DFX Intelligence
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Borrower
U••• A••••••••• P•••••••• I••
Health Care Providers & Servicesgroup grade Aon a schedule nowsponsor H• C•••••• M••••••••• L•• carried
Also written as: Emerald JV LP; Inc. First and; U••• A••••••••• P••••••• Holdings, Inc
Principal held
at least $160M
sum of BDC pieces, a lower bound
Fair value
$172M
100c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
7
4 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Oct 2, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
6
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien | at least $148M | 100c | S+750 bp | Oct 1, 2029 | 2 |
| first lien term loan first lien | at least $12.5M | 105c | SOFR+400 bp | Oct 1, 2029 | 5 |
| other lien unstated exited Sep 30, 2024 | at least $862,000 | 98c | S+425 bp | Oct 1, 2028 | 1 |
Equity pieces beside the debt: equity ($12.1M fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan second lien S••••• lien senior secured loan | $148M | $148M 100c | S+750 bp |
| A••• C•••••• C••• | equity equity C••••• stock | n/a | $12.1M 94c | |
| J••• H•••••• C•••••• P•••••• I••••• F••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• I••••••• H••••• C••• E•••••••• & Services S••••• A•••• | $9.9M | $9.7M 107c | SOFR+750 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 4.00% I••••••• R••• 7.73% M•••••• | $1.5M | $1.5M 100c | SOFR+400 bp |
| S••••• C•••• C•••••• C••• | term loan first lien F•••• L••• - T••• L••• | $1.1M | $1.1M 100c | 4.11% |
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, 2026 | 4 | $160M | $160M | 100c | 0 |
| Mar 31, 2026 | 4 | $160M | $160M | 100c | 0 |
| Dec 31, 2025 | 4 | $160M | $160M | 100c | 0 |
| Sep 30, 2025 | 4 | $161M | $160M | 100c | 0 |
| Jun 30, 2025 | 4 | $161M | $160M | 100c | 0 |
| Mar 31, 2025 | 4 | $161M | $160M | 100c | 0 |
| Dec 31, 2024 | 4 | $157M | $157M | 100c | 0 |
| Sep 30, 2024 | 4 | $154M | $150M | 98c | 0 |
| Jun 30, 2024 | 3 | $151M | $144M | 95c | 0 |
| Mar 31, 2024 | 3 | $151M | $139M | 92c | 0 |
| Dec 31, 2023 | 3 | $152M | $137M | 90c | 0 |
| Sep 30, 2023 | 3 | $168M | $155M | 92c | 0 |
| Jun 30, 2023 | 3 | $192M | $180M | 94c | 0 |
| Mar 31, 2023 | 3 | $189M | $182M | 96c | 0 |
| Dec 31, 2022 | 3 | $192M | $185M | 97c | 0 |
| Sep 30, 2022 | 2 | $187M | $180M | 96c | 0 |
| Dec 31, 2021 | 2 | $177M | $175M | 99c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Mar 31, 2026
- New lender joined a facilityDec 31, 2025
- Lender left a facilitySep 30, 2025
- Spread changed (observed)Jun 30, 2025
- Spread changed (observed)Mar 31, 2025
- New lender joined a facilityMar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Lender left a facilityMar 31, 2025
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilitySep 30, 2024
- Facility left every BDC scheduleSep 30, 2024
- Marked down (one lender)Sep 30, 2022
Sponsor
- H• C•••••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedheritagegroupusa.com"••• Locked"
Identity
- Group key
- U S ANESTHESIA PARTNERSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived
- Industry
- Health Care Providers & Servicesreportedas one filer wrote it