DFX Intelligence
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Borrower
P••••••••• B••• I••
Drug Discovery & Developmentgroup grade Aoff every schedule since Mar 31, 2023sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Mar 2023, Consensus mark 110¢ on cost, up from 100¢ in Q4 2022.
Mark path, consensus per quarter end
100¢ · 110¢Q4 2022 to Q1 2023
Principal held
at least $65.0M
sum of BDC pieces, a lower bound
Fair value
$73.9M
110c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
Sep 1, 2027
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Mar 31, 2023
Events
2
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 |
|---|---|---|---|
| H••••••• C••••••• I••• | $65M | 110¢ | +10 pts |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H••••••• C••••••• I••• | term loan first lien S••••• S••••••, M••••••• D••• S•••••••• 2027, P•••• + 2.20%, F•••• rate 8.20%, 6.60% E••• | $65.0M | $70.6M 110c | S+220 bp |
| H••••••• C••••••• I••• | warrants equity W••••••, A••••••••• D••• 9/15/2022, C••••• S•••• | Not disclosed | $3.3M 518c |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2023
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2023 | at least $65.0M | 110c | S+220 bp | Sep 1, 2027 | 1 |
Equity pieces beside the debt: warrants ($3.3M 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, 2023 | 1 | $65.0M | $70.6M | 110c | 0 |
| Dec 31, 2022 | 1 | $25.0M | $24.7M | 100c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2023
- Spread changed (observed)Mar 31, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- P••••••••• B••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Drug Discovery & Developmentreportedas one filer wrote it