DFX Intelligence
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Borrower
I•••• U• F•••••• L••
Chemicalsgroup grade Aon a schedule nowsponsor unattributed
Also written as: INEOS Finance PLC
What matters now
- 97¢ → 92¢consensus mark
Consensus mark 92¢ on cost, down from 97¢ a year ago, 89¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived3 of 3 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
97¢ · 92¢ · 82¢ · 89¢ · 92¢Q2 2025 to Q2 2026
Where each lender marks it, 3 points apart
90¢93¢
Principal held
at least $14.2M
sum of BDC pieces, a lower bound
Fair value
$13.0M
92c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
10
3 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Feb 1, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
6
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| G•••• C•••••• P•••••• C••••• F••• | $9.6M | 93¢ | +5 pts |
| P••••• S••••• C•••••• B•• I••• | $3.92M | 90¢ | +3 pts |
| S••••• C•••• C•••••• C••• | $668K | 93¢ | +5 pts |
Every BDC piece · 3 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien S••••• secured | $9.6M | $8.9M 93c | S+325 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 6.64% (S + 3.00%) M••••••• D••• 2/ | $3.9M | $3.5M 90c | SOFR+300 bp |
| S••••• C•••• C•••••• C••• | term loan first lien F•••• L••• - T••• L••• | $668,000 | $617,000 93c | S+325 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $14.2M | 92c | SOFR+325 bp | Feb 7, 2031 | 7 |
| other lien unstated exited Dec 31, 2024 | at least $4.2M | 101c | S+300 bp | Feb 7, 2031 | 2 |
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, 2026 | 3 | $14.2M | $13.0M | 92c | 0 |
| Mar 31, 2026 | 4 | $15.7M | $13.8M | 89c | 0 |
| Dec 31, 2025 | 4 | $19.7M | $15.9M | 82c | 0 |
| Sep 30, 2025 | 3 | $21.0M | $19.1M | 92c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 5 | $17.4M | $16.7M | 97c | 0 |
| Mar 31, 2025 | 4 | $17.9M | $17.2M | 96c | 0 |
| Dec 31, 2024 | 5 | $24.7M | $24.9M | 101c | 0 |
| Sep 30, 2024 | 3 | $24.9M | $25.0M | 101c | 0 |
| Jun 30, 2024 | 3 | $10.2M | $10.2M | 100c | 0 |
| Mar 31, 2024 | 2 | $7.9M | $7.9M | 100c | 0 |
| Dec 31, 2023 | 1 | $497,000 | $500,000 | 101c | 0 |
| Sep 30, 2023 | 2 | $4.4M | $4.4M | 99c | 0 |
| Jun 30, 2023 | 1 | $4.0M | $3.9M | 99c | 0 |
| Mar 31, 2023 | 1 | $4.0M | $3.9M | 98c | 0 |
| Dec 31, 2022 | 1 | $7.9M | $7.6M | 96c | 0 |
| Dec 31, 2021 | 1 | $4.0M | $4.0M | 100c | 0 |
What changed
- Mark recoveredMar 31, 2026
- Lender left a facilityMar 31, 2026
- Maturity shortened (observed)Mar 31, 2026
- Marked down across lendersDec 31, 2025
- New lender joined a facilityDec 31, 2025
Full timeline · 25 eventsShow fewer
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down across lendersSep 30, 2025
- Lender left a facilitySep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Lender left a facilityJun 30, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Maturity extended (observed)Sep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilityJun 30, 2024
- Lender left a facilityJun 30, 2024
- Maturity extended (observed)Mar 31, 2024
- New lender joined a facilitySep 30, 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
- INEOS FINANCEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 10 BDCsderived
- Industry
- Chemicalsreportedas one filer wrote it