DFX Intelligence
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Borrower
D•••••• I••
IT Servicesgroup grade Aoff every schedule since Dec 31, 2024sponsor unattributed
Also written as: Emerald JV LP; Inc. 1; Inc. 1 Emerald JV LP; Inc. 2 Emerald JV LP
Principal held
at least $139M
sum of BDC pieces, a lower bound
Fair value
$138M
100c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
6
3 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Dec 29, 2027
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Dec 31, 2024
Events
6
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Dec 31, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Mar 31, 2024 | at least $328M | 101c | S+600 bp | Dec 29, 2027 | 5 |
| first lien term loan first lien exited Dec 31, 2024 | at least $106M | 100c | SOFR+500 bp | Dec 29, 2027 | 3 |
| delayed draw term loan lien unstated exited Dec 31, 2024 | at least $32.4M | 100c | S+500 bp | unstated | 3 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.00% I••••••• R••• 9.49% M•••••• | $24.6M | $24.6M 101c | SOFR+500 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien F•••• L••• D••• R•••••••• R••• and S••••• S + 5.00% I••••••• R••• 9.49% M••••••• D••• 12/2 | $24.6M | $24.6M 101c | SOFR+500 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien F•••• L••• D••• | $24.6M | $24.6M 101c | S+500 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | delayed draw term loan lien unstated | $20.8M | $20.8M 100c | S+500 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.00% I••••••• R••• 9.49% M•••••• | $20.8M | $20.8M 100c | SOFR+500 bp |
| T• S••••• B•• L•• | term loan first lien F•••• L••• D••• R•••••••• R••• and S••••• S + 5.00% I••••••• R••• 9.49% M••••••• D••• 12/2 | $11.5M | $11.5M 100c | SOFR+500 bp |
| T• S••••• B•• L•• | delayed draw term loan lien unstated | $11.5M | $11.5M 100c | S+500 bp |
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, 2024 | 3 | $139M | $138M | 100c | 0 |
| Sep 30, 2024 | 3 | $57.1M | $56.9M | 100c | 0 |
| Jun 30, 2024 | 3 | $47.9M | $47.8M | 100c | 0 |
| Mar 31, 2024 | 6 | $923M | $923M | 101c | 0 |
| Dec 31, 2023 | 6 | $967M | $967M | 101c | 0 |
| Sep 30, 2023 | 6 | $927M | $923M | 100c | 0 |
| Jun 30, 2023 | 6 | $930M | $921M | 100c | 0 |
| Mar 31, 2023 | 6 | $890M | $880M | 100c | 0 |
| Dec 31, 2022 | 6 | $935M | $924M | 100c | 0 |
| Sep 30, 2022 | 2 | $836M | $828M | 100c | 0 |
| Dec 31, 2021 | 2 | $440M | $437M | 101c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Jun 30, 2024
- Facility left every BDC scheduleMar 31, 2024
- Lender left a facilityMar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Jun 30, 2023
- Maturity extended (observed)Jun 30, 2023
- Maturity shortened (observed)Dec 31, 2022
- Maturity extended (observed)Sep 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
- DONUTSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- IT Servicesreportedas one filer wrote it