DFX Intelligence
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Borrower
A•• T•••••••• I••
Defense Security 1st Lien, Secured Loangroup grade Aoff every schedule since Jun 30, 2024sponsor unattributed
Also written as: First Lein; Inc. 621 Lynnhaven Parkway Suite 160 Virginia Beach; VA 23452; VA 23452 Defense Security
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
97¢ · 100¢ · 100¢ · 101¢ · 101¢Q2 2023 to Q2 2024
Where each lender marks it on the first lien term loan, 0 points apart
100¢100¢
Principal held
at least $18.5M
sum of BDC pieces, a lower bound
Fair value
$18.5M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
5 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Mar 19, 2026
$18.5M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2024
Events
5
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2024, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| M••• S••••• C•••••• C••• | $6.4M | 101¢ | 0 pts |
| G•••• E•• C•••••• C•••• | $3.86M | 100¢ | 0 pts |
| G•••••• S•••• P•••••• C••••• C•••• | $3.84M | 100¢ | 0 pts |
| M•• I••••• F•••• I••• | $2.77M | 101¢ | 0 pts |
| C•••••• S•••••••• C••• | $1.6M | 101¢ | 0 pts |
Every BDC piece · 6 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••• S••••• C•••••• C••• | term loan lien unstated S•••••• D••• | $6.4M | $6.4M 101c | S+475 bp |
| G•••• E•• C•••••• C•••• | term loan first lien I••••••• D•••••• S••••••• 1st L•••, S•••••• L••• I••••••• R••• 1M P•••• + 4.75%, 5.75% F•• | $3.9M | $3.9M 100c | S+475 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• A•••••••• & D•••••• R•••••••• R••• and S••••• S + 4. | $3.8M | $3.8M 100c | S+475 bp |
| M•• I••••• F•••• I••• | term loan lien unstated S•••••• D••• | $2.8M | $2.8M 101c | S+475 bp |
| C•••••• S•••••••• C••• | term loan first lien F•••• L••• | $1.6M | $1.6M 101c | S+475 bp |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• E•• C•••••• C•••• | term loan first lien I••••••• D•••••• S••••••• 1st L•••, S•••••• L••• I••••••• R••• 1M P•••• | Not disclosed | Not disclosed | S+475 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Jun 30, 2024 | at least $9.3M | 100c | S+475 bp | Mar 19, 2026 | 3 |
| term loan lien unstated exited Jun 30, 2024 | at least $9.2M | 101c | S+475 bp | Mar 19, 2026 | 2 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2024 | 5 | $18.5M | $18.5M | 101c | 0 |
| Mar 31, 2024 | 5 | $18.7M | $18.8M | 101c | 0 |
| Dec 31, 2023 | 4 | $20.8M | $20.6M | 100c | 0 |
| Sep 30, 2023 | 3 | $26.3M | $25.9M | 100c | 0 |
All 9 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2023 | 3 | $29.5M | $28.0M | 97c | 0 |
| Mar 31, 2023 | 2 | $29.7M | $27.6M | 94c | 0 |
| Dec 31, 2022 | 2 | $30.2M | $27.2M | 91c | 0 |
| Sep 30, 2022 | 1 | $21.3M | $19.7M | 94c | 0 |
| Dec 31, 2021 | 1 | $44.3M | $44.0M | 101c | 0 |
What changed
- Facility left every BDC scheduleJun 30, 2024
- Spread changed (observed)Jun 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- Spread changed (observed)Jun 30, 2024
- New lender joined a facilityDec 31, 2023
Full timeline · 7 eventsShow fewer
- New lender joined a facilityDec 31, 2022
- New borrower on a 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
- A•• T•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Defense Security 1st Lien, Secured Loanreportedas one filer wrote it