DFX Intelligence
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Borrower
M•• E••••• G••••• L•• 6••• C•••• W•• S•• D•••• C• 9••••
Apparel Security 1st Lien Secured Loangroup grade Aoff every schedule since Jun 30, 2023sponsor unattributed
Also written as: 92121 Apparel; Mad E••••• Global LLC 6740 C•••• Way San D•••• CA
Nothing material in the last 200 days. Last change: 30 Jun 2023, Consensus mark 72¢ on cost, down from 83¢ in Q4 2022, 77¢ last quarter.
Mark path, consensus per quarter end
83¢ · 77¢ · 72¢Q4 2022 to Q2 2023
Principal held
at least $2.9M
sum of BDC pieces, a lower bound
Fair value
$2.0M
72c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Jul 15, 2027
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2023
Events
3
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2023, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| G•••• E•• C•••••• C•••• | $2.87M | 72¢ | -5 pts |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• E•• C•••••• C•••• | term loan first lien I••••••• A•••••• S••••••• 1st L••• S•••••• L••• I••••••• R••• 3M L + 7.00% 8.00% F•••• (12 | $2.9M | $2.0M 72c | S+700 bp |
| G•••• E•• C•••••• C•••• | term loan first lien I••••••• A•••••• S••••••• 1st L••• S•••••• L••• I••••••• R••• 3 M•••• L•••• | Not disclosed | Not disclosed | S+700 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2023
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Jun 30, 2023 | at least $2.9M | 72c | S+700 bp | Jul 15, 2027 | 1 |
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, 2023 | 1 | $2.9M | $2.0M | 72c | 0 |
| Mar 31, 2023 | 1 | $2.9M | $2.2M | 77c | 0 |
| Dec 31, 2022 | 1 | $2.9M | $2.4M | 83c | 0 |
What changed
- Facility left every BDC scheduleJun 30, 2023
- Marked down across lendersJun 30, 2023
- Marked down (one lender)Jun 30, 2023
- Marked down across lendersMar 31, 2023
- Marked down (one lender)Mar 31, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- MAD ENGINE COBRA WAY SAN DIEGO CAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 1 BDCderived
- Industry
- Apparel Security 1st Lien Secured Loanreportedas one filer wrote it