DFX Intelligence
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Borrower
K••••••• S••••••• H•••••• L••
group grade Aoff every schedule since Dec 31, 2022sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Dec 2022, Consensus mark 102¢ on cost, up from 102¢ in Q4 2021, 104¢ last quarter.
Mark path, consensus per quarter end
102¢ · 104¢ · 102¢Q4 2021 to Q4 2022
Principal held
at least $128M
sum of BDC pieces, a lower bound
Fair value
$142M
102c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
Jan 1, 2027
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Dec 31, 2022
Events
1
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2022, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••• C•••••• C••• | $128M | 102¢ | -2 pts |
Every BDC piece · 5 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan unsecured or subordinated S••••• subordinated loan 1 | $60.0M | $58.8M 102c | PIK 10.00% |
| A••• C•••••• C••• | term loan unsecured or subordinated S••••• subordinated loan | $60.0M | $58.8M 102c | PIK 10.00% |
| A••• C•••••• C••• | term loan unsecured or subordinated S••••• subordinated loan 2 | $8.0M | $7.8M 98c | PIK 10.00% |
| A••• C•••••• C••• | warrants equity W•••••• to purchase C•••• C interests | Not disclosed | $8.3M 231c | |
| A••• C•••••• C••• | warrants equity W•••••• to purchase up to 24.7581 C•••• C interests | Not disclosed | $8.3M 231c |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2022
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| unsecured or subordinated term loan unsecured or subordinated exited Dec 31, 2022 | at least $128M | 102c | PIK 10.00% | Jan 1, 2027 | 1 |
Equity pieces beside the debt: warrants ($16.6M fair value, 1 BDC)
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, 2022 | 1 | $128M | $125M | 102c | 3 |
| Sep 30, 2022 | 1 | $66.3M | $66.3M | 104c | 2 |
| Dec 31, 2021 | 1 | $61.5M | $59.7M | 102c | 2 |
What changed
- Facility left every BDC scheduleDec 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
- KEYSTONE DEBTderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived