DFX Intelligence
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Borrower
S••••••• L••••••••• V•• S•• r••• L••
group grade Aoff every schedule since Dec 31, 2023sponsor unattributed
Also written as: Emerald JV LP; LLC 1 Emerald JV LP; S••••••• L••••••••• VII Sarl; Verdelite JV LP
Nothing material in the last 200 days. Last change: 31 Dec 2023, Consensus mark 102¢ on cost, up from 97¢ a year ago, 101¢ last quarter.
Mark path, consensus per quarter end
97¢ · 101¢ · 101¢ · 101¢ · 102¢Q4 2022 to Q4 2023
Where each lender marks it on the first lien term loan, 2 points apart
101¢103¢
Principal held
at least $72.4M
sum of BDC pieces, a lower bound
Fair value
$72.9M
102c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Oct 1, 2026
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Dec 31, 2023
Events
2
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2023, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $40.9M | 102¢ | +1 pts |
| A••• S•••••••• I••••• F••• | $21.2M | 101¢ | +1 pts |
| O•••••• S•••••••• C••••• F••• | $10.3M | 103¢ | +1 pts |
Every BDC piece · 7 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $21.2M | $21.3M 101c | S+350 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $13.8M | $13.9M 100c | S+350 bp |
| O•••••• S•••••••• C••••• F••• | term loan first lien F•••• L••• T••• L••• | $10.3M | $10.4M 103c | S+350 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $9.8M | $9.9M 103c | S+350 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $9.8M | $9.9M 103c | S+350 bp |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $3.8M | $3.8M 103c | S+350 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $3.8M | $3.8M 103c | S+350 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2023
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Dec 31, 2023 | at least $40.9M | 102c | S+350 bp | Oct 1, 2026 | 1 |
| first lien term loan first lien exited Dec 31, 2023 | at least $31.5M | 102c | S+350 bp | Oct 1, 2026 | 2 |
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, 2023 | 3 | $72.4M | $72.9M | 102c | 0 |
| Sep 30, 2023 | 3 | $56.5M | $56.4M | 101c | 0 |
| Jun 30, 2023 | 3 | $49.5M | $49.3M | 101c | 0 |
| Mar 31, 2023 | 3 | $28.4M | $28.1M | 101c | 0 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2022 | 1 | $33.4M | $32.1M | 97c | 0 |
| Sep 30, 2022 | 1 | $57.1M | $53.3M | 94c | 0 |
| Dec 31, 2021 | 1 | $18.7M | $18.8M | 100c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2023
- Facility left every BDC scheduleDec 31, 2023
- Marked down (one lender)Sep 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
- SUNSHINE LUXEMBOURGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 3 BDCsderived