DFX Intelligence
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Borrower
E•••••• S••••••• P••••••• H••••••• L••
group grade Aoff every schedule since Mar 31, 2023sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Mar 2023, Non-accrual at 2 of 2 lenders on the latest schedules, first placed in Q4 2022.
Mark path, consensus per quarter end
84¢ · 65¢ · 52¢ · 43¢Q3 2021 to Q1 2023
Where each lender marks it on the first lien term loan, 3 points apart
40¢43¢
Principal held
at least $63.6M
sum of BDC pieces, a lower bound
Fair value
$26.7M
43c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
May 1, 2023
$63.6M inside 24 months
On the tape since
Sep 30, 2021
latest Mar 31, 2023
Events
9
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 |
|---|---|---|---|
| G•••• C•••••• B••• I••• | $57.4M | 43¢ | -9 pts |
| G•••• C•••••• B•• 3• I••• | $6.22M | 44¢ | new this quarter |
Every BDC piece · 24 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | $20.4M | $7.9M 40c | S+925 bp PIK 9.25% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | $8.9M | $3.4M 40c | S+925 bp PIK 9.25% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 3 | $7.8M | $3.0M 40c | S+925 bp PIK 9.25% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 4 | $5.8M | $2.2M 40c | S+925 bp PIK 9.25% |
| G•••• C•••••• B•• 3• I••• | term loan first lien One stop 1 | $4.3M | $1.6M 40c | S+925 bp |
View all 24 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• B••• I••• | term loan first lien One stop 5 | $2.7M | $1.0M 40c | S+925 bp PIK 14.08% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 15 | $2.0M | $2.0M 100c | S+925 bp PIK 9.25% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 6 | $1.7M | $661,000 40c | S+925 bp PIK 9.25% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 9 | $1.4M | $544,000 40c | S+925 bp PIK 9.25% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 14 | $1.3M | $1.3M 100c | S+925 bp PIK 9.25% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 7 | $1.3M | $489,000 40c | S+925 bp PIK 9.25% |
| G•••• C•••••• B•• 3• I••• | term loan first lien One stop 2 | $1.3M | $487,000 40c | S+925 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 8 | $1.1M | $431,000 40c | S+925 bp PIK 9.25% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 12 | $873,000 | $336,000 39c | S+925 bp PIK 9.25% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 13 | $873,000 | $336,000 40c | S+925 bp PIK 9.25% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 10 | $722,000 | $278,000 40c | S+925 bp PIK 9.25% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 11 | $446,000 | $172,000 40c | S+1025 bp PIK 9.25% |
| G•••• C•••••• B•• 3• I••• | term loan first lien One stop 7 | $221,000 | $221,000 100c | S+925 bp |
| G•••• C•••••• B•• 3• I••• | term loan first lien One stop 4 | $153,000 | $59,000 40c | S+925 bp |
| G•••• C•••••• B•• 3• I••• | term loan first lien One stop 3 | $138,000 | $138,000 100c | S+925 bp |
| G•••• C•••••• B•• 3• I••• | term loan first lien One stop 5 | $95,000 | $36,000 38c | S+925 bp |
| G•••• C•••••• B•• 3• I••• | term loan first lien One stop 6 | $95,000 | $36,000 40c | S+925 bp |
| G•••• C•••••• B••• I••• | equity equity LLC units | Not disclosed | $0 0c | |
| G•••• C•••••• B••• I••• | equity equity LLC units | Not disclosed | $0 0c |
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 $63.6M | 43c | S+1025 bp PIK 14.08% | May 1, 2023 | 2 |
Equity pieces beside the debt: equity ($0 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 | 2 | $63.6M | $26.7M | 43c | 15 |
| Dec 31, 2022 | 1 | $53.9M | $28.0M | 52c | 14 |
| Sep 30, 2022 | 2 | $57.3M | $37.4M | 65c | 18 |
| Sep 30, 2021 | 1 | $45.7M | $38.9M | 84c | 10 |
What changed
- PIK interest increasedMar 31, 2023
- Marked down across lendersMar 31, 2023
- Facility left every BDC scheduleMar 31, 2023
- Marked down (one lender)Mar 31, 2023
- Marked down (one lender)Mar 31, 2023
Full timeline · 17 eventsShow fewer
- PIK interest increasedMar 31, 2023
- Spread increasedMar 31, 2023
- Marked down across lendersDec 31, 2022
- Placed on non-accrualDec 31, 2022
- Marked down (one lender)Dec 31, 2022
- Spread changed (observed)Sep 30, 2022
- Marked down across lendersSep 30, 2022
- PIK interest increasedSep 30, 2022
- Marked down (one lender)Sep 30, 2022
- Spread increasedSep 30, 2022
- PIK interest increasedSep 30, 2022
- New borrower on a BDC scheduleSep 30, 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
- EYECARE SERVICES PARTNERSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived