DFX Intelligence
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Borrower
I••••••• I••
Softwaregroup grade Aoff every schedule since Sep 30, 2023sponsor unattributed
Nothing material in the last 200 days. Last change: 30 Sep 2023, Consensus mark 101¢ on cost, up from 84¢ a year ago, 93¢ last quarter.
Mark path, consensus per quarter end
84¢ · 84¢ · 94¢ · 93¢ · 101¢Q3 2022 to Q3 2023
Where each lender marks it on the first lien term loan, 1 point apart
101¢102¢
Principal held
at least $78.2M
sum of BDC pieces, a lower bound
Fair value
$78.6M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
5 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jan 12, 2026
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Sep 30, 2023
Events
8
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2023, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••••• D••• S•••••••• B•• | $33.4M | 101¢ | +9 pts |
| H••••••• C••••••• I••• | $20M | 102¢ | 0 pts |
| B••••••••• P•••••• C••••• F••• | $19M | 100¢ | +9 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $4.91M | 100¢ | +10 pts |
| A•••• C••••• B•• I••• | $968K | 100¢ | +9 pts |
Every BDC piece · 5 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• I••••••• R••• S+426, 1.00% F•••• M••••••• D••• 1/1 | $33.4M | $33.5M 101c | S+426 bp |
| H••••••• C••••••• I••• | term loan first lien S••••• S••••••, M••••••• D••• J•••••• 2027, 3-month S••• + 8.01%, F•••• rate 8.75% | $20.0M | $20.2M 102c | S+801 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $19.0M | $19.0M 100c | S+400 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | unstated lien unstated | $4.9M | $4.9M 100c | S+400 bp |
| A•••• C••••• B•• I••• | term loan first lien S••••• S•••••• T••• L••• (F•••• L•••) , Due 1/12/2026 | $968,396 | $968,396 100c | //www.audaxcreditbdc.com/20230930#London Interbank Offered Rate+400 bp |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2023
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Sep 30, 2023 | at least $54.4M | 101c | //www.audaxcreditbdc.com/20230930#London Interbank Offered Rate+801 bp | Jan 1, 2027 | 3 |
| other lien unstated exited Sep 30, 2023 | at least $23.9M | 100c | S+400 bp | Jan 12, 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 |
|---|---|---|---|---|---|
| Sep 30, 2023 | 5 | $78.2M | $78.6M | 101c | 0 |
| Jun 30, 2023 | 5 | $90.1M | $83.9M | 93c | 0 |
| Mar 31, 2023 | 4 | $88.9M | $80.8M | 184c | 0 |
| Dec 31, 2022 | 5 | $188M | $159M | 113c | 0 |
All 6 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2022 | 1 | $19.2M | $16.2M | 84c | 0 |
| Dec 31, 2021 | 1 | $19.3M | $19.3M | 100c | 0 |
What changed
- Mark recoveredSep 30, 2023
- Facility left every BDC scheduleSep 30, 2023
- Spread changed (observed)Sep 30, 2023
- Facility left every BDC scheduleSep 30, 2023
- Marked down across lendersJun 30, 2023
Full timeline · 10 eventsShow fewer
- Spread changed (observed)Jun 30, 2023
- Marked down (one lender)Jun 30, 2023
- Spread changed (observed)Mar 31, 2023
- Mark recoveredMar 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
- IMPERVAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Softwarereportedas one filer wrote it