DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
Borrower
Illuminate Buyer, LLC
Also written as: Illuminate Merger Sub Corp
Principal held
at least $32.1M
sum of BDC pieces, a lower bound
Fair value
$31.6M
98c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
3
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Dec 31, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
3
dated, non-routine
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 $32.1M | 98c | SOFR+250 bp | Dec 31, 2029 | 1 |
| other lien unstated exited Dec 31, 2023 | at least $15.1M | 101c | S+350 bp | Jun 30, 2027 | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Goldman Sachs Private Credit Corp. | term loan first lien 1st Lien/Senior Secured Debt Industry Chemicals Interest Rate 6.14% Reference Rate and Spr | $32.1M | $31.6M 98c | SOFR+250 bp |
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 | 1 | $32.1M | $31.6M | 98c | 0 |
| Mar 31, 2026 | 1 | $32.1M | $31.9M | 99c | 0 |
| Dec 31, 2025 | 1 | $64.5M | $64.5M | 100c | 0 |
| Sep 30, 2025 | 1 | $22.7M | $22.8M | 100c | 0 |
| Jun 30, 2025 | 1 | $22.4M | $22.4M | 100c | 0 |
| Mar 31, 2025 | 1 | $22.4M | $22.4M | 99c | 0 |
| Dec 31, 2024 | 1 | $20.0M | $20.1M | 100c | 0 |
| Sep 30, 2024 | 1 | $12.5M | $12.5M | 100c | 0 |
| Jun 30, 2024 | 1 | $8.5M | $8.6M | 100c | 0 |
| Mar 31, 2024 | 1 | $8.6M | $8.6M | 100c | 0 |
| Dec 31, 2023 | 2 | $21.1M | $21.1M | 101c | 0 |
| Sep 30, 2023 | 2 | $14.8M | $14.8M | 101c | 0 |
| Jun 30, 2023 | 2 | $12.4M | $12.1M | 100c | 0 |
| Mar 31, 2023 | 1 | $12.2M | $12.0M | 100c | 0 |
| Dec 31, 2022 | 1 | $7.3M | $7.0M | 96c | 0 |
| Sep 30, 2022 | 1 | $30.8M | $27.0M | 89c | 0 |
| Dec 31, 2021 | 1 | $8.0M | $7.9M | 100c | 0 |
What changed
- Spread changed (observed)Dec 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Facility left every BDC scheduleDec 31, 2023
- Marked down (one lender)Sep 30, 2022
Sponsor
- Compass Group Equity Partners
- the sponsor's own portfolio page lists a company of this nameestimatedcgep.com"portfolio card on https://www.cgep.com/partners/: Cold chain logistics company specializing in the last-mile, mail-order pharmacies and pharmaceutical manufacturing industries."
Identity
- Group key
- ILLUMINATEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 3 BDCsderived
- Industry
- Chemicalsreportedas one filer wrote it