DFX Intelligence
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Borrower
C•••• C•••••• O•••••• H•••••••• I••
group grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Also written as: Advertising; C•••• C•••••• O••••••; Fixed Rate; Inc. Emerald JV LP
Nothing material in the last 200 days. Last change: 31 Mar 2025, Consensus mark 100¢ on cost, down from 103¢ a year ago, 102¢ last quarter.
Mark path, consensus per quarter end
103¢ · 102¢ · 101¢ · 102¢ · 100¢Q1 2024 to Q1 2025
Where each lender marks it on the first lien term loan, 0 points apart
100¢100¢
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
Not disclosed
n/a on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
0 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Dec 31, 2025
Events
7
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| O•••••• S•••••••• C••••• F••• | $13.7M | 100¢ | new this quarter |
| F• S•••••••• L•••••• F••• | $12.5M | 101¢ | -1 pts |
| O•••••• S•••••••• L•••••• C••• | $6.28M | 100¢ | new this quarter |
Every BDC piece · 3 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| O•••••• S•••••••• C••••• F••• | term loan first lien F•••• L••• T••• L••• | $13.7M | $13.6M 100c | S+400 bp |
| F• S•••••••• L•••••• F••• | unstated lien unstated | $12.5M | $12.4M 101c | S+400 bp |
| O•••••• S•••••••• L•••••• C••• | term loan first lien F•••• L••• T••• L••• | $6.3M | $6.3M 100c | S+400 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2025 | at least $20.0M | 100c | S+400 bp | Aug 21, 2028 | 2 |
| other lien unstated exited Mar 31, 2025 | at least $12.5M | 101c | S+400 bp | Aug 21, 2028 | 1 |
| notes lien unstated exited Jun 30, 2024 | at least $4.0M | 105c | 9.00% | Sep 15, 2028 | 1 |
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, 2025 | 3 | $32.5M | $32.3M | 100c | 0 |
| Dec 31, 2024 | 1 | $12.5M | $12.6M | 102c | 0 |
| Sep 30, 2024 | 2 | $26.5M | $26.5M | 101c | 0 |
| Jun 30, 2024 | 2 | $23.8M | $24.0M | 102c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 2 | $30.8M | $31.0M | 103c | 0 |
| Dec 31, 2023 | 5 | $43.4M | $42.8M | 101c | 0 |
| Sep 30, 2023 | 4 | $19.5M | $18.4M | 98c | 0 |
| Jun 30, 2023 | 4 | $72.3M | $68.5M | 98c | 0 |
| Mar 31, 2023 | 3 | $44.1M | $40.5M | 95c | 0 |
| Dec 31, 2022 | 2 | $40.6M | $36.2M | 91c | 0 |
| Sep 30, 2022 | 3 | $54.4M | $46.9M | 89c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- New lender joined a facilityMar 31, 2025
- Facility left every BDC scheduleJun 30, 2024
- Maturity extended (observed)Mar 31, 2024
Full timeline · 16 eventsShow fewer
- Spread increasedMar 31, 2024
- Spread increasedMar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- New lender joined a facilityDec 31, 2023
- Mark recoveredDec 31, 2023
- Mark recoveredSep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- New lender joined a facilityJun 30, 2023
- Maturity shortened (observed)Mar 31, 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
- CLEAR CHANNEL OUTDOORderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 5 BDCsderived