DFX Intelligence
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Borrower
W•••••••• L••
Beveragesgroup grade Aon a schedule nowsponsor unattributed
Also written as: LLC Beverages Initial; LLC Beverages One
Principal held
at least $85.0M
sum of BDC pieces, a lower bound
Fair value
$20.3M
70c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Apr 1, 2028
$85.0M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
9
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| unsecured or subordinated subordinated debt unsecured or subordinated | at least $54.9M | n/a | PIK 15.00% | Apr 1, 2028 | 1 |
| second lien term loan second lien | at least $30.1M | 70c | PIK 12.00% | Apr 1, 2028 | 2 |
| first lien term loan first lien exited Sep 30, 2023 | at least $43.0M | 97c | S+700 bp PIK 12.00% | Nov 14, 2024 | 2 |
Equity pieces beside the debt: preferred equity ($0 fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• B••• I••• | preferred equity equity P•••••••• S•••• I••••••• B•••••••• I•••••• A••••••••• D••• 03/03/21 | n/a | $0 0c | |
| G•••••• S•••• B••• I••• | term loan second lien 2nd L•••/S••••• S•••••• D••• I••••••• B•••••••• R•••••••• R••• and S••••• S + 12.00% PIK M | $4.0M | $4.8M 149c | PIK 12.00% |
| G•••••• S•••• B••• I••• | preferred equity equity P•••••••• S•••• I••••••• B•••••••• I•••••• A••••••••• D••• 11/14/18 | n/a | $0 0c | |
| G•••••• S•••• B••• I••• | term loan second lien 2nd L•••/S••••• S•••••• D••• I••••••• B•••••••• R•••••••• R••• and S••••• S + 12.00% PIK M | $14.5M | $7.7M 53c | PIK 12.00% |
| S••••• C•••••• H••••••• L•• | subordinated debt unsecured or subordinated U•••••••• D••• R•••••••• R••• and S••••• S + 15.00% PIK M••••••• 04/01/28 Two | $10.0M | n/a n/a | PIK 15.00% |
| S••••• C•••••• H••••••• L•• | term loan second lien 2nd L•••/S••••• S•••••• D••• R•••••••• R••• and S••••• S + 12.00% PIK M••••••• 04/01/28 | $9.1M | $4.8M 53c | PIK 12.00% |
| S••••• C•••••• H••••••• L•• | term loan second lien 2nd L•••/S••••• S•••••• D••• R•••••••• R••• and S••••• S + 12.00% PIK M••••••• 04/01/28 On | $2.5M | $3.0M 149c | PIK 12.00% |
| S••••• C•••••• H••••••• L•• | subordinated debt unsecured or subordinated U•••••••• D••• R•••••••• R••• and S••••• S + 15.00% PIK M••••••• 04/01/28 One | $16.4M | n/a n/a | PIK 15.00% |
| S••••• C•••••• H••••••• L•• | preferred equity equity P•••••••• S•••• A••••••••• D••• 11/14/18 | n/a | n/a n/a | |
| S••••• C•••••• H••••••• L•• | subordinated debt unsecured or subordinated U•••••••• D••• R•••••••• R••• and S••••• S + 15.00% PIK M••••••• 04/01/28 | $28.5M | n/a | PIK 15.00% |
| S••••• C•••••• H••••••• L•• | preferred equity equity P•••••••• S•••• A••••••••• D••• 03/03/21 | n/a | n/a n/a |
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, 2026 | 2 | $85.0M | $20.3M | 48c | 7 |
| Mar 31, 2026 | 2 | $81.4M | $30.0M | 72c | 7 |
| Dec 31, 2025 | 2 | $77.9M | $34.0M | 84c | 7 |
| Sep 30, 2025 | 2 | $74.4M | $32.1M | 81c | 7 |
| Jun 30, 2025 | 2 | $71.1M | $30.3M | 78c | 7 |
| Mar 31, 2025 | 2 | $68.1M | $29.6M | 79c | 7 |
| Dec 31, 2024 | 2 | $65.0M | $29.0M | 79c | 7 |
| Sep 30, 2024 | 2 | $62.0M | $28.2M | 79c | 5 |
| Jun 30, 2024 | 2 | $42.8M | $26.1M | 82c | 3 |
| Mar 31, 2024 | 2 | $36.1M | $23.8M | 84c | 5 |
| Dec 31, 2023 | 2 | $68.7M | $55.6M | 101c | 8 |
| Sep 30, 2023 | 2 | $43.0M | $43.1M | 97c | 2 |
| Jun 30, 2023 | 2 | $42.8M | $0 | n/a | 4 |
| Mar 31, 2023 | 2 | $42.5M | $0 | n/a | 2 |
| Dec 31, 2022 | 2 | $61.3M | $47.1M | 113c | 4 |
What changed
- Maturity approachingApr 1, 2028
- Maturity approachingApr 1, 2028
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- PIK interest appearsDec 31, 2024
- PIK interest appearsSep 30, 2024
- PIK interest appearsSep 30, 2024
- Marked down across lendersMar 31, 2024
- Marked down (one lender)Mar 31, 2024
- Facility left every BDC scheduleSep 30, 2023
- Spread increasedSep 30, 2023
- New borrower on a BDC scheduleDec 31, 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
- WINE COMderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Beveragesreportedas one filer wrote it