DFX Intelligence
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Borrower
R••••• D••• C••••••••• e• a•
Internet Software & Servicesgroup grade Aoff every schedule since Jun 30, 2023sponsor unattributed
Nothing material in the last 200 days. Last change: 30 Jun 2023, $12.1M principal held by 3 lenders; matures Mar 2028.
Mark path, consensus per quarter end
99¢ · 99¢ · 99¢Q4 2022 to Q2 2023
Where each lender marks it on the first lien term loan, 0 points apart
99¢99¢
Principal held
at least $12.1M
sum of BDC pieces, a lower bound
Fair value
$11.8M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Mar 9, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2023
Events
2
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 |
|---|---|---|---|
| B•••••••• T•• C•••••• C•••• | $8.14M | 99¢ | 0 pts |
| B•••••••• C•••••• I••••••••• C••• | $2.81M | 99¢ | 0 pts |
| B•••••••• D••••• L•••••• C•••• | $1.12M | no cost filed | no comparable mark |
Every BDC piece · 3 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••••• T•• C•••••• C•••• | term loan first lien F•••• L••• F••• T••• L••• Ref S••• 1.00% S••••• 6.50% T•••• C••••• 10.22% M••••••• 3/9/202 | $8.1M | $7.9M 99c | S+650 bp |
| B•••••••• C•••••• I••••••••• C••• | term loan first lien D••• Investments | F•••• L••• F••• T••• L••• | S•••(S) | S••••• 6.50% | M••••••• 3/9/2028 | $2.8M | $2.7M 99c | S+650 bp |
| B•••••••• D••••• L•••••• C•••• | term loan first lien I••••••••• F•••• L••• F••• I••••••••• T••• L••• Ref S•••(S) F•••• 1.00% S••••• 6.50% T•••• | $1.1M | $1.1M | S+650 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 $12.1M | 99c | S+650 bp | Mar 9, 2028 | 3 |
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 | 3 | $12.1M | $11.8M | 110c | 0 |
| Mar 31, 2023 | 3 | $12.1M | $11.8M | 110c | 0 |
| Dec 31, 2022 | 3 | $17.7M | $17.1M | 99c | 0 |
What changed
- Facility left every BDC scheduleJun 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
- R••••• D••• C••••••••• E• A•derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Internet Software & Servicesreportedas one filer wrote it