DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
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Borrower
N•••••• P••••••••• C•••• e• a•
P•••••••••group grade Aoff every schedule since Sep 30, 2024sponsor unattributed
Principal held
at least $43.3M
sum of BDC pieces, a lower bound
Fair value
$40.3M
97c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Sep 11, 2026
$43.3M inside 24 months
On the tape since
Sep 30, 2023
latest Sep 30, 2024
Events
7
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Sep 30, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Sep 30, 2024 | at least $43.3M | 97c | S+1105 bp PIK 20.00% | Sep 11, 2026 | 4 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••••• D••••• L•••••• C•••• | term loan first lien First Lien Term Loan B-1 Ref Fixed Spread 0.00% Total Coupon 20.00% Maturity Date 09/11/20 | $236,801 | $277,530 117c | 20.00% PIK 20.00% |
| B•••••••• D••••• L•••••• C•••• | term loan first lien First Lien Term Loan B Ref SOFR(Q) Floor 1.50% Spread 11.05% Total Coupon 16.40% Maturity | $4.0M | $3.7M 94c | S+1105 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien First Lien Term Loan B SOFR(Q) Floor 1.50% Spread 11.05% Total Coupon 16.40% Maturity 9/11 | $9.0M | $8.2M 94c | S+1105 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien First Lien Term Loan B-1 Fixed Spread 20.0% PIK Total Coupon 20.00% Maturity 9/11/2026 | $527,013 | $620,294 118c | 20.00% PIK 20.00% |
| B•••••••• T•• C•••••• C•••• | term loan first lien First Lien Term Loan B-1 Ref Fixed Spread 20.0% PIK Total Coupon 20.00% Maturity 9/11/2026 | $1.6M | $1.9M 117c | S+2000 bp |
| B•••••••• T•• C•••••• C•••• | term loan first lien First Lien Term Loan B Ref SOFR(Q) Floor 1.50% Spread 11.05% Total Coupon 16.40% Maturity | $27.9M | $25.6M 96c | S+1105 bp |
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 | $43.3M | $40.3M | 97c | 2 |
| Jun 30, 2024 | 3 | $43.4M | $36.6M | 88c | 3 |
| Mar 31, 2024 | 3 | $41.2M | $37.1M | 94c | 0 |
| Dec 31, 2023 | 4 | $54.5M | $47.2M | 90c | 0 |
| Sep 30, 2023 | 4 | $41.4M | $39.7M | 100c | 0 |
What changed
- Mark recoveredSep 30, 2024
- Facility left every BDC scheduleSep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Spread increasedSep 30, 2024
- Marked down across lendersJun 30, 2024
- Spread changed (observed)Jun 30, 2024
- PIK interest appearsJun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- PIK interest appearsJun 30, 2024
- PIK interest appearsJun 30, 2024
- PIK interest appearsJun 30, 2024
- Spread increasedJun 30, 2024
- Spread increasedJun 30, 2024
- Spread increasedJun 30, 2024
- Marked down across lendersDec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Marked down (one lender)Dec 31, 2023
- New borrower on a BDC scheduleSep 30, 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
- NEPHRON PHARMACEUTICALS ET ALderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- P•••••••••reportedas one filer wrote it