DFX Intelligence
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Borrower
S•••• C•••
group grade Aoff every schedule since Dec 31, 2023sponsor unattributed
Also written as: 2022; Fair Value Hierarchy
Nothing material in the last 200 days. Last change: 31 Dec 2023, $183M principal held by 3 lenders; matures Nov 2027.
Mark path, consensus per quarter end
100¢ · 102¢ · 102¢ · 103¢ · 103¢Q4 2022 to Q4 2023
Principal held
at least $183M
sum of BDC pieces, a lower bound
Fair value
$165M
104c on cost, debt pieces
Unfunded
$20.1M
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Nov 23, 2027
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Dec 31, 2023
Events
6
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2023, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| H•• C•••••••• L•••••• F••• | $141M | 103¢ | -1 pts |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | $27.7M | 102¢ | +1 pts |
| O•• S••••• P•••••• L•••••• F••• •• L•• | $14.9M | 106¢ | +1 pts |
Every BDC piece · 10 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H•• C•••••••• L•••••• F••• | revolver first lien | $127M | $126M 103c | S+700 bp |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | unstated lien unstated | $25.2M | $25.4M 102c | S+700 bp |
| H•• C•••••••• L•••••• F••• | revolver first lien | $13.7M | -$135,000 25c | |
| O•• S••••• P•••••• L•••••• F••• •• L•• | unstated lien unstated | $13.6M | $13.7M 106c | S+700 bp |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | unstated lien unstated | $2.6M | $0 0c | S+700 bp |
View all 10 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| O•• S••••• P•••••• L•••••• F••• •• L•• | unstated lien unstated | $1.3M | $0 0c | S+700 bp |
| H•• C•••••••• L•••••• F••• | revolver first lien 1st L••• S••••• S•••••• R•••••••• L••• | Not disclosed | Not disclosed | |
| O•• S••••• P•••••• L•••••• F••• •• L•• | unstated lien unstated | Not disclosed | Not disclosed | |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | S+700 bp |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | unstated lien unstated | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2023
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien revolver first lien exited Dec 31, 2023 | at least $141M | 104c | S+700 bp | Nov 24, 2028 | 1 |
| other lien unstated exited Dec 31, 2023 | at least $42.6M | 104c | S+700 bp | Nov 23, 2028 | 2 |
| first lien term loan first lien exited Sep 30, 2022 | at least $8.3M | 102c | S+675 bp | Nov 28, 2023 | 1 |
| revolver lien unstated exited Dec 31, 2023 | unknown | n/a | S+700 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 |
|---|---|---|---|---|---|
| Dec 31, 2023 | 3 | $183M | $165M | 104c | 0 |
| Sep 30, 2023 | 3 | $184M | $165M | 104c | 0 |
| Jun 30, 2023 | 3 | $174M | $153M | 102c | 0 |
| Mar 31, 2023 | 2 | $157M | $137M | 102c | 0 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2022 | 2 | $147M | $127M | 100c | 0 |
| Sep 30, 2022 | 1 | $8.3M | $8.3M | 102c | 0 |
| Dec 31, 2021 | 1 | $38.3M | $39.3M | 106c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2023
- Facility left every BDC scheduleDec 31, 2023
- Facility left every BDC scheduleDec 31, 2023
- New lender joined a facilityMar 31, 2023
- Facility left every BDC scheduleSep 30, 2022
Full timeline · 8 eventsShow fewer
- Spread changed (observed)Sep 30, 2022
- Maturity shortened (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
- SEQUAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived