DFX Intelligence
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Borrower
W•••• I••
IT Servicesgroup grade Aoff every schedule since Jun 30, 2024sponsor unattributed
Nothing material in the last 200 days. Last change: 30 Jun 2024, $64.2M principal held by 2 lenders; matures Nov 2026.
Mark path, consensus per quarter end
99¢ · 100¢ · 100¢ · 101¢Q3 2023 to Q2 2024
Where each lender marks it on the first lien term loan, 0 points apart
101¢101¢
Principal held
at least $64.2M
sum of BDC pieces, a lower bound
Fair value
$81.1M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
Nov 4, 2026
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2024
Events
2
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2024, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| G•••••• S•••• B••• I••• | $33.7M | 101¢ | +1 pts |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | $30.5M | 101¢ | +1 pts |
Every BDC piece · 4 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• R••• 12.96% R•••••••• R••• and S••••• S + 7.50% (I•• | $33.7M | $33.7M 101c | S+750 bp PIK 3.00% |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• IT Services I••••••• R••• 12.96% R•••••••• R••• and | $30.5M | $30.5M 101c | S+750 bp PIK 3.00% |
| G•••••• S•••• B••• I••• | preferred equity equity P•••••••• S•••• I••••••• IT Services I•••••• A••••••••• D••• 11/04/21 | Not disclosed | $8.9M 100c | |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | preferred equity equity P•••••••• S•••• A••••••••• D••• 11/04/21 | Not disclosed | $8.1M 100c |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Jun 30, 2024 | at least $64.2M | 101c | S+750 bp PIK 3.00% | Nov 4, 2026 | 2 |
Equity pieces beside the debt: preferred equity ($16.9M fair value, 2 BDCs)
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, 2024 | 2 | $64.2M | $64.2M | 101c | 2 |
| Mar 31, 2024 | 2 | $63.7M | $63.0M | 100c | 2 |
| Dec 31, 2023 | 2 | $126M | $125M | 100c | 4 |
| Sep 30, 2023 | 2 | $62.7M | $61.4M | 99c | 2 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2023 | 2 | $62.1M | $0 | n/a | 2 |
| Mar 31, 2023 | 2 | $32.4M | $0 | n/a | 1 |
| Dec 31, 2022 | 2 | $61.3M | $60.7M | 101c | 2 |
What changed
- Facility left every BDC scheduleJun 30, 2024
- New borrower on a BDC scheduleDec 31, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- W•••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- IT Servicesreportedas one filer wrote it