DFX Intelligence
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Borrower
S••••••
Hotel, Gaming & Leisuregroup grade Boff every schedule since Mar 31, 2024sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Mar 2024, Non-accrual at 1 of 1 lender on the latest schedules, first placed in Q4 2023.
Mark path, consensus per quarter end
88¢ · 90¢ · 88¢ · 64¢ · 29¢Q1 2023 to Q1 2024
Principal held
at least $8.7M
sum of BDC pieces, a lower bound
Fair value
$2.4M
29c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Apr 11, 2028
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Mar 31, 2024
Events
19
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 |
|---|---|---|---|
| B••• C•••••• S•••••••• F••••••• I••• | $8.69M | 29¢ | -35 pts |
Every BDC piece · 5 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• C•••••• S•••••••• F••••••• I••• | term loan first lien F•••• L••• S••••• S•••••• L••• S••••• 13.75% PIK I••••••• R••• 13.75% M••••••• D••• 4/11/2 | $5.4M | $456,000 9c | S+1375 bp PIK 13.75% |
| B••• C•••••• S•••••••• F••••••• I••• | delayed draw term loan first lien F•••• L••• S••••• S•••••• L••• - D•••••• D••• S••••• 13.75% PIK I••••••• R••• 13.75% M•••• | $1.5M | $130,000 9c | S+1375 bp PIK 13.75% |
| B••• C•••••• S•••••••• F••••••• I••• | revolver first lien F•••• L••• S••••• S•••••• L••• - R••••••• S••••• 13.75% PIK I••••••• R••• 13.75% M••••••• | $1.1M | $1.1M 100c | S+1375 bp PIK 13.75% |
| B••• C•••••• S•••••••• F••••••• I••• | revolver first lien F•••• L••• S••••• S•••••• L••• - R••••••• S••••• 13.75% PIK I••••••• R••• 13.75% M••••••• | $350,000 | $350,000 100c | S+1375 bp PIK 13.75% |
| B••• C•••••• S•••••••• F••••••• I••• | revolver first lien F•••• L••• S••••• S•••••• L••• - R••••••• S••••• 13.75% PIK I••••••• R••• 13.75% M••••••• | $301,000 | $301,000 100c | S+1375 bp PIK 13.75% |
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 $5.4M | 9c | S+1375 bp PIK 13.75% | Apr 11, 2028 | 1 |
| first lien revolver first lien exited Mar 31, 2024 | at least $1.8M | 100c | S+1375 bp PIK 13.75% | Apr 11, 2028 | 1 |
| first lien delayed draw term loan first lien exited Mar 31, 2024 | at least $1.5M | 9c | S+1375 bp PIK 13.75% | Apr 11, 2028 | 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 | 1 | $8.7M | $2.4M | 29c | 5 |
| Dec 31, 2023 | 1 | $16.8M | $10.5M | 64c | 10 |
| Sep 30, 2023 | 1 | $7.3M | $6.5M | 88c | 0 |
| Jun 30, 2023 | 1 | $6.1M | $5.5M | 90c | 0 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2023 | 1 | $6.0M | $5.3M | 88c | 0 |
| Dec 31, 2022 | 1 | $6.1M | $5.5M | 90c | 0 |
| Sep 30, 2022 | 1 | $6.1M | $5.5M | 90c | 0 |
What changed
- Marked down across lendersMar 31, 2024
- Facility left every BDC scheduleMar 31, 2024
- Facility left every BDC scheduleMar 31, 2024
- Facility left every BDC scheduleMar 31, 2024
- Marked down across lendersMar 31, 2024
Full timeline · 30 eventsShow fewer
- Marked down (one lender)Mar 31, 2024
- Marked down (one lender)Mar 31, 2024
- Placed on non-accrualDec 31, 2023
- Marked down across lendersDec 31, 2023
- PIK interest appearsDec 31, 2023
- PIK interest appearsDec 31, 2023
- Marked down across lendersDec 31, 2023
- PIK interest appearsDec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Marked down (one lender)Dec 31, 2023
- PIK interest appearsDec 31, 2023
- PIK interest appearsDec 31, 2023
- PIK interest appearsDec 31, 2023
- Spread changed (observed)Sep 30, 2023
- Spread changed (observed)Sep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- Marked down across lendersJun 30, 2023
- Mark recoveredJun 30, 2023
- Marked down (one lender)Jun 30, 2023
- Marked down across lendersMar 31, 2023
- Spread changed (observed)Mar 31, 2023
- Marked down (one lender)Mar 31, 2023
- Spread increasedMar 31, 2023
- Spread changed (observed)Dec 31, 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
- SALTOUNderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Hotel, Gaming & Leisurereportedas one filer wrote it