DFX Intelligence
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Borrower
A••••••• I••••••••• I••
Drug Discovery & Developmentgroup grade Aoff every schedule since Dec 31, 2023sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Dec 2023, Consensus mark 105¢ on cost, up from 100¢ a year ago, 100¢ last quarter.
Mark path, consensus per quarter end
100¢ · 99¢ · 99¢ · 100¢ · 105¢Q4 2022 to Q4 2023
Principal held
at least $105M
sum of BDC pieces, a lower bound
Fair value
$111M
105c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Sep 1, 2026
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Dec 31, 2023
Events
1
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2023, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| H••••••• C••••••• I••• | $105M | 105¢ | +5 pts |
Every BDC piece · 3 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H••••••• C••••••• I••• | term loan first lien S••••• S••••••, M••••••• D••• S•••••••• 2026, P•••• + 3.65%, F•••• rate 8.40%, Cap rate 10 | $35.0M | $36.9M 105c | S+365 bp |
| H••••••• C••••••• I••• | term loan first lien S••••• S••••••, S•••••••• 2026, P•••• + 3.65%, F•••• rate 8.40%, Cap rate 10.90%, 5.30% E• | $35.0M | $36.9M 105c | S+365 bp |
| H••••••• C••••••• I••• | term loan first lien S••••• S••••••, M••••••• D••• S•••••••• 2026, P•••• + 3.65%, F•••• rate 8.40%, Cap rate 10 | $35.0M | $36.9M 105c | S+365 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2023
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2023 | at least $105M | 105c | S+365 bp | Sep 1, 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 |
|---|---|---|---|---|---|
| Dec 31, 2023 | 1 | $105M | $111M | 105c | 0 |
| Sep 30, 2023 | 1 | $35.0M | $35.0M | 100c | 0 |
| Jun 30, 2023 | 1 | $30.0M | $29.7M | 99c | 0 |
| Mar 31, 2023 | 1 | $17.5M | $17.3M | 99c | 0 |
All 5 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2022 | 1 | $15.0M | $14.9M | 100c | 0 |
What changed
- Facility left every 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
- A••••••• I•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Drug Discovery & Developmentreportedas one filer wrote it