DFX Intelligence
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Borrower
H•••••• H••••••• U•• L••
Chemicalsgroup grade Aon a schedule nowsponsor unattributed
Also written as: H••••••
What matters now
- 2 of 2 lenderson non-accrual
Non-accrual at 2 of 2 lenders on the latest schedules, first placed in Q1 2024.
since Q1 2024 · Interest has stopped accruing; the lenders no longer expect to be paid in full.
FactBDC schedules of investments, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender → - 57¢ → 245¢consensus mark
Consensus mark 245¢ on cost, up from 57¢ a year ago, 245¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived2 of 2 lenders' own marks, weighted by principal - 393 pts50¢ to 443¢
Lenders disagree by 393 points: A••••• D••• S•••••••• B•• 50¢ to M••••• F•••••••• I••••••••• C••• 443¢.
Q2 2026 · Holders value the same loan differently, so a position could trade between them.
Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks → - $963Kprincipal outstanding
$963K principal held by 2 lenders; matures Jan 2029.
Q2 2026 · Refinancing is due in 27 months at a 245¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
57¢ · 247¢ · 246¢ · 245¢ · 245¢Q2 2025 to Q2 2026
Where each lender marks it, 393 points apart
50¢443¢
Principal held
at least $963,000
sum of BDC pieces, a lower bound
Fair value
$481,000
89c 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
Jan 3, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2023
latest Jun 30, 2026
Events
10
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 |
|---|---|---|---|
| A••••• D••• S•••••••• B•• | $485K | 50¢ | 0 pts |
| M••••• F•••••••• I••••••••• C••• | $478K | 443¢ | 0 pts |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• 11.00% M••••••• D••• 01/ | $485,000 | $242,000 50c | 11.00% |
| M••••• F•••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• - T••• L••• 13.72% M••••••• D••• 01/03/29 | $478,000 | $239,000 443c | 13.72% |
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 $963,000 | 89c | 13.72% | Jan 3, 2029 | 2 |
Equity pieces beside the debt: other ($482,000 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, 2026 | 2 | $963,000 | $481,000 | 89c | 0 |
| Mar 31, 2026 | 2 | $963,000 | $482,000 | 89c | 0 |
| Dec 31, 2025 | 2 | $963,000 | $482,000 | 93c | 0 |
| Sep 30, 2025 | 2 | $963,000 | $482,000 | 96c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $485,000 | $243,000 | 57c | 0 |
| Mar 31, 2025 | 2 | $963,000 | $482,000 | 103c | 0 |
| Dec 31, 2024 | 2 | $3.3M | $1.6M | 89c | 0 |
| Sep 30, 2024 | 2 | $3.3M | $772,000 | 40c | 0 |
| Jun 30, 2024 | 1 | $1.7M | $389,000 | 26c | 0 |
| Mar 31, 2024 | 1 | $1.7M | $828,000 | 52c | 0 |
| Dec 31, 2023 | 1 | $1.6M | $1.4M | 99c | 1 |
What changed
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Mark recoveredSep 30, 2025
- Marked down across lendersJun 30, 2025
Full timeline · 16 eventsShow fewer
- Marked down (one lender)Jun 30, 2025
- Mark recoveredMar 31, 2025
- Mark recoveredDec 31, 2024
- Mark recoveredSep 30, 2024
- New lender joined a facilitySep 30, 2024
- Marked down across lendersJun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down across lendersMar 31, 2024
- non accrual placedMar 31, 2024
- Marked down (one lender)Mar 31, 2024
- New borrower on a BDC scheduleDec 31, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- HEUBACHderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 2 BDCsderived
- Industry
- Chemicalsreportedas one filer wrote it