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Borrower

B••••• S••••••• H•••••••• L••

S•••••••group grade Aon a schedule nowsponsor S•••••• C•••••• P••••••• M••••••••• L•• carried
Also written as: 2024; 2025; B••••• S••••••• Intermediate, Inc; B••••• S•••••••, LP; LLC Coupa Holdings, LLC; LLC S••••••• Corp
Principal held
at least $496M
sum of BDC pieces, a lower bound
Fair value
$682M
99c on cost, debt pieces
Unfunded
$210M
commitments not yet drawn
BDC lenders
12
12 on the latest quarter
Facilities
6
1 equity pieces beside them
Next maturity
Feb 27, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
5
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $357M100cSOFR+550 bpJan 2, 203110
other lien unstatedat least $137M98cS+550 bpJan 2, 203112
first lien revolver first lienat least $1.5M100cS+550 bpJan 1, 20317
first lien delayed draw term loan first lienunknownn/aunstated8
delayed draw term loan lien unstatedunknownn/aunstated3
revolver lien unstatedunknownn/aunstated4
Equity pieces beside the debt: preferred equity ($201M fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
BDCInstrumentPrincipalFair valueRate
A••• C•••••• C•••term loan first lien
First lien senior secured loan 2
$3.5M$3.5M
100c
S+525 bp
A••• C•••••• C•••preferred equity equity
S••••• A preferred shares
n/a$106M
100c
PIK 14.00%
A••• C•••••• C•••revolver first lien
First lien senior secured revolving loan
$1.5M$1.5M
100c
S+550 bp
A••• C•••••• C•••unstated lien unstatedn/an/a
A••• C•••••• C•••unstated lien unstatedn/an/a
A••• C•••••• C•••term loan first lien
First lien senior secured loan 1
$21.3M$21.3M
100c
S+550 bp
A••• C•••••• C•••term loan first lien
First lien senior secured loan
$141M$141M
100c
S+550 bp
A••• S•••••••• I••••• F•••unstated lien unstatedn/an/a
A••• S•••••••• I••••• F•••preferred equity equity
S••••• A preferred shares
n/a$94.7M
103c
PIK 14.00%
A••• S•••••••• I••••• F•••unstated lien unstatedn/an/a
A••• S•••••••• I••••• F•••term loan first lien
First lien senior secured loan
$29.1M$29.1M
101c
S+525 bp
B••••••••• P•••••• C••••• F•••unstated lien unstated
Non-Affiliated Issuer
$53.4M$52.8M
99c
S+550 bp
B••••••••• P•••••• C••••• F•••unstated lien unstated
Non-Affiliated Issuer
$28.7M$28.3M
99c
S+550 bp
B••••••••• P•••••• C••••• F•••unstated lien unstated
Non-Affiliated Issuer
$1.1M$995,000
97c
S+550 bp
B••••••••• P•••••• C••••• F•••revolver lien unstated
Revolver
n/an/a
B••••••••• P•••••• C••••• F•••unstated lien unstated
Non-Affiliated Issuer
$10.1M$10.0M
100c
S+550 bp
B••••••••• P•••••• C••••• F•••delayed draw term loan lien unstated
Delayed Draw Term Loan
n/an/a
B••••••••• P•••••• C••••• F•••unstated lien unstated
Non-Affiliated Issuer
$23.4M$21.9M
94c
S+525 bp
B••••••••• S•••••• L•••••• F•••unstated lien unstated
Non-Affiliated Issuer
$6.7M$6.6M
100c
S+550 bp
B••••••••• S•••••• L•••••• F•••revolver lien unstated
Revolver
n/an/a
B••••••••• S•••••• L•••••• F•••unstated lien unstated
Non-Affiliated Issuer
$185,000$173,000
97c
S+550 bp
B••••••••• S•••••• L•••••• F•••unstated lien unstated
Non-Affiliated Issuer
$9.3M$9.2M
100c
S+550 bp
B••••••••• S•••••• L•••••• F•••unstated lien unstated
Non-Affiliated Issuer
$4.1M$3.8M
94c
S+525 bp
B••••••••• S•••••• L•••••• F•••delayed draw term loan lien unstated
Delayed Draw Term Loan
n/an/a
L••• P•••••• C••••• L••revolver first lien
First Lien Debt Revolver Commitment Expiration Date 01/02/2031
n/an/a
L••• P•••••• C••••• L••term loan first lien
First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.14% Maturity Date 01/0
$24,000$22,000
96c
SOFR+550 bp
L••• P•••••• C••••• L••term loan first lien
First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.14% Maturity Date 01/0
$1.2M$1.2M
99c
SOFR+550 bp
L••• P•••••• C••••• L••term loan first lien
First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.14% Maturity Date 01/0
$5.4M$5.2M
98c
SOFR+550 bp
L••• P•••••• C••••• L••delayed draw term loan first lien
First Lien Debt Delayed Draw Term Loan Commitment Expiration Date 10/08/2027
n/an/a
M••••• S•••••• D••••• L•••••• F•••term loan first lien
Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.14% Maturit
$11.5M$11.3M
99c
SOFR+6 bp
M••••• S•••••• D••••• L•••••• F•••term loan first lien
Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.14% Maturit
$12.0M$11.9M
100c
SOFR+6 bp
M••••• S•••••• D••••• L•••••• F•••revolver first lien
First Lien Debt Commitment Type Revolver Commitment Expiration Date 02/01/2031
n/an/a
M••••• S•••••• D••••• L•••••• F•••term loan first lien
Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.14% Maturit
$240,000$224,000
97c
SOFR+6 bp
M••••• S•••••• D••••• L•••••• F•••delayed draw term loan first lien
First Lien Debt Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/10/20
n/an/a
N•••• H•••• P•••••• I••••• F••• A• L••term loan first lien
Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.14% Maturit
$48,000$45,000
98c
SOFR+550 bp
N•••• H•••• P•••••• I••••• F••• A• L••revolver first lien
First Lien Debt Commitment Type Revolver Commitment Expiration Date 01/02/2031
n/a$-3,000
N•••• H•••• P•••••• I••••• F••• A• L••delayed draw term loan first lien
First Lien Debt Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/08/20
n/a$-61,000
N•••• H•••• P•••••• I••••• F••• A• L••term loan first lien
Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.14% Maturit
$2.4M$2.4M
100c
SOFR+550 bp
N•••• H•••• P•••••• I••••• F••• A• L••term loan first lien
Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.14% Maturit
$4.4M$4.3M
99c
SOFR+550 bp
N•••• H•••• P•••••• I••••• F••• L••term loan first lien
Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.14% Maturity
$24.8M$24.5M
99c
SOFR+550 bp
N•••• H•••• P•••••• I••••• F••• L••term loan first lien
Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.14% Maturity
$30.1M$29.7M
100c
SOFR+550 bp
N•••• H•••• P•••••• I••••• F••• L••revolver first lien
First Lien Debt Commitment Type Revolver Commitment Expiration Date 01/02/2031
n/an/a
N•••• H•••• P•••••• I••••• F••• L••delayed draw term loan first lien
First Lien Debt Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/08/20
n/an/a
N•••• H•••• P•••••• I••••• F••• L••term loan first lien
Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.14% Maturity
$600,000$559,000
97c
SOFR+550 bp
O•• S••••• P•••••• L•••••• F••• •• L••term loan first lien
First Lien Debt
$7,000$1,000
100c
S+550 bp
O•• S••••• P•••••• L•••••• F••• •• L••term loan first lien
First Lien Debt
$32,000$32,000
100c
S+550 bp
O•• S••••• P•••••• L•••••• F••• •• L••term loan first lien
First Lien Debt
$60,000$60,000
100c
S+550 bp
O•• S••••• P•••••• L•••••• F••• •• L••revolver lien unstated
2024 Revolver
n/an/a
S• I••••••••• F••• I• L••term loan first lien
Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.91% Maturit
$2.8M$2.8M
99c
SOFR+525 bp
S• I••••••••• F••• I• L••delayed draw term loan first lien
First Lien Debt Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/8/202
n/an/a
S• I••••••••• F••• I• L••term loan first lien
Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.14% Maturit
$120,000$112,000
97c
SOFR+550 bp
S• I••••••••• F••• I• L••term loan first lien
Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.14% Maturit
$8.4M$8.2M
99c
SOFR+550 bp
S• I••••••••• F••• I• L••revolver first lien
First Lien Debt Commitment Type Revolver Commitment Expiration Date 1/2/2031
n/an/a
T• S••••• B•• L••term loan first lien
First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.14% Maturity Date 01/0
$60,000$56,000
97c
SOFR+550 bp
T• S••••• B•• L••term loan first lien
First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.14% Maturity Date 01/0
$3.0M$3.0M
100c
SOFR+550 bp
T• S••••• B•• L••term loan first lien
First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.14% Maturity Date 01/0
$6.2M$6.0M
99c
SOFR+550 bp
T• S••••• B•• L••revolver first lien
First Lien Debt Commitment Type Revolver Commitment Expiration Date 01/02/2031
n/an/a
T• S••••• B•• L••delayed draw term loan first lien
First Lien Debt Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/08/20
n/an/a
T• R••• P•••• O•• S••••• P•••••• C••••• F•••term loan first lien
First Lien Debt
$15.0M$15.0M
100c
S+550 bp
T• R••• P•••• O•• S••••• P•••••• C••••• F•••revolver lien unstated
2024 Revolver
n/an/a
T• R••• P•••• O•• S••••• P•••••• C••••• F•••delayed draw term loan first lien
2025 2nd Amendment Delayed Draw Term Loan
n/an/a
T• R••• P•••• O•• S••••• P•••••• C••••• F•••term loan first lien
First Lien Debt
$1.6M$300,000
102c
S+550 bp
T• R••• P•••• O•• S••••• P•••••• C••••• F•••term loan first lien
First Lien Debt
$11.3M$3.9M
99c
S+525 bp
T• R••• P•••• O•• S••••• P•••••• C••••• F•••term loan first lien
First Lien Debt
$8.1M$8.1M
100c
S+550 bp
T• R••• P•••• O•• S••••• P•••••• C••••• F•••term loan first lien
First Lien Debt
$13.6M$13.6M
101c
S+550 bp
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 202612$496M$482M99c0
Mar 31, 202612$456M$443M100c0
Dec 31, 202512$493M$469M100c0
Sep 30, 202512$382M$371M100c0
Jun 30, 202511$321M$301M100c0
Mar 31, 202511$281M$271M100c0
Dec 31, 20241$55.6M$55.6M100c0
Sep 30, 20241$30.1M$30.1M100c0
Jun 30, 20241$17.1M$17.1M100c0
Mar 31, 20241$10.8M$10.8M100c0
Dec 31, 20231$7.8M$7.8M100c0
Sep 30, 20231$2.2M$2.2M100c0
Jun 30, 20231$2.2M$2.2M100c0
Mar 31, 20231$2.2M$2.2M100c0
Dec 31, 20221$22.2M$22.2M100c0
Sep 30, 20221$11.0M$11.0M100c0
Dec 31, 20211$19.4M$19.4M100c0
What changed
Every change including routine ones
Identity
Group key
BANYAN SOFTWAREderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 12 BDCsderived
Industry
S•••••••reportedas one filer wrote it