DFX Intelligence
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Borrower
S•• H•••••••• L••
group grade Aoff every schedule since Sep 30, 2023sponsor unattributed
Also written as: First Lein
Nothing material in the last 200 days. Last change: 30 Sep 2023, $34.3M principal held by 3 lenders; matures Oct 2026.
Mark path, consensus per quarter end
97¢ · 97¢ · 95¢ · 95¢ · 94¢Q3 2022 to Q3 2023
Where each lender marks it on the term loan, 0 points apart
92¢92¢
Principal held
at least $34.3M
sum of BDC pieces, a lower bound
Fair value
$32.3M
94c on cost, debt pieces
Unfunded
$73,000
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
4
2 equity pieces beside them
Next maturity
Oct 29, 2026
no dated debt inside 24 months
On the tape since
Dec 31, 2021
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•• I••••• F•••• I••• | $12.3M | 92¢ | 0 pts |
| C•••••• S•••••••• C••• | $12.1M | 98¢ | +3 pts |
| M••• S••••• C•••••• C••• | $9.85M | 92¢ | 0 pts |
Every BDC piece · 18 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••• S•••••••• C••• | term loan first lien F•••• L••• | $11.2M | $10.9M 98c | S+625 bp |
| M•• I••••• F•••• I••• | term loan lien unstated S•••••• D••• 3 | $7.5M | $6.8M 92c | S+625 bp |
| M••• S••••• C•••••• C••• | term loan lien unstated S•••••• D••• 3 | $6.0M | $5.4M 92c | S+625 bp |
| M•• I••••• F•••• I••• | term loan lien unstated S•••••• D••• 2 | $1.9M | $1.7M 92c | S+625 bp |
| M••• S••••• C•••••• C••• | term loan lien unstated S•••••• D••• 2 | $1.5M | $1.4M 92c | S+625 bp |
View all 18 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M•• I••••• F•••• I••• | term loan lien unstated S•••••• D••• 5 | $1.4M | $1.3M 92c | S+625 bp |
| M••• S••••• C•••••• C••• | term loan lien unstated S•••••• D••• 5 | $1.1M | $1.0M 92c | S+625 bp |
| M•• I••••• F•••• I••• | term loan lien unstated S•••••• D••• 1 | $909,000 | $822,000 91c | S+625 bp |
| C•••••• S•••••••• C••• | revolver lien unstated R•••••••• L••• | $866,000 | $842,000 98c | S+625 bp |
| M••• S••••• C•••••• C••• | term loan lien unstated S•••••• D••• 1 | $728,000 | $658,000 91c | S+625 bp |
| M•• I••••• F•••• I••• | term loan lien unstated S•••••• D••• 4 | $571,000 | $517,000 92c | S+625 bp |
| M••• S••••• C•••••• C••• | term loan lien unstated S•••••• D••• 4 | $457,000 | $413,000 92c | S+625 bp |
| C•••••• S•••••••• C••• | equity equity C••••• U•••• | $0 | $411,000 82c | |
| C•••••• S•••••••• C••• | revolver lien unstated R•••••••• L•••• | Not disclosed | Not disclosed | S+625 bp |
| M••• S••••• C•••••• C••• | equity equity C••••• Equity | Not disclosed | $43,000 22c | |
| M••• S••••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| M•• I••••• F•••• I••• | equity equity C••••• Equity | Not disclosed | $55,000 22c | |
| M•• I••••• F•••• I••• | unstated lien unstated | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2023
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| term loan lien unstated exited Sep 30, 2023 | at least $22.2M | 92c | S+625 bp | Oct 29, 2026 | 2 |
| first lien term loan first lien exited Sep 30, 2023 | at least $11.2M | 98c | S+625 bp | Oct 29, 2026 | 1 |
| delayed draw term loan lien unstated exited Jun 30, 2023 | at least $2.8M | 98c | //stelluscapital.com/20230630#Three Month Term Secured Overnight Financing Rate+625 bp | Oct 29, 2026 | 1 |
| revolver lien unstated exited Sep 30, 2023 | at least $866,000 | 98c | S+625 bp | Oct 29, 2026 | 1 |
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 | 3 | $34.3M | $31.8M | 94c | 0 |
| Jun 30, 2023 | 4 | $52.6M | $49.3M | 95c | 0 |
| Mar 31, 2023 | 4 | $53.1M | $49.8M | 95c | 0 |
| Dec 31, 2022 | 4 | $52.8M | $50.1M | 97c | 0 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2022 | 3 | $40.8M | $20.8M | 97c | 0 |
| Mar 31, 2022 | 1 | $7.5M | $7.4M | 100c | 0 |
| Dec 31, 2021 | 2 | $25.6M | $25.1M | 100c | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2023
- Facility left every BDC scheduleSep 30, 2023
- Facility left every BDC scheduleSep 30, 2023
- Facility left every BDC scheduleJun 30, 2023
- New lender joined a facilityDec 31, 2022
Full timeline · 8 eventsShow fewer
- New lender joined a facilitySep 30, 2022
- Marked down (one lender)Sep 30, 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
- SIB HOLDINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived