DFX Intelligence
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Borrower
A•••• S••••••• H•••••••• L••
S••••••• & Tech Servicesgroup grade Aoff every schedule since Sep 30, 2024sponsor unattributed
Also written as: Bird US Opco; Eldrickco Limited; Go Car Wash Management Corp; HomeRenew Buyer, Inc; LendingPoint LLC; Marlin DTC-LS Midco 2; U.S. Auto Finance; Undrawn Commitment
Nothing material in the last 200 days. Last change: 30 Sep 2024, $50.8M principal held by 3 lenders; matures May 2027.
Mark path, consensus per quarter end
100¢ · 100¢ · 101¢ · 101¢ · 101¢Q3 2023 to Q3 2024
Where each lender marks it on the first lien term loan, 1 point apart
100¢101¢
Principal held
at least $50.8M
sum of BDC pieces, a lower bound
Fair value
$50.4M
101c on cost, debt pieces
Unfunded
$2.4M
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
May 4, 2027
no dated debt inside 24 months
On the tape since
Mar 31, 2022
latest Sep 30, 2024
Events
13
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2024, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | $31.9M | 101¢ | 0 pts |
| A• P•••••• C••••• I•••••••• C••• | $11M | 101¢ | 0 pts |
| M••••• A••••• I••••••••• P•••••• L•••••• | $7.92M | 100¢ | 0 pts |
Every BDC piece · 10 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• - T••• L••• S•••+625, 1.00% F•••• M••••••• D••• 05/04/27 | $31.8M | $31.5M 101c | S+625 bp |
| M••••• A••••• I••••••••• P•••••• L•••••• | term loan first lien F•••• L••• S•••••• D••• - T••• L••• S+625, 1.00% F•••• M••••••• D••• 5/4/2027 | $7.9M | $7.9M 100c | S+625 bp |
| A• P•••••• C••••• I•••••••• C••• | term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 11.57% (S + 6.00%; 1.00% F• | $7.8M | $7.8M 101c | S+600 bp |
| A• P•••••• C••••• I•••••••• C••• | term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 11.50% (S + 6.00%; 1.00% F• | $2.5M | $2.5M 102c | S+600 bp |
| A• P•••••• C••••• I•••••••• C••• | delayed draw term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | D•••••• D••• T••• L••• | 11.33% (S + 6. | $622,897 | $622,897 102c | S+600 bp |
View all 10 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | delayed draw term loan first lien F•••• L••• S•••••• D••• - D•••••• D••• S•••+625, 1.00% F•••• M••••••• D••• 05/04/27 | $99,000 | $98,000 100c | S+625 bp |
| A• P•••••• C••••• I•••••••• C••• | revolver first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | R••••••• | 5/4/2027 | $0 | $0 0c | S+600 bp |
| M••••• F•••••••• I••••••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| M••••• F•••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• - R••••••• S•••+650, 1.00% F•••• M••••••• D••• 05/04/27 | Not disclosed | -$18,000 86c | S+650 bp |
| M••••• F•••••••• I••••••••• C••• | unstated lien unstated | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Sep 30, 2024 | at least $50.0M | 101c | S+625 bp | May 4, 2027 | 3 |
| first lien delayed draw term loan first lien exited Sep 30, 2024 | at least $721,897 | 102c | S+600 bp | May 4, 2027 | 2 |
| first lien revolver first lien exited Sep 30, 2024 | at least $0 | n/a | S+650 bp | May 4, 2027 | 2 |
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 |
|---|---|---|---|---|---|
| Sep 30, 2024 | 3 | $50.8M | $50.4M | 101c | 0 |
| Jun 30, 2024 | 3 | $50.9M | $50.6M | 101c | 0 |
| Mar 31, 2024 | 2 | $43.0M | $40.2M | 101c | 0 |
| Dec 31, 2023 | 3 | $96.4M | $85.0M | 92c | 0 |
All 9 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2023 | 2 | $45.7M | $42.6M | 100c | 0 |
| Jun 30, 2023 | 1 | $32.3M | $31.4M | 99c | 0 |
| Mar 31, 2023 | 1 | $34.8M | $31.5M | n/a | 0 |
| Dec 31, 2022 | 2 | $45.6M | $44.2M | 98c | 0 |
| Mar 31, 2022 | 1 | $0 | $0 | n/a | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2024
- Facility left every BDC scheduleSep 30, 2024
- Facility left every BDC scheduleSep 30, 2024
- Spread changed (observed)Sep 30, 2024
- New lender joined a facilityJun 30, 2024
Full timeline · 22 eventsShow fewer
- Mark recoveredMar 31, 2024
- Spread changed (observed)Mar 31, 2024
- Maturity shortened (observed)Mar 31, 2024
- Maturity shortened (observed)Mar 31, 2024
- Marked down across lendersDec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- Spread changed (observed)Dec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Spread increasedDec 31, 2023
- Spread increasedDec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- Spread increasedJun 30, 2023
- Spread changed (observed)Jun 30, 2023
- Spread changed (observed)Mar 31, 2023
- New borrower on a BDC scheduleMar 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
- ACTIV SOFTWAREderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- S••••••• & Tech Servicesreportedas one filer wrote it