DFX Intelligence
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Borrower
H••••••• R•••••••• S••••••
Insurancegroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Howden Group; H••••••• R•••••••• S.à r.l. 1; H••••••• R•••••••• S.à r.l. 2; H••••••• R•••••••• S.a.r.1; H••••••• R•••••••• Sarl; Verdelite JV LP
Principal held
at least $62.5M
sum of BDC pieces, a lower bound
Fair value
$58.8M
94c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
11
4 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Apr 1, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
9
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $43.8M | 94c | SOFR+275 bp | Feb 1, 2031 | 6 |
| other lien unstated | at least $18.8M | 95c | S+275 bp | Feb 15, 2031 | 3 |
| first lien delayed draw term loan first lien exited Dec 31, 2023 | unknown | n/a | S+525 bp | unstated | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan 2 | $19.7M | $18.5M 94c | S+275 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan 1 | $22.1M | $20.7M 94c | S+275 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $14.8M | $13.9M 95c | S+275 bp |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $4.0M | $3.8M 95c | S+275 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 6.39% (S + 2.75%) M••••••• D••• 4/ | $2.0M | $1.9M 95c | SOFR+275 bp |
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 | $62.5M | $58.8M | 94c | 0 |
| Mar 31, 2026 | 2 | $16.8M | $16.3M | 98c | 0 |
| Dec 31, 2025 | 2 | $22.8M | $22.9M | 101c | 0 |
| Sep 30, 2025 | 3 | $72.9M | $73.0M | 100c | 0 |
| Jun 30, 2025 | 5 | $199M | $199M | 100c | 0 |
| Mar 31, 2025 | 6 | $190M | $189M | 99c | 0 |
| Dec 31, 2024 | 5 | $201M | $202M | 101c | 0 |
| Sep 30, 2024 | 5 | $187M | $187M | 100c | 0 |
| Jun 30, 2024 | 4 | $240M | $241M | 101c | 0 |
| Mar 31, 2024 | 5 | $253M | $253M | 101c | 0 |
| Dec 31, 2023 | 3 | $153M | $153M | 101c | 0 |
| Sep 30, 2023 | 3 | $164M | $164M | 102c | 0 |
| Jun 30, 2023 | 3 | $158M | $158M | 102c | 0 |
| Mar 31, 2023 | 2 | $156M | $156M | 102c | 0 |
| Dec 31, 2022 | 4 | $46.5M | $45.5M | 100c | 0 |
What changed
- Maturity extended (observed)Jun 30, 2026
- New lender joined a facilityJun 30, 2026
- Spread changed (observed)Dec 31, 2025
- Spread changed (observed)Sep 30, 2025
- Lender left a facilitySep 30, 2025
- Maturity shortened (observed)Sep 30, 2025
- Lender left a facilityJun 30, 2025
- Spread increasedJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- New lender joined a facilityMar 31, 2025
- Lender left a facilityMar 31, 2025
- Maturity shortened (observed)Mar 31, 2025
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilityJun 30, 2024
- Spread changed (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Dec 31, 2023
- Facility left every BDC scheduleDec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- New borrower on a BDC scheduleDec 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
- HYPERION REFINANCEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 5 across 11 BDCsderived
- Industry
- Insurancereportedas one filer wrote it