DFX Intelligence
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Borrower
R•••••• E••••••••• I••
Media: Advertising, Printing & Publishinggroup grade Aoff every schedule since Mar 31, 2025sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Mar 2025, $16.9M principal held by 2 lenders; matures Jun 2028.
Mark path, consensus per quarter end
102¢ · 102¢ · 105¢ · 105¢ · 104¢Q1 2024 to Q1 2025
Where each lender marks it on the first lien term loan, 1 point apart
104¢105¢
Principal held
at least $16.9M
sum of BDC pieces, a lower bound
Fair value
$17.3M
104c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jun 23, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2025
Events
8
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| C•••••• S•••••• L••••••• I••• | $10.2M | 104¢ | -1 pts |
| C•••••• C••••• S••••••••• I••• | $6.77M | 105¢ | 0 pts |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••• S•••••• L••••••• I••• | term loan first lien F•••• L••• D••• | $10.2M | $10.4M 104c | S+850 bp |
| C•••••• C••••• S••••••••• I••• | term loan first lien F•••• L••• D••• | $6.8M | $6.9M 105c | S+850 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Mar 31, 2023 | at least $30.0M | 99c | S+675 bp | Nov 22, 2025 | 1 |
| first lien term loan first lien exited Mar 31, 2025 | at least $16.9M | 104c | S+850 bp | Jun 23, 2028 | 2 |
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, 2025 | 2 | $16.9M | $17.3M | 104c | 0 |
| Dec 31, 2024 | 2 | $75.0M | $77.3M | 105c | 6 |
| Sep 30, 2024 | 2 | $25.0M | $25.8M | 105c | 2 |
| Jun 30, 2024 | 1 | $15.0M | $14.9M | 102c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 2 | $25.0M | $24.9M | 102c | 0 |
| Dec 31, 2023 | 2 | $50.0M | $49.6M | 102c | 0 |
| Sep 30, 2023 | 2 | $25.0M | $24.8M | 102c | 0 |
| Mar 31, 2023 | 3 | $90.0M | $88.8M | 100c | 0 |
| Dec 31, 2022 | 3 | $110M | $108M | 100c | 0 |
| Sep 30, 2022 | 1 | $20.0M | $19.7M | 100c | 0 |
| Dec 31, 2021 | 1 | $20.0M | $19.7M | 100c | 0 |
What changed
- Spread changed (observed)Mar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- Spread increasedMar 31, 2025
- Spread increasedMar 31, 2025
- Spread changed (observed)Sep 30, 2024
Full timeline · 11 eventsShow fewer
- PIK interest appearsSep 30, 2024
- PIK interest appearsSep 30, 2024
- Spread changed (observed)Sep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- Facility left every BDC scheduleMar 31, 2023
- 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
- R•••••• E•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Media: Advertising, Printing & Publishingreportedas one filer wrote it