DFX Intelligence
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Borrower
I•• H•••••••• I••
IT Servicesgroup grade Aoff every schedule since Mar 31, 2025sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Mar 2025, $52.8M principal held by 3 lenders; matures Mar 2028.
Mark path, consensus per quarter end
99¢ · 100¢ · 100¢ · 100¢ · 100¢Q1 2024 to Q1 2025
Where each lender marks it on the first lien term loan, 1 point apart
100¢101¢
Principal held
at least $52.8M
sum of BDC pieces, a lower bound
Fair value
$52.1M
100c on cost, debt pieces
Unfunded
$1.8M
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Mar 1, 2028
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Mar 31, 2025
Events
6
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••• C•••••• C••• | $38.1M | 100¢ | 0 pts |
| P••••••••• I••••••••• C••• | $10.2M | 101¢ | 0 pts |
| P••••••••• F••••••• R••• C•••••• L••• | $4.55M | 101¢ | 0 pts |
Every BDC piece · 10 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $34.2M | $34.2M 100c | S+550 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 03/03/2028 I••••••• B••••••• Services C•••••• C••••• 9.94 | $8.7M | $8.7M 101c | SOFR+565 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 3/3/2028 I••••••• IT Services C•••••• C••••• 9.94% B•••• | $3.9M | $3.9M 101c | SOFR+565 bp |
| A••• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan 2 | $2.7M | $2.7M 100c | S+550 bp |
| A••• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan 3 | $1.2M | $1.2M 100c | S+450 bp |
View all 10 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• R••••••• M••••••• 03/03/2028 I••••••• B••••••• Services C•••••• C• | $1.0M | $1.0M 100c | SOFR+450 bp |
| P••••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• R••••••• M••••••• 03/03/2028 I••••••• B••••••• Services | $489,000 | Not disclosed | S+450 bp |
| P••••••••• F••••••• R••• C•••••• L••• | revolver first lien F•••• L••• S•••••• D••• R••••••• M••••••• 03/03/2028 I••••••• IT Services C•••••• C••••• 1 | $447,000 | $447,000 100c | SOFR+450 bp |
| P••••••••• F••••••• R••• C•••••• L••• | revolver first lien F•••• L••• S•••••• D••• R••••••• M••••••• 03/03/2028 I••••••• IT Services | $218,000 | Not disclosed | S+450 bp |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2025 | at least $46.8M | 100c | SOFR+565 bp | Mar 3, 2028 | 3 |
| first lien revolver first lien exited Mar 31, 2025 | at least $6.1M | 100c | SOFR+450 bp | Mar 3, 2028 | 3 |
Equity pieces beside the debt: other (Not disclosed 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 |
|---|---|---|---|---|---|
| Mar 31, 2025 | 3 | $52.8M | $52.1M | 100c | 0 |
| Dec 31, 2024 | 3 | $53.2M | $52.5M | 100c | 0 |
| Sep 30, 2024 | 3 | $72.7M | $71.6M | 100c | 0 |
| Jun 30, 2024 | 3 | $53.9M | $53.5M | 100c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 3 | $54.4M | $53.5M | 99c | 0 |
| Dec 31, 2023 | 3 | $55.4M | $53.2M | 97c | 0 |
| Sep 30, 2023 | 3 | $69.7M | $66.7M | 97c | 0 |
| Jun 30, 2023 | 3 | $54.4M | $52.3M | 97c | 0 |
| Mar 31, 2023 | 3 | $57.5M | $55.2M | 98c | 0 |
| Dec 31, 2022 | 1 | $42.9M | $42.4M | 99c | 0 |
| Sep 30, 2022 | 3 | $60.0M | $57.0M | 99c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- Spread changed (observed)Dec 31, 2023
- Spread increasedSep 30, 2023
- Spread changed (observed)Jun 30, 2023
Full timeline · 8 eventsShow fewer
- Spread increasedJun 30, 2023
- Spread changed (observed)Dec 31, 2022
- New borrower on a BDC scheduleSep 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
- ITI HOLDINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- IT Servicesreportedas one filer wrote it