DFX Intelligence
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Borrower
R•••••••• P••••••••• L••
Transportationgroup grade Aoff every schedule since Sep 30, 2024sponsor unattributed
Also written as: LLC Transportion: Cargo
Nothing material in the last 200 days. Last change: 30 Sep 2024, Consensus mark 72¢ on cost, down from 97¢ a year ago, 86¢ last quarter.
Mark path, consensus per quarter end
97¢ · 94¢ · 89¢ · 86¢ · 72¢Q3 2023 to Q3 2024
Where each lender marks it on the first lien term loan, 32 points apart
48¢80¢
Principal held
at least $119M
sum of BDC pieces, a lower bound
Fair value
$83.9M
72c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
5 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
Feb 28, 2028
no dated debt inside 24 months
On the tape since
Jun 30, 2022
latest Sep 30, 2024
Events
3
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2024, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| P••••••• C•••••• C••• | $62.1M | 70¢ | -17 pts |
| P••••••••• I••••••••• C••• | $36.3M | 80¢ | -7 pts |
| P••••••••• F••••••• R••• C•••••• L••• | $14.6M | 76¢ | -5 pts |
| B•• I••••••••• C••• | $4.39M | 48¢ | -29 pts |
| B• P••••••• L•••••• C••• | $1.95M | 48¢ | -29 pts |
Every BDC piece · 11 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••• C•••••• C••• | term loan first lien F•••• L••• T••• L••• | $62.1M | $42.7M 70c | S+600 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 02/28/2028 I••••••• T••••••••• C•••••• C••••• 10.75% B••• | $10.8M | $8.1M 84c | SOFR+615 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 02/28/2028 I••••••• T••••••••• C•••••• C••••• 10.75% B••• | $10.8M | $8.1M 84c | SOFR+615 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 4/28/2028 I••••••• T••••••••• C•••••• C••••• 25.00% B•••• | $4.9M | $3.7M 76c | SOFR+615 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 04/28/2028 I••••••• T••••••••• C•••••• C••••• 25.00% B••• | $4.9M | $3.7M 76c | S+615 bp |
View all 11 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 4/28/2028 I••••••• T••••••••• C•••••• C••••• 25.00% B•••• | $4.9M | $3.7M 76c | SOFR+615 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 2/28/2028 I••••••• Air F•••••• and L•••••••• C•••••• C••• | $4.9M | $3.7M 76c | SOFR+615 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 02/28/2028 I••••••• Air F•••••• and L•••••••• C•••••• C•• | $4.9M | $3.7M 76c | S+615 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 2/28/2028 I••••••• Air F•••••• and L•••••••• C•••••• C••• | $4.9M | $3.7M 76c | SOFR+615 bp |
| B•• I••••••••• C••• | term loan first lien F•••• L•••/S••••• S•••••• D••• I••••••• R••• 10.75% R•••••••• R••• and S••••• S••• + 6.00% | $4.4M | $2.1M 48c | S+600 bp |
| B• P••••••• L•••••• C••• | term loan first lien S••••• S•••••• L••• I••••••• R••• 11.34%, R•••••••• R••• and S••••• S + 6.00%, F•••• 1.50% | $1.9M | $917,000 48c | S+600 bp |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Sep 30, 2024 | at least $119M | 72c | SOFR+600 bp | Apr 28, 2028 | 5 |
Equity pieces beside the debt: other ($53.5M fair value, 1 BDC)
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2024 | 5 | $119M | $83.9M | 72c | 0 |
| Jun 30, 2024 | 6 | $91.8M | $77.0M | 86c | 0 |
| Mar 31, 2024 | 5 | $82.6M | $72.3M | 89c | 0 |
| Dec 31, 2023 | 6 | $91.7M | $84.6M | 94c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2023 | 4 | $36.1M | $39.4M | 97c | 0 |
| Jun 30, 2023 | 5 | $83.0M | $82.1M | 100c | 0 |
| Mar 31, 2023 | 5 | $81.3M | $80.2M | 100c | 0 |
| Dec 31, 2022 | 3 | $70.3M | $70.2M | 101c | 0 |
| Sep 30, 2022 | 4 | $89.2M | $87.4M | 100c | 0 |
| Sep 22, 2022 | 1 | $0 | $0 | n/a | 0 |
| Jun 30, 2022 | 1 | $53.4M | $52.9M | 101c | 0 |
What changed
- Marked down across lendersSep 30, 2024
- Facility left every BDC scheduleSep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
Full timeline · 19 eventsShow fewer
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Mar 31, 2024
- Marked down (one lender)Mar 31, 2024
- Marked down (one lender)Mar 31, 2024
- Marked down (one lender)Mar 31, 2024
- Marked down (one lender)Mar 31, 2024
- New lender joined a facilityDec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Marked down (one lender)Dec 31, 2023
- New lender joined a facilitySep 30, 2022
- New lender joined a facilitySep 30, 2022
- New borrower on a BDC scheduleJun 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
- RECEPTIONderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- Transportationreportedas one filer wrote it