DFX Intelligence
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Borrower
Q• H•••••• C•••••••••
Environmental Industriesgroup grade Aoff every schedule since Mar 31, 2023sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Mar 2023, Consensus mark 101¢ on cost, up from 98¢ in Q4 2021, 98¢ last quarter.
Mark path, consensus per quarter end
98¢ · 99¢ · 98¢ · 101¢Q4 2021 to Q1 2023
Principal held
at least $120M
sum of BDC pieces, a lower bound
Fair value
$120M
101c on cost, debt pieces
Unfunded
$11.3M
commitments not yet drawn
BDC lenders
5
5 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Aug 31, 2026
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2023
Events
9
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2023, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| C•••••• S•••••• L••••••• I••• | $65.5M | 100¢ | +1 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $23.8M | 101¢ | +4 pts |
| T• S••••• B•• L•• | $14.7M | 101¢ | +4 pts |
| M••••• S•••••• D••••• L•••••• F••• | $11.7M | 101¢ | +4 pts |
| S• I••••••••• C•••• | $4.55M | 101¢ | +4 pts |
Every BDC piece · 18 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••• S•••••• L••••••• I••• | term loan first lien F•••• L••• D••• | $32.2M | $32.2M 100c | S+550 bp |
| C•••••• S•••••• L••••••• I••• | unstated lien unstated | $23.4M | $23.4M 101c | S+550 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | unstated lien unstated | $18.1M | $18.1M 101c | S+550 bp |
| T• S••••• B•• L•• | unstated lien unstated | $11.2M | $11.2M 101c | S+550 bp |
| C•••••• S•••••• L••••••• I••• | unstated lien unstated | $9.9M | $9.9M 101c | S+550 bp |
View all 18 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• S•••••• D••••• L•••••• F••• | unstated lien unstated | $8.9M | $8.9M 101c | S+550 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | unstated lien unstated | $4.2M | $4.2M 101c | S+450 bp |
| S• I••••••••• C•••• | unstated lien unstated | $3.3M | $3.3M 101c | S+550 bp |
| T• S••••• B•• L•• | unstated lien unstated | $2.6M | $2.6M 101c | S+450 bp |
| M••••• S•••••• D••••• L•••••• F••• | unstated lien unstated | $2.1M | $2.1M 101c | S+450 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | unstated lien unstated | $1.5M | $1.5M 104c | S+450 bp |
| T• S••••• B•• L•• | unstated lien unstated | $950,000 | $950,000 104c | S+450 bp |
| S• I••••••••• C•••• | unstated lien unstated | $761,000 | $761,000 101c | S+450 bp |
| M••••• S•••••• D••••• L•••••• F••• | unstated lien unstated | $755,000 | $755,000 104c | S+450 bp |
| S• I••••••••• C•••• | unstated lien unstated | $500,000 | $500,000 102c | S+450 bp |
| C•••••• S•••••• L••••••• I••• | delayed draw term loan lien unstated D•••••• D••• | Not disclosed | Not disclosed | S+550 bp |
| M••••• S•••••• D••••• L•••••• F••• | unstated lien unstated | Not disclosed | Not disclosed | |
| M••••• S•••••• D••••• L•••••• F••• | unstated lien unstated | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2023
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Mar 31, 2023 | at least $88.1M | 101c | S+550 bp | Aug 31, 2026 | 5 |
| first lien term loan first lien exited Mar 31, 2023 | at least $32.2M | 100c | S+550 bp | Aug 31, 2026 | 1 |
| first lien revolver first lien exited Dec 31, 2022 | unknown | n/a | S+550 bp | unstated | 1 |
| revolver lien unstated exited Dec 31, 2022 | unknown | n/a | S+550 bp | unstated | 3 |
| delayed draw term loan lien unstated exited Mar 31, 2023 | unknown | n/a | S+550 bp | unstated | 1 |
All 6 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien delayed draw term loan first lien exited Sep 30, 2022 | unknown | n/a | S+550 bp | unstated | 1 |
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, 2023 | 5 | $120M | $120M | 101c | 0 |
| Dec 31, 2022 | 5 | $178M | $173M | 98c | 0 |
| Sep 30, 2022 | 1 | $64.0M | $62.7M | 99c | 0 |
| Dec 31, 2021 | 1 | $70.9M | $69.2M | 98c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2023
- Facility left every BDC scheduleMar 31, 2023
- Facility left every BDC scheduleMar 31, 2023
- Facility left every BDC scheduleDec 31, 2022
- Facility left every BDC scheduleDec 31, 2022
Full timeline · 11 eventsShow fewer
- Spread changed (observed)Sep 30, 2022
- Maturity extended (observed)Sep 30, 2022
- Facility left every BDC scheduleSep 30, 2022
- Maturity extended (observed)Sep 30, 2022
- Maturity extended (observed)Sep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- Q• H••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Environmental Industriesreportedas one filer wrote it