DFX Intelligence
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Borrower
D•• R•••• L••
Food Productsgroup grade Aoff every schedule since Sep 30, 2024sponsor not established · possible relationship
Nothing material in the last 200 days. Last change: 30 Sep 2024, $41.1M principal held by 3 lenders; matures Mar 2028.
Mark path, consensus per quarter end
102¢ · 103¢ · 104¢ · 105¢ · 104¢Q3 2023 to Q3 2024
Where each lender marks it on the term loan, 0 points apart
104¢104¢
Principal held
at least $41.1M
sum of BDC pieces, a lower bound
Fair value
$42.6M
104c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Mar 28, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Sep 30, 2024
Events
8
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2024, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| T•• D••••• L•••••• V••• L•• | $33.7M | 104¢ | -1 pts |
| T•• S••• D••••• L•••••• L•• | $7.44M | 104¢ | -1 pts |
| F••••••• B•• C•••••• C••• | no principal filed | 128¢ as filed, not counted | no comparable mark |
Every BDC piece · 3 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| T•• D••••• L•••••• V••• L•• | term loan lien unstated A••••••••• D••• 03/28/23 T••• L••• – 12.45% inc PIK (S••• + 7.75%, 2.00% F••••, 1.00% PIK) | $33.7M | $34.4M 104c | S+775 bp PIK 1.00% |
| T•• S••• D••••• L•••••• L•• | term loan lien unstated A••••••••• D••• - 03/28/2023 Investment T••• L••• - 12.45% inc PIK (S••• + 7.75%, 2.00% F• | $7.4M | $7.6M 104c | S+775 bp PIK 1.00% |
| F••••••• B•• C•••••• C••• | unstated lien unstated | Not disclosed | $671,000 128c |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2024
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2024 | 3 | $41.1M | $41.9M | 104c | 2 |
| Jun 30, 2024 | 3 | $41.1M | $41.9M | 105c | 2 |
| Mar 31, 2024 | 3 | $43.0M | $43.6M | 104c | 2 |
| Dec 31, 2023 | 2 | $74.8M | $75.2M | 103c | 3 |
All 9 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2023 | 3 | $41.1M | $40.8M | 102c | 0 |
| Jun 30, 2023 | 3 | $7.5B | $7.4B | 102c | 2 |
| Mar 31, 2023 | 3 | $41B | $40B | 101c | 1 |
| Dec 31, 2022 | 1 | $4.8M | $4.8M | 102c | 1 |
| Dec 31, 2021 | 1 | $4.2M | $3.6M | 114c | 1 |
What changed
- Facility left every BDC scheduleSep 30, 2024
- Facility left every BDC scheduleSep 30, 2024
- Lender left a facilitySep 30, 2024
- Facility left every BDC scheduleMar 31, 2024
- Spread changed (observed)Mar 31, 2024
Full timeline · 15 eventsShow fewer
- Spread changed (observed)Dec 31, 2023
- PIK interest appearsDec 31, 2023
- Spread increasedDec 31, 2023
- Spread increasedDec 31, 2023
- PIK interest appearsDec 31, 2023
- PIK interest appearsDec 31, 2023
- Spread changed (observed)Sep 30, 2023
- Spread increasedJun 30, 2023
- PIK interest appearsJun 30, 2023
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
Possible relationship, not established: P•••••••• E••••• P••••••• A••••••• L••, because a company of this name is on the sponsor's portfolio page (confidence 0.65). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- P•••••••• E••••• P••••••• A••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedpalladiumequity.com"••• Locked"
Identity
- Group key
- D•• R•••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Food Productsreportedas one filer wrote it