DFX Intelligence
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Borrower
N•••••• F•••• I•••••••••
Insurancegroup grade Aoff every schedule since Mar 31, 2024sponsor unattributed
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 100¢ · 101¢ · 101¢ · 101¢Q1 2023 to Q1 2024
Where each lender marks it on the first lien term loan, 0 points apart
101¢101¢
Principal held
at least $26.6M
sum of BDC pieces, a lower bound
Fair value
$25.5M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
4 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
May 8, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2024
Events
8
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2024, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| S•••• P•••• C••••• C••• | $13.1M | 101¢ | 0 pts |
| P••••••••• I••••••••• C••• | $8.19M | 101¢ | 0 pts |
| P••••••••• F••••••• R••• C•••••• L••• | $5.35M | 101¢ | 0 pts |
| S•••••••• P•••••• C••••• F••• L•• | no principal filed | no cost filed | no comparable mark |
Every BDC piece · 7 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••• P•••• C••••• C••• | term loan first lien F•••• L••• T••• L•••, Due 5/8/2029 | $13.1M | $13.0M 101c | SOFR+600 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 05/09/2029 I••••••• Financial Services, C•••••• C••••• 11 | $7.6M | $7.6M 101c | S+635 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 5/9/2029 I••••••• I•••••••• C•••••• C••••• 11.72% B•••• P | $4.8M | $4.8M 101c | S+600 bp |
| P••••••••• F••••••• R••• C•••••• L••• | revolver first lien F•••• L••• S••••• S•••••• D••• R•••••••) M••••••• 5/9/2029 I••••••• I•••••••• | $541,000 | Not disclosed | S+600 bp |
| P••••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• R••••••• M••••••• 05/09/2029 I•••••••• | $541,000 | Not disclosed | S+635 bp |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien R•••••••• L••• | N•••••••••, N••••••••• D••• Investments | F•••• L••• S••••• S•••••• | 5/8 | $0 | -$72 3c | S+50 bp |
| S•••• P•••• C••••• C••• | revolver first lien F•••• L••• R•••••••• L•••, Due 5/8/2029 | Not disclosed | -$4,425 40c | SOFR+600 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2024 | at least $25.5M | 101c | SOFR+600 bp | May 9, 2029 | 3 |
| first lien revolver first lien exited Mar 31, 2024 | at least $1.1M | n/a | SOFR+600 bp | May 9, 2029 | 4 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 4 | $26.6M | $25.5M | 101c | 0 |
| Dec 31, 2023 | 4 | $35.6M | $34.2M | 101c | 0 |
| Sep 30, 2023 | 3 | $38.6M | $36.9M | 101c | 0 |
| Jun 30, 2023 | 3 | $28.9M | $27.3M | 100c | 0 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2023 | 2 | $9.3M | $13.8M | 149c | 0 |
| Dec 31, 2022 | 1 | $7.8M | $7.9M | 102c | 0 |
| Sep 30, 2022 | 2 | $13.1M | $13.2M | 102c | 0 |
| Dec 31, 2021 | 1 | $9.7M | $9.6M | 100c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2024
- Spread changed (observed)Mar 31, 2024
- Facility left every BDC scheduleMar 31, 2024
- Spread increasedMar 31, 2024
- Spread changed (observed)Sep 30, 2023
Full timeline · 15 eventsShow fewer
- New lender joined a facilitySep 30, 2023
- Spread increasedSep 30, 2023
- Maturity extended (observed)Jun 30, 2023
- Spread changed (observed)Jun 30, 2023
- New lender joined a facilityJun 30, 2023
- New lender joined a facilityJun 30, 2023
- Maturity extended (observed)Jun 30, 2023
- Spread increasedMar 31, 2023
- Spread changed (observed)Sep 30, 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
- N•••••• F••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Insurancereportedas one filer wrote it