DFX Intelligence
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Borrower
B••••••• T••••••••• I••
group grade Aoff every schedule since Jun 30, 2023sponsor unattributed
Nothing material in the last 200 days. Last change: 30 Jun 2023, Non-accrual at 3 of 3 lenders on the latest schedules, first placed in Q1 2023.
Mark path, consensus per quarter end
100¢ · 82¢ · 82¢ · 49¢ · 48¢Q4 2021 to Q2 2023
Principal held
at least $166M
sum of BDC pieces, a lower bound
Fair value
$76.6M
48c on cost, debt pieces
Unfunded
$4.8M
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Aug 1, 2027
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2023
Events
11
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2023, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $122M | 49¢ | +1 pts |
| A••• C•••••• C••• | $30.3M | 42¢ | -9 pts |
| B••••••••• S•••••• L•••••• F••• | $13.5M | 48¢ | 0 pts |
Every BDC piece · 9 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $98.5M | $46.8M 49c | S+1075 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 1 | $25.0M | $10.0M 42c | |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $23.9M | $11.3M 48c | S+1075 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated | $10.9M | $5.2M 48c | S+1075 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 2 | $5.3M | $2.1M 41c |
View all 9 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated | $2.7M | $1.3M 48c | S+1075 bp |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+1075 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+1075 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2023
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated exited Jun 30, 2023 | at least $136M | 49c | S+1075 bp | Aug 12, 2027 | 2 |
| first lien term loan first lien exited Jun 30, 2023 | at least $30.3M | 42c | Aug 1, 2027 | 1 | |
| other lien unstated exited Jun 30, 2023 | unknown | n/a | unstated | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2023 | 3 | $166M | $76.6M | 48c | 0 |
| Mar 31, 2023 | 3 | $164M | $78.2M | 49c | 0 |
| Dec 31, 2022 | 3 | $163M | $132M | 82c | 4 |
| Sep 30, 2022 | 3 | $161M | $131M | 82c | 1 |
All 5 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2021 | 3 | $128M | $126M | 100c | 0 |
What changed
- Spread changed (observed)Jun 30, 2023
- Facility left every BDC scheduleJun 30, 2023
- Facility left every BDC scheduleJun 30, 2023
- Marked down across lendersJun 30, 2023
- Marked down (one lender)Jun 30, 2023
Full timeline · 24 eventsShow fewer
- Spread increasedJun 30, 2023
- Spread increasedJun 30, 2023
- Facility left every BDC scheduleJun 30, 2023
- Placed on non-accrualMar 31, 2023
- Marked down across lendersMar 31, 2023
- Placed on non-accrualMar 31, 2023
- Marked down (one lender)Mar 31, 2023
- PIK interest appearsDec 31, 2022
- PIK interest appearsDec 31, 2022
- Marked down across lendersSep 30, 2022
- PIK interest appearsSep 30, 2022
- Spread changed (observed)Sep 30, 2022
- Marked down (one lender)Sep 30, 2022
- Marked down (one lender)Sep 30, 2022
- Marked down (one lender)Sep 30, 2022
- PIK interest appearsSep 30, 2022
- Spread increasedSep 30, 2022
- Spread increasedSep 30, 2022
- Spread increasedSep 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
- B••••••• T•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived