DFX Intelligence
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Borrower
L•••••••• H•••••••• I••
Consumer Goods - Durablegroup grade Aoff every schedule since Dec 31, 2022sponsor not established · possible relationship
Also written as: Letters of Credit; L••••••••; Undrawn Commitment
Nothing material in the last 200 days. Last change: 31 Dec 2022, Consensus mark 101¢ on cost, up from 83¢ in Q4 2021, 92¢ last quarter.
Mark path, consensus per quarter end
83¢ · 92¢ · 101¢Q4 2021 to Q4 2022
Where each lender marks it on the first lien term loan, 1 point apart
100¢101¢
Principal held
at least $13.2M
sum of BDC pieces, a lower bound
Fair value
$14.4M
101c on cost, debt pieces
Unfunded
$2.1M
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Jun 3, 2024
$6.1M inside 24 months
On the tape since
Dec 31, 2021
latest Dec 31, 2022
Events
7
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2022, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | $7.12M | 101¢ | new this quarter |
| C•••••• S•••••• L••••••• I••• | $4.07M | 100¢ | +8 pts |
| C•••••• C••••• S••••••••• I••• | $2.03M | 101¢ | new this quarter |
| M••••• C•••••• C••• | no principal filed | no cost filed | new this quarter |
Every BDC piece · 15 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | revolver first lien Investment T••• F•••• L••• S•••••• D••• - R••••••• I••••••• R••• L+450, 1.00% F•••• M••••• | $2.6M | $1.8M | S+450 bp |
| M••••• F•••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• - R••••••• L+450, 1.00% F•••• M••••••• D••• 02/26/25 | $2.6M | $1.8M 101c | S+450 bp |
| C•••••• C••••• S••••••••• I••• | term loan first lien F•••• L••• | $2.0M | $2.0M 101c | S+450 bp |
| C•••••• S•••••• L••••••• I••• | term loan first lien F•••• L••• | $2.0M | $2.0M 100c | S+450 bp |
| C•••••• S•••••• L••••••• I••• | term loan first lien F•••• L••• D••• | $2.0M | $2.0M 100c | S+450 bp |
View all 15 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | revolver first lien Investment T••• F•••• L••• S•••••• D••• - R••••••• I••••••• R••• P+350 M••••••• D••• 02/26 | $911,000 | $911,000 | S+350 bp |
| M••••• F•••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• - R••••••• P+350 M••••••• D••• 02/26/25 | $911,000 | $911,000 100c | S+350 bp |
| C•••••• C••••• S••••••••• I••• | revolver second lien F•••• and S••••• L••• R••••••• | Not disclosed | Not disclosed | |
| C•••••• S•••••• L••••••• I••• | revolver second lien F•••• and S••••• L••• D••• R••••••• | Not disclosed | Not disclosed | |
| M••••• F•••••••• I••••••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| M••••• F•••••••• I••••••••• C••• | unstated lien unstated | Not disclosed | $2.8M 101c | |
| M••••• F•••••••• I••••••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| M••••• F•••••••• I••••••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| M••••• F•••••••• I••••••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| M••••• C•••••• C••• | term loan first lien S••••• S•••••• L••••, due 2/26/2027 | Not disclosed | Not disclosed | LIBOR+450 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2022
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien revolver first lien exited Dec 31, 2022 | at least $7.1M | 101c | S+450 bp | Feb 26, 2025 | 1 |
| first lien term loan first lien exited Dec 31, 2022 | at least $6.1M | 100c | LIBOR+450 bp | Feb 26, 2027 | 3 |
| second lien revolver second lien exited Dec 31, 2022 | unknown | n/a | unstated | 2 |
Equity pieces beside the debt: other ($2.8M 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 |
|---|---|---|---|---|---|
| Dec 31, 2022 | 4 | $13.2M | $11.6M | 132c | 0 |
| Sep 30, 2022 | 1 | $2.1M | $1.9M | 92c | 0 |
| Mar 31, 2022 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2021 | 2 | $5.8M | $5.2M | 354c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2022
- Facility left every BDC scheduleDec 31, 2022
- Maturity extended (observed)Dec 31, 2022
- Mark recoveredDec 31, 2022
- Facility left every BDC scheduleDec 31, 2022
Full timeline · 7 eventsShow fewer
- Mark recoveredSep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
Possible relationship, not established: T•• S••••••• G••••• L•••, because a company of this name is on the sponsor's portfolio page (confidence 0.65). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- T•• S••••••• G••••• L•••
- the sponsor's own portfolio page lists a company of this nameestimatedsterling-group.com"••• Locked"
Identity
- Group key
- LIQUI BOXderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 4 BDCsderived
- Industry
- Consumer Goods - Durablereportedas one filer wrote it