DFX Intelligence
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Borrower
U• A••••••••• C•••
Commercial Services & Suppliesgroup grade Aoff every schedule since Sep 30, 2024sponsor unattributed
Also written as: Supplies; Unified Power
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 101¢ · 101¢Q3 2023 to Q3 2024
Where each lender marks it on the first lien term loan, 0 points apart
101¢101¢
Principal held
at least $37.7M
sum of BDC pieces, a lower bound
Fair value
$31.4M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
4 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Oct 31, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Sep 30, 2024
Events
8
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2024, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | $24.8M | 101¢ | 0 pts |
| P•••••• S••••• B•• L•• | $5.84M | 101¢ | 0 pts |
| G•••••• S•••• M••••• M••••• L•••••• C•••• I• | $5.08M | 101¢ | 0 pts |
| G•••••• S•••• B••• I••• | $1.9M | 108¢ | +7 pts |
Every BDC piece · 7 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• C••••••••• Services & S••••••• I••••••• R••• 10.85% | $21.5M | $21.2M 101c | S+600 bp |
| P•••••• S••••• B•• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• C••••••••• Services & S••••••• I••••••• R••• 10.85% | $5.0M | $5.0M 101c | S+600 bp |
| G•••••• S•••• M••••• M••••• L•••••• C•••• I• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• C••••••••• Services & S••••••• I••••••• R••• 10.85% | $4.4M | $4.3M 101c | S+600 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• C••••••••• Services & S••••••• I••••••• R••• 11.30% | $3.4M | $405,000 108c | S+600 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• C••••••••• Services & S••••••• I••••••• R••• 11.30% | $1.9M | $228,000 108c | S+600 bp |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P•••••• S••••• B•• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• C••••••••• Services & S••••••• I••••••• R••• 11.30% | $794,000 | $95,000 108c | S+600 bp |
| G•••••• S•••• M••••• M••••• L•••••• C•••• I• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• C••••••••• Services & S••••••• I••••••• R••• 11.30% | $690,000 | $83,000 108c | S+600 bp |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Sep 30, 2024 | at least $37.7M | 101c | S+600 bp | Oct 31, 2029 | 4 |
| first lien delayed draw term loan first lien exited Sep 30, 2023 | at least $1.2M | 100c | S+525 bp | May 1, 2024 | 1 |
| first lien revolver first lien exited Jun 30, 2023 | unknown | n/a | S+575 bp | May 1, 2024 | 1 |
Equity pieces beside the debt: other (Not disclosed fair value, 1 BDC)
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2024 | 4 | $37.7M | $31.4M | 101c | 0 |
| Jun 30, 2024 | 4 | $44.0M | $42.3M | 101c | 0 |
| Mar 31, 2024 | 4 | $44.1M | $42.2M | 100c | 0 |
| Dec 31, 2023 | 4 | $94.2M | $79.4M | 100c | 0 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2023 | 1 | $5.4M | $5.4M | 100c | 0 |
| Jun 30, 2023 | 1 | $5.4M | $5.2M | 97c | 0 |
| Mar 31, 2023 | 1 | $5.4M | $5.2M | 97c | 0 |
| Dec 31, 2022 | 1 | $5.9M | $5.4M | 94c | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2024
- Spread changed (observed)Dec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
Full timeline · 12 eventsShow fewer
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- Spread changed (observed)Sep 30, 2023
- Spread changed (observed)Sep 30, 2023
- Facility left every BDC scheduleSep 30, 2023
- Facility left every BDC scheduleJun 30, 2023
- 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
- U• A•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Commercial Services & Suppliesreportedas one filer wrote it