DFX Intelligence
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Borrower
A• F••• B••••• I••
Diversified Support Servicesgroup grade Aoff every schedule since Dec 31, 2024sponsor unattributed
Also written as: AI F••• Parent LLC; Inc.Term Loan
Nothing material in the last 200 days. Last change: 31 Dec 2024, $103M principal held by 2 lenders; matures Mar 2027.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 100¢Q4 2023 to Q4 2024
Principal held
at least $103M
sum of BDC pieces, a lower bound
Fair value
$121M
100c on cost, debt pieces
Unfunded
$8.0M
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
4
2 equity pieces beside them
Next maturity
Mar 1, 2027
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Dec 31, 2024
Events
9
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2024, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••• C•••••• C••• | $102M | 100¢ | 0 pts |
| S•••••••• P•••••• C••••• F••• L•• | $692K | 101¢ | 0 pts |
Every BDC piece · 13 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan second lien S••••• lien senior secured loan 1 | $62.8M | $62.8M 100c | S+1075 bp PIK 14.97% |
| A••• C•••••• C••• | term loan second lien S••••• lien senior secured loan 2 | $14.2M | $14.2M 100c | S+1075 bp PIK 15.25% |
| A••• C•••••• C••• | term loan second lien S••••• lien senior secured loan 3 | $13.7M | $13.7M 100c | S+1075 bp PIK 15.24% |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 3 | $6.2M | $6.2M 100c | S+575 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 1 | $3.9M | $3.9M 100c | S+550 bp |
View all 13 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | $1.1M | $1.1M 100c | S+450 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien D•••••• D••• T••• L••• | N•••••••••, N••••••••• D••• Investments | F•••• L••• S••••• S•••• | $191,000 | $191,000 102c | S+575 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien D•••••• D••• T••• L••• | N•••••••••, N••••••••• D••• Investments | F•••• L••• S••••• S•••• | $191,000 | $191,000 102c | SOFR+575 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien N•••••••••, N••••••••• D••• Investments | F•••• L••• S••••• S•••••• | 3/22/2027 | $155,000 | $153,000 100c | S+575 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien N•••••••••, N••••••••• D••• Investments | F•••• L••• S••••• S•••••• | R•••••••• R••• S•••• | $155,000 | $153,000 100c | SOFR+575 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 2 | $100,000 | $100,000 100c | S+550 bp |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• C•••••• C••• | equity equity C••••• units | Not disclosed | $17.9M 381c |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien exited Dec 31, 2024 | at least $90.7M | 100c | S+1075 bp PIK 15.25% | Sep 1, 2027 | 1 |
| first lien term loan first lien exited Dec 31, 2024 | at least $10.5M | 100c | SOFR+575 bp | Mar 22, 2027 | 2 |
| first lien revolver first lien exited Dec 31, 2024 | at least $1.1M | 100c | S+450 bp | Mar 1, 2027 | 1 |
| first lien delayed draw term loan first lien exited Dec 31, 2024 | at least $382,000 | 102c | SOFR+575 bp | Mar 22, 2027 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 2 | $103M | $103M | 100c | 3 |
| Sep 30, 2024 | 2 | $98.5M | $98.5M | 100c | 3 |
| Jun 30, 2024 | 2 | $93.5M | $93.5M | 100c | 3 |
| Mar 31, 2024 | 2 | $88.4M | $88.4M | 100c | 3 |
All 10 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2023 | 2 | $88.5M | $88.5M | 100c | 3 |
| Sep 30, 2023 | 1 | $121M | $121M | 100c | 3 |
| Jun 30, 2023 | 1 | $117M | $117M | 100c | 3 |
| Mar 31, 2023 | 1 | $104M | $104M | 100c | 3 |
| Dec 31, 2022 | 1 | $139M | $139M | 100c | 4 |
| Sep 30, 2022 | 1 | $90.8M | $90.8M | 100c | 3 |
What changed
- Facility left every BDC scheduleDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Spread changed (observed)Sep 30, 2024
Full timeline · 13 eventsShow fewer
- Spread increasedSep 30, 2024
- Spread changed (observed)Mar 31, 2024
- Spread increasedMar 31, 2024
- New lender joined a facilityDec 31, 2023
- Spread changed (observed)Sep 30, 2023
- PIK interest increasedDec 31, 2022
- PIK interest increasedDec 31, 2022
- New borrower on a BDC scheduleSep 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
- AI FIREderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Diversified Support Servicesreportedas one filer wrote it