DFX Intelligence
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Borrower
R••••••••• I••
Media: Advertising, Printing & Publishinggroup grade Aoff every schedule since Dec 31, 2023sponsor not established · possible relationship
Also written as: Commercial Printing; Inc. Emerald JV LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
97¢ · 97¢ · 97¢ · 99¢ · 100¢Q4 2022 to Q4 2023
Where each lender marks it on the first lien term loan, 0 points apart
100¢100¢
Principal held
at least $89.0M
sum of BDC pieces, a lower bound
Fair value
$88.7M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
5 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Oct 1, 2025
$86.4M inside 24 months
On the tape since
Dec 31, 2021
latest Dec 31, 2023
Events
4
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2023, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| C•••••• S•••••• L••••••• I••• | $57.1M | 100¢ | +2 pts |
| B••••••••• P•••••• C••••• F••• | $21M | 100¢ | +1 pts |
| A•••• C••••• B•• I••• | $7.6M | 100¢ | 0 pts |
| B•••••• P•••••• C••••• C••• | $2.56M | 101¢ | 0 pts |
| C••••••• P•••••• C••••• I••••• C••• | $744K | 103¢ | 0 pts |
Every BDC piece · 9 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••• S•••••• L••••••• I••• | term loan first lien | $28.5M | $28.4M 100c | S+400 bp |
| C•••••• S•••••• L••••••• I••• | term loan first lien F•••• L••• D••• | $28.5M | $28.4M 100c | S+400 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $15.1M | $15.1M 100c | S+400 bp |
| A•••• C••••• B•• I••• | term loan first lien Investment T••• S••••• S•••••• I•••••• T••• L••• (F•••• L•••) I•••• S+ S••••• 4.00% I••••• | $3.8M | $3.8M 100c | S+400 bp |
| A•••• C••••• B•• I••• | term loan first lien S••••• S•••••• I•••••• T••• L••• (F•••• L•••), Due 10/11/2025 | $3.8M | $3.8M 100c | SOFR+400 bp |
View all 9 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $2.9M | $2.9M 100c | S+400 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $2.9M | $2.9M 100c | S+400 bp |
| B•••••• P•••••• C••••• C••• | term loan second lien S••••• L••• S••••• S•••••• T••• L••• | $2.6M | $2.6M 101c | S+825 bp |
| C••••••• P•••••• C••••• I••••• C••• | term loan first lien Investment T••• S••••• U••••••••• S••••• S•••••• F•••• L••• T••• L••• I••••••• T••• S + 40 | $744,000 | $742,000 103c | S+400 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2023
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2023 | at least $65.4M | 100c | SOFR+400 bp | Oct 11, 2025 | 3 |
| other lien unstated exited Dec 31, 2023 | at least $21.0M | 100c | S+400 bp | Oct 11, 2025 | 1 |
| second lien term loan second lien exited Dec 31, 2023 | at least $2.6M | 101c | S+825 bp | unstated | 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, 2023 | 5 | $89.0M | $88.7M | 100c | 0 |
| Sep 30, 2023 | 5 | $53.8M | $53.0M | 99c | 0 |
| Jun 30, 2023 | 4 | $53.2M | $51.4M | 97c | 0 |
| Mar 31, 2023 | 3 | $46.6M | $45.0M | 97c | 0 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2022 | 4 | $82.3M | $79.5M | 97c | 0 |
| Sep 30, 2022 | 2 | $44.3M | $42.5M | 97c | 0 |
| Dec 31, 2021 | 2 | $73.7M | $73.6M | 100c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2023
- Facility left every BDC scheduleDec 31, 2023
- Facility left every BDC scheduleDec 31, 2023
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
Possible relationship, not established: F•••••• H••••••••• P•••••••, because a company of this name is on the sponsor's portfolio page (confidence 0.6). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- F•••••• H••••••••• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedfrazierhealthcare.com"••• Locked"
Identity
- Group key
- REVSPRINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- Media: Advertising, Printing & Publishingreportedas one filer wrote it