DFX Intelligence
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Borrower
A•••••• M••••• L••
group grade Aoff every schedule since Mar 31, 2024sponsor unattributed
Also written as: Arcserve (USA; Junior; LLC Priority
Nothing material in the last 200 days. Last change: 31 Mar 2024, Consensus mark 109¢ on cost, up from 89¢ a year ago, 54¢ last quarter.
Mark path, consensus per quarter end
89¢ · 77¢ · 57¢ · 54¢ · 109¢Q1 2023 to Q1 2024
Principal held
at least $696,000
sum of BDC pieces, a lower bound
Fair value
$331,000
50c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2024
Events
13
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2024, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| M••••• C•••••• C••• | $696K | 109¢ | +58 pts |
Every BDC piece · 3 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• C•••••• C••• | term loan first lien S•••••• L•••• 3 | $370,000 | $0 0c | S+900 bp |
| M••••• C•••••• C••• | term loan first lien S•••••• L•••• 2 | $165,000 | $167,000 111c | S+900 bp PIK 9.00% |
| M••••• C•••••• C••• | term loan first lien S•••••• L•••• 1 | $161,000 | $164,000 109c | S+900 bp PIK 9.00% |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien delayed draw term loan first lien exited Dec 31, 2023 | at least $1.1M | 100c | SOFR+800 bp PIK 13.46% | Mar 16, 2027 | 1 |
| first lien term loan first lien exited Mar 31, 2024 | at least $696,000 | 50c | S+900 bp PIK 9.00% | unstated | 1 |
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, 2024 | 1 | $696,000 | $331,000 | 50c | 2 |
| Dec 31, 2023 | 3 | $79.9M | $40.1M | 53c | 14 |
| Sep 30, 2023 | 3 | $39.5M | $21.4M | 57c | 4 |
| Jun 30, 2023 | 3 | $37.0M | $27.8M | 77c | 3 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2023 | 3 | $36.6M | $32.2M | 89c | 3 |
| Dec 31, 2022 | 3 | $57.4M | $52.2M | 92c | 6 |
| Sep 30, 2022 | 2 | $23.7M | $21.6M | 93c | 0 |
| Dec 31, 2021 | 2 | $23.8M | $23.6M | 101c | 0 |
What changed
- Spread changed (observed)Mar 31, 2024
- Facility left every BDC scheduleMar 31, 2024
- Spread increasedMar 31, 2024
- Returned to accrualMar 31, 2024
- Placed on non-accrualDec 31, 2023
Full timeline · 30 eventsShow fewer
- Facility left every BDC scheduleDec 31, 2023
- PIK interest appearsDec 31, 2023
- PIK interest appearsDec 31, 2023
- PIK interest increasedSep 30, 2023
- Marked down across lendersSep 30, 2023
- Spread changed (observed)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- PIK interest increasedSep 30, 2023
- PIK interest increasedSep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- Marked down across lendersJun 30, 2023
- Marked down (one lender)Jun 30, 2023
- Marked down (one lender)Jun 30, 2023
- Marked down (one lender)Jun 30, 2023
- Spread changed (observed)Dec 31, 2022
- PIK interest appearsDec 31, 2022
- New lender joined a facilityDec 31, 2022
- Spread increasedDec 31, 2022
- PIK interest appearsDec 31, 2022
- PIK interest appearsDec 31, 2022
- Marked down across lendersSep 30, 2022
- Marked down (one lender)Sep 30, 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
- ARCSTORderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived