DFX Intelligence
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Borrower
V••• G•••• H•••••• I••
group grade Aoff every schedule since Jun 30, 2023sponsor unattributed
Also written as: Junior
Nothing material in the last 200 days. Last change: 30 Jun 2023, Consensus mark 73¢ on cost, down from 100¢ a year ago, 98¢ last quarter.
Mark path, consensus per quarter end
100¢ · 99¢ · 98¢ · 98¢ · 73¢Q4 2021 to Q2 2023
Principal held
at least $6.4M
sum of BDC pieces, a lower bound
Fair value
$4.7M
73c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Nov 17, 2023
$854,000 inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2023
Events
10
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2023, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| M••••• C•••••• C••• | $3.66M | 73¢ | -25 pts |
| M••••• C•••••• I••••• P••• C••• | $2.74M | 73¢ | -25 pts |
Every BDC piece · 16 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• C•••••• C••• | term loan first lien S•••••• L••••, One, No M••••••• D••• | $1.6M | $1.1M 69c | |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S•••••• L••••, One | $1.2M | $854,000 69c | |
| M••••• C•••••• C••• | term loan first lien S•••••• L••••, T••••, No M••••••• D••• | $517,000 | $358,000 69c | |
| M••••• C•••••• C••• | term loan first lien S•••••• L••••, F•••, No M••••••• D••• | $494,000 | $342,000 69c | |
| M••••• C•••••• C••• | term loan first lien S••••• S•••••• L••••, Two, due 11/17/2023 | $400,000 | $400,000 100c | SOFR+1200 bp PIK 12.00% |
View all 16 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• C•••••• I••••• P••• C••• | term loan first lien S•••••• L••••, Two | $388,000 | $269,000 69c | |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S•••••• L••••, F••• | $370,000 | $256,000 69c | |
| M••••• C•••••• C••• | term loan first lien S•••••• L••••, Two, No M••••••• D••• | $316,000 | $219,000 69c | |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L••••, Two, Due 11/17/2023 | $300,000 | $300,000 100c | SOFR+1200 bp PIK 12.00% |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S•••••• L••••, F••• | $237,000 | $164,000 69c | |
| M••••• C•••••• C••• | term loan first lien S•••••• L••••, F•••, No M••••••• D••• | $196,000 | $136,000 69c | |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S•••••• L••••, T•••• | $147,000 | $102,000 69c | |
| M••••• C•••••• C••• | term loan first lien S••••• S•••••• L••••, One, due 11/17/2023 | $88,000 | $88,000 100c | SOFR+1200 bp PIK 12.00% |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L••••, One, Due 11/17/2023 | $66,000 | $66,000 100c | SOFR+1200 bp PIK 12.00% |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L••••, One, Due 5/12/2023 | Not disclosed | Not disclosed | S+1200 bp |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L••••, Two, Due 5/12/2023 | Not disclosed | Not disclosed | S+1200 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2023
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Jun 30, 2023 | at least $6.4M | 73c | SOFR+1200 bp PIK 12.00% | Nov 17, 2023 | 2 |
| first lien delayed draw term loan first lien exited Mar 31, 2023 | at least $298,000 | 100c | SOFR+1200 bp PIK 12.00% | May 12, 2023 | 1 |
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, 2023 | 2 | $6.4M | $4.7M | 73c | 4 |
| Mar 31, 2023 | 2 | $5.7M | $5.5M | 98c | 10 |
| Dec 31, 2022 | 2 | $9.6M | $9.4M | 98c | 16 |
| Sep 30, 2022 | 1 | $2.7M | $2.6M | 99c | 4 |
All 5 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2021 | 1 | $2.5M | $2.5M | 100c | 4 |
What changed
- Marked down across lendersJun 30, 2023
- Facility left every BDC scheduleJun 30, 2023
- Maturity extended (observed)Jun 30, 2023
- Spread changed (observed)Jun 30, 2023
- Marked down (one lender)Jun 30, 2023
Full timeline · 21 eventsShow fewer
- Marked down (one lender)Jun 30, 2023
- Maturity extended (observed)Jun 30, 2023
- Maturity extended (observed)Jun 30, 2023
- Spread changed (observed)Mar 31, 2023
- PIK interest increasedMar 31, 2023
- Facility left every BDC scheduleMar 31, 2023
- Spread increasedMar 31, 2023
- PIK interest increasedMar 31, 2023
- Spread increasedMar 31, 2023
- PIK interest increasedMar 31, 2023
- Maturity extended (observed)Dec 31, 2022
- PIK interest increasedDec 31, 2022
- New lender joined a facilityDec 31, 2022
- PIK interest increasedDec 31, 2022
- Maturity extended (observed)Dec 31, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- V••• G•••• H••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived