DFX Intelligence
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Borrower
E•••••• R••• C•••••••••
E••••••nicsgroup grade Aoff every schedule since Sep 30, 2023sponsor not established · possible relationship
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 99¢ · 100¢Q4 2022 to Q3 2023
Where each lender marks it on the first lien term loan, 2 points apart
99¢101¢
Principal held
at least $53.0M
sum of BDC pieces, a lower bound
Fair value
$52.3M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jan 17, 2024
$53.0M inside 24 months
On the tape since
Mar 31, 2022
latest Sep 30, 2023
Events
5
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2023, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | $34.2M | 100¢ | 0 pts |
| P••••••••• I••••••••• C••• | $11.1M | 99¢ | +1 pts |
| P••••••••• F••••••• R••• C•••••• L••• | $4.44M | 99¢ | +2 pts |
| B• P••••••• L•••••• C••• | $3.23M | 101¢ | 0 pts |
Every BDC piece · 7 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | term loan second lien S••••• L••• S•••••• D••• L+900, 1.00% F•••• M••••••• D••• 01/31/25 | $34.2M | $33.9M 100c | S+900 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 1/17/2024 I••••••• E••••••••• C•••••• C••••• 10.93% B•••• | $3.7M | $3.6M 99c | S+550 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 01/17/24 I••••••• E••••••••• C•••••• C••••• 10.93% B•••• | $3.7M | $3.6M 99c | S+550 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 01/17/24 I••••••• E••••••••• C•••••• C••••• 10.93% B•••• | $3.7M | $3.6M 99c | S+550 bp |
| B• P••••••• L•••••• C••• | term loan first lien S••••• S•••••• L••• I••••••• R••• 10.82%, R•••••••• R••• and S••••• S + 5.50%, F•••• R••• | $3.2M | $3.2M 101c | S+550 bp |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 1/17/2024 I••••••• E••••••••• E••••••••, I•••••••••, and | $2.2M | $2.2M 99c | S+550 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 1/7/2024, I••••••• E••••••••• E••••••••, I•••••••••, and | $2.2M | $2.2M 99c | S+550 bp |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2023
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien exited Sep 30, 2023 | at least $34.2M | 100c | S+900 bp | Jan 31, 2025 | 1 |
| first lien term loan first lien exited Sep 30, 2023 | at least $18.8M | 99c | S+550 bp | Nov 1, 2024 | 3 |
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, 2023 | 4 | $53.0M | $52.3M | 100c | 0 |
| Jun 30, 2023 | 4 | $43.4M | $42.8M | 99c | 0 |
| Mar 31, 2023 | 4 | $42.0M | $39.9M | 689c | 0 |
| Dec 31, 2022 | 1 | $68.5M | $68.1M | 201c | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2023
- Facility left every BDC scheduleSep 30, 2023
- Spread changed (observed)Jun 30, 2023
- Spread changed (observed)Mar 31, 2023
- New borrower on a BDC scheduleMar 31, 2022
Sponsor
Possible relationship, not established: P••••••• E••••• A•••••••• L••, because a company of this name is on the sponsor's portfolio page (confidence 0.6). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- P••••••• E••••• A•••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedplatinumequity.com"••• Locked"
Identity
- Group key
- E•••••• R•••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- E••••••nicsreportedas one filer wrote it