DFX Intelligence
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Borrower
F•••••• M•••••••• I••••••••• H•••••••• L••
Aerospace & Defensegroup grade Aoff every schedule since Dec 31, 2024sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Dec 2024, Non-accrual at 1 of 1 lender on the latest schedules, first placed in Q3 2024.
Mark path, consensus per quarter end
84¢ · 83¢ · 77¢ · 65¢ · 78¢Q4 2023 to Q4 2024
Principal held
at least $30.9M
sum of BDC pieces, a lower bound
Fair value
$13.1M
44c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Oct 9, 2025
$30.9M inside 24 months
On the tape since
Dec 31, 2021
latest Dec 31, 2024
Events
11
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2024, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••• C•••••• S•••••••• F••••••• I••• | $30.9M | 78¢ | +13 pts |
Every BDC piece · 3 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• C•••••• S•••••••• F••••••• I••• | term loan first lien F•••• L••• S••••• S•••••• L••• S••• S••••• 4.40% I••••••• R••• 8.91% M••••••• D••• 10/9/20 | $16.0M | $12.4M 78c | SOFR+440 bp |
| B••• C•••••• S•••••••• F••••••• I••• | term loan second lien S••••• L••• S••••• S•••••• L••• S••• S••••• 8.90% PIK I••••••• R••• 13.41% M••••••• D••• 1 | $7.5M | $335,000 5c | SOFR+890 bp PIK 8.90% |
| B••• C•••••• S•••••••• F••••••• I••• | term loan second lien S••••• L••• S••••• S•••••• L••• S••• S••••• 8.90% I••••••• R••• 13.41% M••••••• D••• 10/9/ | $7.5M | $335,000 5c | S+890 bp PIK 8.90% |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2024 | at least $16.0M | 78c | SOFR+440 bp | Oct 9, 2025 | 1 |
| second lien term loan second lien exited Dec 31, 2024 | at least $14.9M | 5c | SOFR+890 bp PIK 8.90% | Oct 9, 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, 2024 | 1 | $30.9M | $13.1M | 44c | 2 |
| Sep 30, 2024 | 1 | $39.1M | $25.4M | 65c | 1 |
| Jun 30, 2024 | 1 | $22.9M | $17.7M | 77c | 0 |
| Mar 31, 2024 | 1 | $22.8M | $18.8M | 83c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2023 | 1 | $22.7M | $19.1M | 84c | 1 |
| Sep 30, 2023 | 1 | $22.7M | $19.0M | 84c | 0 |
| Jun 30, 2023 | 1 | $22.7M | $19.0M | 84c | 0 |
| Mar 31, 2023 | 1 | $22.8M | $18.7M | 83c | 0 |
| Dec 31, 2022 | 1 | $45.6M | $37.5M | 83c | 0 |
| Sep 30, 2022 | 1 | $22.9M | $19.3M | 85c | 0 |
| Dec 31, 2021 | 1 | $23.0M | $21.1M | 92c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Marked down across lendersSep 30, 2024
- PIK interest appearsSep 30, 2024
- Placed on non-accrualSep 30, 2024
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Sep 30, 2024
- PIK interest appearsSep 30, 2024
- Marked down across lendersJun 30, 2024
- Marked down (one lender)Jun 30, 2024
- PIK interest appearsDec 31, 2023
- PIK interest appearsDec 31, 2023
- Spread changed (observed)Sep 30, 2023
- Maturity shortened (observed)Mar 31, 2023
- Maturity extended (observed)Dec 31, 2022
- Spread increasedDec 31, 2022
- Maturity extended (observed)Dec 31, 2022
- Marked down across lendersSep 30, 2022
- Marked down across lendersSep 30, 2022
- Marked down (one lender)Sep 30, 2022
- Marked down (one lender)Sep 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
- FORMING MACHINING INDUSTRIESderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Aerospace & Defensereportedas one filer wrote it