DFX Intelligence
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Borrower
L• C••••••• S••••••• H•••••••• I••
Pharmaceuticalsgroup grade Aon a schedule nowsponsor unattributed
Also written as: CATO; Cato Research; Undrawn Commitment
Principal held
at least $40.9M
sum of BDC pieces, a lower bound
Fair value
$28.8M
71c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
3
2 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Jun 18, 2029
no dated debt inside 24 months
On the tape since
Mar 31, 2022
latest Jun 30, 2026
Events
9
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 $40.9M | 71c | SOFR+925 bp | Dec 17, 2029 | 3 |
| first lien revolver first lien exited Dec 31, 2024 | at least $1.6M | 97c | SOFR+751 bp | Jun 16, 2027 | 1 |
Equity pieces beside the debt: other (n/a fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• P••••••••• I••••••• R••• 12.98% R•••••••• R••• and S | $1.3M | $887,000 71c | SOFR+925 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• P••••••••• I••••••• R••• 12.98% R•••••••• R••• and S | $20.2M | $14.2M 71c | SOFR+925 bp |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• P••••••••• I••••••• R••• 12.98% R•••••••• R••• and S | $18.3M | $12.9M 71c | SOFR+925 bp |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• P••••••••• I••••••• R••• 12.98% R•••••••• R••• and S | $1.1M | $805,000 71c | SOFR+925 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 | 2 | $40.9M | $28.8M | 71c | 0 |
| Mar 31, 2026 | 2 | $39.9M | $29.9M | 75c | 4 |
| Dec 31, 2025 | 2 | $40.6M | $31.7M | 79c | 4 |
| Sep 30, 2025 | 2 | $39.6M | $31.9M | 81c | 4 |
| Jun 30, 2025 | 2 | $38.8M | $31.5M | 83c | 4 |
| Mar 31, 2025 | 3 | $38.4M | $33.0M | 89c | 4 |
| Dec 31, 2024 | 3 | $56.0M | $49.4M | 91c | 5 |
| Sep 30, 2024 | 3 | $36.7M | $31.5M | 89c | 0 |
| Jun 30, 2024 | 3 | $35.8M | $31.1M | 89c | 0 |
| Mar 31, 2024 | 3 | $34.8M | $26.9M | 88c | 0 |
| Dec 31, 2023 | 3 | $67.9M | $56.0M | 91c | 8 |
| Sep 30, 2023 | 3 | $33.0M | $30.3M | 93c | 0 |
| Jun 30, 2023 | 3 | $33.1M | $0 | n/a | 0 |
| Mar 31, 2023 | 3 | $17.4M | $0 | n/a | 0 |
| Dec 31, 2022 | 3 | $33.3M | $32.4M | 99c | 0 |
| Mar 31, 2022 | 1 | $0 | $0 | n/a | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- PIK interest increasedSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- PIK interest appearsDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2023
- PIK interest appearsDec 31, 2023
- PIK interest appearsDec 31, 2023
- New borrower on a BDC scheduleMar 31, 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
- LS CLINICAL SERVICESderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Pharmaceuticalsreportedas one filer wrote it