DFX Intelligence
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Borrower
P••• A•••••• P••••••• P••••••• I••••••• L••
Construction & Buildinggroup grade Aoff every schedule since Jun 30, 2023sponsor unattributed
Nothing material in the last 200 days. Last change: 30 Jun 2023, $41M principal held by 2 lenders; matures Feb 2028.
Where each lender marks it on the first lien term loan, 0 points apart
100¢100¢
Principal held
at least $41.0M
sum of BDC pieces, a lower bound
Fair value
$35.3M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Feb 7, 2028
no dated debt inside 24 months
On the tape since
Mar 31, 2023
latest Jun 30, 2023
Events
3
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2023, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••••• D••• S•••••••• B•• | $29.9M | 100¢ | no comparable mark |
| M••••• F•••••••• I••••••••• C••• | $11M | 100¢ | no comparable mark |
Every BDC piece · 5 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• I••••••• R••• S+690, 1.00% F•••• M••••••• D••• 2/7 | $27.3M | $23.2M 100c | S+690 bp |
| M••••• F•••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• S•••+690, 1.00% F•••• M••••••• D••• 02/07/28 One | $10.1M | $9.8M 100c | S+690 bp |
| A••••• D••• S•••••••• B•• | revolver first lien Investment T••• F•••• L••• S•••••• D••• - R••••••• I••••••• R••• S+690, 1.00% F•••• M••••• | $2.6M | $1.7M 100c | S+690 bp |
| M••••• F•••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• – R••••••• S•••+690, 1.00% F•••• M••••••• D••• 02/07/28 | $942,000 | $605,000 100c | S+690 bp |
| M••••• F•••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• S•••+690, 1.00% F•••• M••••••• D••• 02/07/28 Two | Not disclosed | -$36,000 -200c | S+690 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2023
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Jun 30, 2023 | at least $37.4M | 100c | S+690 bp | Feb 7, 2028 | 2 |
| first lien revolver first lien exited Jun 30, 2023 | at least $3.5M | 100c | S+690 bp | Feb 7, 2028 | 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, 2023 | 2 | $41.0M | $35.3M | 100c | 0 |
| Mar 31, 2023 | 2 | $42.5M | $34.1M | n/a | 0 |
What changed
- Facility left every BDC scheduleJun 30, 2023
- Facility left every BDC scheduleJun 30, 2023
- New borrower on a BDC scheduleMar 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
- P••• A•••••• P••••••• P••••••• I••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Construction & Buildingreportedas one filer wrote it