DFX Intelligence
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Borrower
P•• N••••••••• M•••• B••
group grade Aoff every schedule since Dec 31, 2024sponsor unattributed
Also written as: Loparex
Nothing material in the last 200 days. Last change: 31 Dec 2024, Consensus mark 94¢ on cost, up from 80¢ a year ago, 87¢ last quarter.
Mark path, consensus per quarter end
80¢ · 77¢ · 82¢ · 87¢ · 94¢Q4 2023 to Q4 2024
Where each lender marks it on the second lien term loan, 1 point apart
94¢95¢
Principal held
at least $333M
sum of BDC pieces, a lower bound
Fair value
$304M
94c 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
Jul 1, 2027
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Dec 31, 2024
Events
12
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2024, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••• O•• C•••••• C••• | $266M | 95¢ | +8 pts |
| B••• O•• C•••••• C••• I• | $66.5M | 94¢ | +7 pts |
Every BDC piece · 8 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C•••••• C••• | term loan second lien S••••• lien senior secured loan 1 | $112M | $102M 94c | S+875 bp |
| B••• O•• C•••••• C••• | term loan second lien S••••• lien senior secured loan 1 | N••••••••• | $112M | $102M 94c | S+875 bp |
| B••• O•• C•••••• C••• I• | term loan second lien S••••• lien senior secured loan 1 | Non A••••••••• | $28.0M | $25.4M 94c | S+875 bp |
| B••• O•• C•••••• C••• I• | term loan second lien S••••• lien senior secured loan 1 | $28.0M | $25.4M 94c | S+875 bp |
| B••• O•• C•••••• C••• | term loan second lien S••••• lien senior secured loan 2 | N••••••••• | $21.0M | $20.0M 100c | S+850 bp |
View all 8 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C•••••• C••• | term loan second lien S••••• lien senior secured loan 2 | $21.0M | $20.0M 100c | S+850 bp |
| B••• O•• C•••••• C••• I• | term loan second lien S••••• lien senior secured loan 2 | Non A••••••••• | $5.3M | $5.0M 95c | S+850 bp |
| B••• O•• C•••••• C••• I• | term loan second lien S••••• lien senior secured loan 2 | $5.3M | $5.0M 95c | S+850 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien exited Dec 31, 2024 | at least $333M | 94c | S+875 bp | Jul 1, 2027 | 2 |
| first lien term loan first lien exited Jun 30, 2024 | at least $798,000 | 100c | S+450 bp | Feb 1, 2027 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 2 | $333M | $304M | 94c | 0 |
| Sep 30, 2024 | 2 | $140M | $118M | 87c | 0 |
| Jun 30, 2024 | 2 | $141M | $112M | 82c | 0 |
| Mar 31, 2024 | 2 | $142M | $105M | 77c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2023 | 3 | $142M | $109M | 80c | 0 |
| Sep 30, 2023 | 2 | $28.9M | $27.6M | 99c | 0 |
| Jun 30, 2023 | 3 | $142M | $137M | 101c | 0 |
| Mar 31, 2023 | 2 | $141M | $138M | 103c | 0 |
| Dec 31, 2022 | 2 | $141M | $137M | 102c | 0 |
| Sep 30, 2022 | 1 | $113M | $110M | 102c | 0 |
| Dec 31, 2021 | 1 | $113M | $111M | 104c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2024
- Mark recoveredDec 31, 2024
- Mark recoveredSep 30, 2024
- Mark recoveredJun 30, 2024
- Facility left every BDC scheduleJun 30, 2024
Full timeline · 23 eventsShow fewer
- Mark recoveredJun 30, 2024
- Mark recoveredMar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Spread increasedMar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Marked down across lendersDec 31, 2023
- Marked down across lendersDec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Marked down across lendersSep 30, 2023
- Marked down (one lender)Sep 30, 2023
- New lender joined a facilityJun 30, 2023
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 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
- PHM NETHERLANDSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived