DFX Intelligence
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Borrower
T••••••• I••
Softwaregroup grade Aoff every schedule since Sep 30, 2023sponsor unattributed
Nothing material in the last 200 days. Last change: 30 Sep 2023, Non-accrual at 1 of 4 lenders on the latest schedules.
Mark path, consensus per quarter end
100¢ · 100¢ · 101¢Q1 2023 to Q3 2023
Principal held
at least $5.3M
sum of BDC pieces, a lower bound
Fair value
$5.2M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Mar 15, 2028
no dated debt inside 24 months
On the tape since
Mar 31, 2023
latest Sep 30, 2023
Events
2
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 |
|---|---|---|---|
| B•••••••• C•••••• I••••••••• C••• | $2.24M | 101¢ | +1 pts |
| B•••••••• P•••••• C••••• F••• | $1.05M | 101¢ | +1 pts |
| B•••••••• T•• C•••••• C•••• | $1M | 101¢ | +1 pts |
| B•••••••• D••••• L•••••• C•••• | $997K | 101¢ | no comparable mark |
Every BDC piece · 4 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••••• C•••••• I••••••••• C••• | term loan first lien D••• Investments | F•••• L••• T••• L••• | S•••(Q) | S••••• 8.00% | M••••••• 3/15/2028 | $2.2M | $2.2M 101c | S+800 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(Q) F•••• 1.00% S••••• 8.00% T•••• C••••• 13.58% | $1.1M | $1.0M 101c | S+800 bp |
| B•••••••• T•• C•••••• C•••• | term loan first lien F•••• L••• T••• L••• Ref S••• F•••• 1% S••••• 8% T•••• C••••• 13.58% M••••••• 3/15/2028 | $1.0M | $992,000 101c | S+800 bp |
| B•••••••• D••••• L•••••• C•••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(Q) F•••• 1.00% S••••• 8.00% T•••• C••••• 13.58% M | $996,730 | $988,756 101c | S+800 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 $5.3M | 101c | S+800 bp | Mar 15, 2028 | 4 |
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 | 4 | $5.3M | $5.2M | 101c | 0 |
| Jun 30, 2023 | 4 | $5.3M | $5.2M | 123c | 0 |
| Mar 31, 2023 | 4 | $5.3M | $5.2M | 123c | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2023
- New borrower on a BDC scheduleMar 31, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- TESSIANderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Softwarereportedas one filer wrote it