DFX Intelligence
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Borrower
A• A••• M••••• S••• I••
Also written as: Culligan; Culligan International; Inc. 1 Verdelite JV LP; Inc. 2 Verdelite JV LP; Inc. Capital Goods; Inc. Emerald JV LP; Verdelite JV LP
What matters now
- $209Mprincipal outstanding
$209M principal held by 6 lenders; matures Jul 2028.
Q2 2026 · Refinancing is due in 21 months at a 100¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
100¢100¢
Principal held
at least $209M
sum of BDC pieces, a lower bound
Fair value
$209M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
13
6 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jul 1, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
6
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••• S•••••••• I••••• F••• | $127M | 100¢ | 0 pts |
| B••••••••• P•••••• C••••• F••• | $58.5M | 100¢ | 0 pts |
| G•••••• S•••• P•••••• C••••• C•••• | $8.36M | 100¢ | 0 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $7.32M | 100¢ | 0 pts |
| B•••••••• P•••••• C••••• F••• | $7.11M | 100¢ | 0 pts |
View all 6 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| N•••• H•••• P•••••• I••••• F••• A• L•• | $493K | 100¢ | +1 pts |
Every BDC piece · 9 positions across 6 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 1 | $86.9M | $86.8M 100c | S+250 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan 2 | $40.2M | $40.1M 100c | S+250 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $34.1M | $34.1M 100c | S+250 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $22.0M | $22.0M 100c | S+250 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H•••••••• D••••••• I••••••• R••• 6.12% R•••••••• R•• | $8.4M | $8.4M 100c | SOFR+250 bp |
View all 9 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 3.00% I••••••• R••• 6.14% M••••••• | $7.3M | $7.3M 100c | SOFR+250 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(M) S••••• 2.50% T•••• C••••• 6.12% M••••••• 7/31/ | $7.1M | $7.1M 100c | SOFR+250 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $2.5M | $2.5M 100c | S+250 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 2.50% I••••••• R••• 6.14% M•••••• | $493,000 | $492,000 100c | SOFR+250 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $150M | 100c | SOFR+250 bp | Jun 1, 2033 | 10 |
| delayed draw term loan lien unstated | at least $58.5M | 100c | S+250 bp | Jul 31, 2028 | 1 |
| other lien unstated exited Dec 31, 2024 | at least $47.0M | 101c | S+350 bp | Jul 31, 2028 | 6 |
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, 2026 | 6 | $209M | $209M | 100c | 0 |
| Mar 31, 2026 | 7 | $192M | $191M | 100c | 0 |
| Dec 31, 2025 | 9 | $237M | $237M | 100c | 0 |
| Sep 30, 2025 | 9 | $282M | $283M | 100c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 9 | $288M | $287M | 100c | 0 |
| Mar 31, 2025 | 9 | $276M | $273M | 99c | 0 |
| Dec 31, 2024 | 9 | $406M | $406M | 100c | 0 |
| Sep 30, 2024 | 9 | $179M | $179M | 100c | 0 |
| Jun 30, 2024 | 9 | $169M | $169M | 100c | 0 |
| Mar 31, 2024 | 7 | $94.7M | $95.0M | 101c | 0 |
| Dec 31, 2023 | 8 | $113M | $113M | 101c | 0 |
| Sep 30, 2023 | 6 | $69.0M | $68.3M | 100c | 0 |
| Jun 30, 2023 | 6 | $55.2M | $54.0M | 100c | 0 |
| Mar 31, 2023 | 5 | $41.2M | $39.8M | 98c | 0 |
| Dec 31, 2022 | 5 | $69.8M | $65.7M | 95c | 0 |
| Sep 30, 2022 | 2 | $71.6M | $66.8M | 94c | 0 |
| Dec 31, 2021 | 2 | $16.9M | $17.0M | 101c | 0 |
What changed
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityDec 31, 2025
Full timeline · 25 eventsShow fewer
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Spread changed (observed)Mar 31, 2025
- Spread changed (observed)Mar 31, 2025
- New lender joined a facilityMar 31, 2025
- Facility left every BDC scheduleDec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityJun 30, 2024
- Lender left a facilityMar 31, 2024
- New lender joined a facilityDec 31, 2023
- Lender left a facilityDec 31, 2023
- Spread increasedDec 31, 2023
- Spread increasedDec 31, 2023
- Mark recoveredDec 31, 2022
- Marked down across lendersSep 30, 2022
- Marked down (one lender)Sep 30, 2022
- Marked down (one lender)Sep 30, 2022
- Lender left a facilityDec 31, 2021
Sponsor
Possible relationship, not established: C••••• C•••••• S•••, because a company of this name is on the sponsor's portfolio page (confidence 0.55). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- B•• C•••••• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedculligan.com"••• Locked"
- C••••• C•••••• S•••
- the sponsor's own portfolio page lists a company of this nameestimatedcastik.com"••• Locked"
Identity
- Group key
- AI AQUAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 13 BDCsderived
- Industry
- Machineryreportedas one filer wrote it