DFX Intelligence
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Borrower
S•••••••• S•••••• H•••••• C••••••
Commercial Services & Suppliesgroup grade Aoff every schedule since Dec 31, 2023sponsor unattributed
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 100¢Q3 2022 to Q4 2023
Where each lender marks it on the first lien term loan, 0 points apart
100¢100¢
Principal held
at least $21.3M
sum of BDC pieces, a lower bound
Fair value
$17.5M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
May 3, 2024
$21.3M inside 24 months
On the tape since
Sep 30, 2022
latest Dec 31, 2023
Events
3
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 |
|---|---|---|---|
| P••••••••• I••••••••• C••• | $11.4M | 100¢ | 0 pts |
| P••••••••• F••••••• R••• C•••••• L••• | $9.89M | 100¢ | 0 pts |
Every BDC piece · 4 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 5/3/2024 I••••••• C••••••••, P••••••• and R••••• C•••••• | $9.4M | $9.4M 100c | S+665 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S••••• S•••••• D••• M••••••• 05/03/2024 I••••••• C••••••••• Services & S••••••• | $8.1M | $8.1M 100c | S+665 bp |
| P••••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• R•••••••) M••••••• 05/03/2024 C•••••••• ,P•••••• and R••••• | $2.0M | Not disclosed | S+665 bp |
| P••••••••• F••••••• R••• C•••••• L••• | revolver first lien F•••• L••• S••••• S•••••• D••• R•••••••) M••••••• 05/03/2024 I••••••• C••••••••• Services | $1.7M | Not disclosed | S+665 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 $17.5M | 100c | S+665 bp | May 3, 2024 | 2 |
| first lien revolver first lien exited Dec 31, 2023 | at least $3.8M | n/a | S+665 bp | May 3, 2024 | 2 |
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 | 2 | $21.3M | $17.5M | 100c | 0 |
| Sep 30, 2023 | 2 | $40.2M | $30.6M | 100c | 0 |
| Jun 30, 2023 | 2 | $25.0M | $21.3M | 100c | 0 |
| Mar 31, 2023 | 2 | $25.4M | $21.6M | 100c | 0 |
All 5 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2022 | 2 | $38.2M | $32.4M | 100c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2023
- Facility left every BDC scheduleDec 31, 2023
- Spread increasedJun 30, 2023
- New borrower on a BDC scheduleSep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SIGNATURE SYSTEMSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Commercial Services & Suppliesreportedas one filer wrote it