10 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• T•••••• Companies & D••••••••• I••••••• R••• 10.07% | $65.5M | $63.9M 100c | SOFR+575 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• T•••••• Companies & D••••••••• I••••••• R••• 10.07% | $51.8M | $35.4M 99c | SOFR+575 bp |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• T•••••• Companies & D••••••••• I••••••• R••• 10.07% | $19.6M | $19.1M 100c | SOFR+575 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• T•••••• Companies & D••••••••• I••••••• R••• 10.07% | $16.4M | $16.0M 100c | SOFR+575 bp |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• T•••••• Companies & D••••••••• I••••••• R••• 10.07% | $15.5M | $10.6M 99c | SOFR+575 bp |
View all 10 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• T•••••• Companies & D••••••••• I••••••• R••• 10.07% | $13.0M | $8.9M 99c | SOFR+575 bp |
| G•••••• S•••• M••••• M••••• L•••••• C•••• I• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• T•••••• Companies & D••••••••• I••••••• R••• 10.07% | $6.6M | $6.4M 100c | SOFR+575 bp |
| G•••••• S•••• M••••• M••••• L•••••• C•••• I• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• T•••••• Companies & D••••••••• I••••••• R••• 10.07% | $5.2M | $3.6M 99c | SOFR+575 bp |
| P•••••• S••••• B•• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• T•••••• Companies & D••••••••• I••••••• R••• 10.07% | $3.2M | $3.2M 100c | SOFR+575 bp |
| P•••••• S••••• B•• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• T•••••• Companies & D••••••••• I••••••• R••• 10.07% | $2.6M | $1.8M 99c | SOFR+575 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2025 | at least $199M | 99c | SOFR+575 bp | Oct 7, 2030 | 5 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 5 | $199M | $169M | 99c | 0 |
| Dec 31, 2024 | 5 | $200M | $172M | 101c | 0 |
| Sep 30, 2024 | 5 | $200M | $143M | 101c | 0 |
| Jun 30, 2024 | 5 | $195M | $139M | 101c | 0 |
All 6 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 5 | $195M | $134M | 99c | 0 |
| Dec 31, 2023 | 5 | $319M | $287M | 100c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2025
- New borrower on a BDC scheduleDec 31, 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
- H••••••••• I••••••••• P•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Trading Companies & Distributorsreportedas one filer wrote it