DFX Intelligence
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Borrower
T••••••••• S••••••• G•••• L••
Software & Servicesgroup grade Aoff every schedule since Mar 31, 2024sponsor unattributed
Also written as: 1; 2; Software & Services
Nothing material in the last 200 days. Last change: 31 Mar 2024, Consensus mark 99¢ on cost, up from 99¢ a year ago, 101¢ last quarter.
Mark path, consensus per quarter end
99¢ · 100¢ · 100¢ · 101¢ · 99¢Q1 2023 to Q1 2024
Principal held
at least $183M
sum of BDC pieces, a lower bound
Fair value
$166M
99c 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
Oct 14, 2026
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2024
Events
4
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 |
|---|---|---|---|
| F• K•• C•••••• C••• | $175M | 99¢ | -2 pts |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | $8.3M | 102¢ | +1 pts |
Every BDC piece · 3 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F• K•• C•••••• C••• | term loan first lien | $126M | $126M 102c | S+550 bp |
| F• K•• C•••••• C••• | term loan first lien | $48.3M | $31.5M 91c | S+550 bp |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | unstated lien unstated | $8.3M | $8.3M 102c | S+550 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2024 | at least $175M | 99c | S+550 bp | Oct 14, 2026 | 1 |
| other lien unstated exited Mar 31, 2024 | at least $8.3M | 102c | S+550 bp | Oct 14, 2026 | 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 | 2 | $183M | $166M | 99c | 0 |
| Dec 31, 2023 | 2 | $183M | $167M | 101c | 0 |
| Sep 30, 2023 | 2 | $183M | $165M | 100c | 0 |
| Jun 30, 2023 | 2 | $183M | $166M | 100c | 0 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2023 | 1 | $175M | $156M | 99c | 0 |
| Dec 31, 2022 | 1 | $349M | $311M | 99c | 0 |
| Sep 30, 2022 | 1 | $175M | $156M | 100c | 0 |
| Dec 31, 2021 | 1 | $220M | $198M | 101c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2024
- Facility left every BDC scheduleMar 31, 2024
- Spread increasedMar 31, 2024
- Spread changed (observed)Dec 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
- TRANSACTION SERVICESderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Software & Servicesreportedas one filer wrote it