DFX Intelligence
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Borrower
P•••••• 1• B•••• C•••
Electronic Equipment, Instruments and Componentsgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Inc. 1 Emerald JV LP; Inc. 2 Emerald JV LP; Inc. Verdelite JV LP; Parexel; P•••••• Guarantor, Inc; P•••••• Newco; P•••••• Topco Holdings LP
Principal held
at least $79.8M
sum of BDC pieces, a lower bound
Fair value
$80.0M
101c on cost, debt pieces
Unfunded
$14.5M
commitments not yet drawn
BDC lenders
21
7 on the latest quarter
Facilities
5
3 equity pieces beside them
Next maturity
Nov 20, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
10
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| revolver lien unstated | at least $67.6M | 101c | S+475 bp | Nov 20, 2030 | 3 |
| first lien term loan first lien | at least $11.0M | 100c | SOFR+475 bp | Feb 21, 2031 | 10 |
| first lien revolver first lien | at least $1.1M | n/a | SOFR+475 bp | Nov 20, 2029 | 1 |
| second lien term loan second lien exited Dec 31, 2023 | at least $457M | 101c | S+650 bp | Nov 1, 2029 | 6 |
| other lien unstated exited Sep 30, 2025 | at least $16.6M | 102c | S+250 bp | Nov 15, 2028 | 7 |
Equity pieces beside the debt: warrants ($0 fair value, 1 BDC), equity ($1.3M fair value, 1 BDC), preferred equity ($1.3M fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.50% Ma | $5.8M | $5.8M 100c | SOFR+475 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien Asset Type First Lien Revolver Reference Rate and Spread S + 4.75% Interest Rate 8.50% Mat | $1.1M | $0 | SOFR+475 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien Commitment Type Revolver Commitment Expiration Date 11/20/2029 | n/a | $0 | |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.50% Ma | $245,000 | $245,000 101c | SOFR+475 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated Non-Affiliated Issuer | $42.3M | $42.3M 101c | S+475 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated Revolver | n/a | n/a | |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated Non-Affiliated Issuer | $25.4M | $25.4M 101c | S+475 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated Revolver | n/a | n/a | |
| N••••• C•••••••• D••••• L•••••• C•••• | equity equity Partnership Interests | n/a | $1.3M 136c | |
| N••••• C•••••••• D••••• L•••••• C•••• | warrants equity Warrants | n/a | $0 0c | |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien First Lien Debt | $4.1M | $4.1M 100c | S+200 bp |
| S••••• C•••• C•••••• C••• | term loan first lien First Lien - Term Loan | $890,000 | $889,000 101c | 2.00% |
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 | 7 | $79.8M | $78.6M | 101c | 0 |
| Mar 31, 2026 | 6 | $75.9M | $74.7M | 101c | 0 |
| Dec 31, 2025 | 7 | $83.0M | $81.8M | 101c | 0 |
| Sep 30, 2025 | 8 | $96.2M | $95.1M | 101c | 0 |
| Jun 30, 2025 | 8 | $96.5M | $95.4M | 101c | 0 |
| Mar 31, 2025 | 7 | $95.9M | $94.7M | 101c | 0 |
| Dec 31, 2024 | 10 | $300M | $300M | 101c | 0 |
| Sep 30, 2024 | 7 | $167M | $167M | 100c | 0 |
| Jun 30, 2024 | 8 | $191M | $191M | 101c | 0 |
| Mar 31, 2024 | 9 | $201M | $201M | 101c | 0 |
| Dec 31, 2023 | 13 | $824M | $823M | 101c | 0 |
| Sep 30, 2023 | 10 | $391M | $388M | 100c | 0 |
| Jun 30, 2023 | 9 | $568M | $564M | 100c | 0 |
| Mar 31, 2023 | 7 | $398M | $393M | 100c | 0 |
| Dec 31, 2022 | 5 | $386M | $377M | 99c | 0 |
| Sep 30, 2022 | 2 | $267M | $260M | 98c | 0 |
| Dec 31, 2021 | 2 | $383M | $377M | 100c | 0 |
What changed
- New lender joined a facilityJun 30, 2026
- Maturity extended (observed)Dec 31, 2025
- Lender left a facilityDec 31, 2025
- Facility left every BDC scheduleSep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Spread changed (observed)Mar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Maturity extended (observed)Dec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilitySep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Lender left a facilityJun 30, 2024
- Maturity shortened (observed)Jun 30, 2024
- Maturity extended (observed)Mar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- Lender left a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- Facility left every BDC scheduleDec 31, 2023
- Lender left a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- Lender left a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- Lender left a facilityDec 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
- PHOENIXderivedthe codename stem after legal suffixes and deal words
- Spellings
- 4 across 21 BDCsderived
- Industry
- Electronic Equipment, Instruments and Componentsreportedas one filer wrote it