DFX Intelligence
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Borrower
T• H•••••••• L••
Also written as: TrialCard
Nothing material in the last 200 days. Last change: 31 Mar 2025, $269M principal held by 4 lenders; matures Apr 2027.
Mark path, consensus per quarter end
101¢ · 101¢ · 100¢ · 100¢ · 100¢Q1 2024 to Q1 2025
Where each lender marks it on the first lien term loan, 2 points apart
100¢102¢
Principal held
at least $269M
sum of BDC pieces, a lower bound
Fair value
$269M
100c on cost, debt pieces
Unfunded
$21.3M
commitments not yet drawn
BDC lenders
6
4 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Apr 1, 2027
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2025
Events
5
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••• O•• C••••• I••••• C•••• | $209M | 100¢ | 0 pts |
| B••• O•• T••••••••• F•••••• C•••• | $38.4M | 100¢ | new this quarter |
| B••• O•• C•••••• C••• | $13M | 102¢ | new this quarter |
| B••• O•• T••••••••• I••••• C•••• | $8.68M | 100¢ | -1 pts |
Every BDC piece · 8 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | $209M | $209M 100c | S+500 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien F•••• lien senior secured loan | $38.4M | $38.4M 100c | S+500 bp |
| B••• O•• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $13.0M | $13.0M 102c | S+500 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | $8.7M | $8.7M 100c | S+500 bp |
| B••• O•• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | Not disclosed | $0 | S+500 bp |
View all 8 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | Not disclosed | Not disclosed | S+500 bp |
| B••• O•• T••••••••• F•••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | Not disclosed | $0 | S+500 bp |
| B••• O•• T••••••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | Not disclosed | $0 | S+500 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2025 | at least $269M | 100c | S+500 bp | Apr 1, 2027 | 4 |
| first lien revolver first lien exited Mar 31, 2025 | unknown | n/a | S+500 bp | unstated | 4 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 4 | $269M | $269M | 100c | 0 |
| Dec 31, 2024 | 3 | $475M | $475M | 100c | 0 |
| Sep 30, 2024 | 4 | $271M | $270M | 100c | 0 |
| Jun 30, 2024 | 4 | $83.1M | $83.1M | 101c | 0 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 4 | $83.3M | $83.3M | 101c | 0 |
| Dec 31, 2023 | 4 | $83.5M | $83.5M | 101c | 0 |
| Sep 30, 2023 | 4 | $83.8M | $83.8M | 101c | 0 |
| Jun 30, 2023 | 4 | $84.0M | $84.0M | 101c | 0 |
| Mar 31, 2023 | 4 | $84.2M | $84.2M | 101c | 0 |
| Dec 31, 2022 | 5 | $84.4M | $84.2M | 101c | 0 |
| Sep 30, 2022 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2021 | 1 | $73.1M | $73.1M | 101c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2025
- New lender joined a facilityMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityDec 31, 2022
Full timeline · 15 eventsShow fewer
- Spread changed (observed)Dec 31, 2022
- Maturity extended (observed)Dec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
Possible relationship, not established: E•••••••• P•••••••, 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.
- E•••••••• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedexcellere.com"••• Locked"
Identity
- Group key
- TC HOLDINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived