DFX Intelligence
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Borrower
S•• D••••••••• I••
Wholesalegroup grade Aoff every schedule since Mar 31, 2024sponsor unattributed
Also written as: Capital Goods; Emerald JV LP; Inc. 1; Inc. 1 Emerald JV LP; Inc. 2; Inc. 2 Emerald JV LP; Verdelite JV LP
Nothing material in the last 200 days. Last change: 31 Mar 2024, $113M principal held by 10 lenders; matures Jun 2028.
Mark path, consensus per quarter end
97¢ · 98¢ · 100¢ · 101¢ · 101¢Q1 2023 to Q1 2024
Where each lender marks it on the first lien term loan, 2 points apart
100¢102¢
Principal held
at least $113M
sum of BDC pieces, a lower bound
Fair value
$114M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
11
10 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jun 1, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2024
Events
3
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2024, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $40.7M | 102¢ | 0 pts |
| F• S•••••••• L•••••• F••• | $24.9M | 101¢ | 0 pts |
| B••• O•• C••••• I••••• C•••• | $23.8M | 101¢ | 0 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $5.39M | 101¢ | +1 pts |
| B••• O•• T••••••••• I••••• C•••• | $4.96M | 102¢ | +1 pts |
View all 10 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | $3.95M | 100¢ | new this quarter |
| B••• C•••••• P•••••• C••••• | $2.99M | 101¢ | new this quarter |
| B••• C•••••• S•••••••• F••••••• I••• | $2.99M | 101¢ | new this quarter |
| A••• S•••••••• I••••• F••• | $1.87M | 101¢ | +1 pts |
| B•••••••• P•••••• C••••• F••• | $1.24M | 104¢ | 0 pts |
Every BDC piece · 14 positions across 10 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F• S•••••••• L•••••• F••• | unstated lien unstated | $24.9M | $25.1M 101c | S+350 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | $23.8M | $24.0M 101c | S+350 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $18.4M | $18.5M 101c | S+350 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $7.9M | $8.0M 101c | S+325 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $7.8M | $7.9M 103c | S+350 bp |
View all 14 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N•••• H•••• P•••••• I••••• F••• L•• | unstated lien unstated | $5.4M | $5.4M 101c | S+350 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | $5.0M | $5.0M 102c | S+350 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $4.5M | $4.6M 104c | S+350 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• B••••••• P••••••• R•••••••• R••• and S••••• S + 3.50 | $4.0M | $4.0M 100c | S+350 bp |
| B••• C•••••• P•••••• C••••• | term loan first lien F•••• L••• S••••• S•••••• L••• S••• S••••• 3.35% I••••••• R••• 8.68% M••••••• D••• 6/5/202 | $3.0M | $3.0M 101c | S+335 bp |
| B••• C•••••• S•••••••• F••••••• I••• | term loan first lien F•••• L••• S••••• S•••••• L••• S••• S••••• 3.35% I••••••• R••• 8.68% M••••••• D••• 6/5/202 | $3.0M | $3.0M 101c | S+335 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $2.0M | $2.0M 102c | S+325 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $1.9M | $1.9M 101c | S+325 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(M) F•••• 0.50% S••••• 3.61% T•••• C••••• 8.94% M• | $1.2M | $1.2M 104c | S+361 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Mar 31, 2024 | at least $70.9M | 102c | S+350 bp | Jun 2, 2028 | 3 |
| first lien term loan first lien exited Mar 31, 2024 | at least $41.8M | 101c | S+350 bp | Jun 5, 2028 | 7 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 10 | $113M | $114M | 101c | 0 |
| Dec 31, 2023 | 7 | $132M | $133M | 101c | 0 |
| Sep 30, 2023 | 7 | $87.3M | $86.5M | 100c | 0 |
| Jun 30, 2023 | 4 | $71.2M | $69.3M | 98c | 0 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2023 | 4 | $57.4M | $55.4M | 97c | 0 |
| Dec 31, 2022 | 5 | $94.0M | $90.0M | 97c | 0 |
| Sep 30, 2022 | 1 | $66.9M | $61.8M | 93c | 0 |
| Dec 31, 2021 | 1 | $28.2M | $28.1M | 100c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2024
- Facility left every BDC scheduleMar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
Full timeline · 9 eventsShow fewer
- New lender joined a facilitySep 30, 2023
- New lender joined a facilitySep 30, 2023
- Marked down (one lender)Sep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- S•• D•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 11 BDCsderived
- Industry
- Wholesalereportedas one filer wrote it