DFX Intelligence
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Borrower
R•••• D••••••••• H••••••• L••••••
Construction & Buildinggroup grade Aoff every schedule since Sep 30, 2023sponsor unattributed
Nothing material in the last 200 days. Last change: 30 Sep 2023, Consensus mark 97¢ on cost, up from 87¢ a year ago, 96¢ last quarter.
Mark path, consensus per quarter end
87¢ · 94¢ · 94¢ · 96¢ · 97¢Q3 2022 to Q3 2023
Principal held
at least $9.1M
sum of BDC pieces, a lower bound
Fair value
$9.6M
97c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Oct 29, 2023
$9.1M inside 24 months
On the tape since
Dec 31, 2021
latest Sep 30, 2023
Events
6
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2023, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••• C•••••• S•••••••• F••••••• I••• | $9.1M | 97¢ | +1 pts |
Every BDC piece · 3 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• C•••••• S•••••••• F••••••• I••• | term loan first lien F•••• L••• S••••• S•••••• L••• E•••••• S••••• 6.50% I••••••• R••• 10.27% M••••••• D••• 10/ | $6.3M | $6.7M 97c | S+650 bp |
| B••• C•••••• S•••••••• F••••••• I••• | term loan first lien F•••• L••• S••••• S•••••• L••• E•••••• S••••• 6.50% I••••••• R••• 10.27% M••••••• D••• 10/ | $2.1M | $2.2M 97c | S+650 bp |
| B••• C•••••• S•••••••• F••••••• I••• | term loan first lien F•••• L••• S••••• S•••••• L••• E•••••• S••••• 6.50% I••••••• R••• 10.27% M••••••• D••• 10/ | $677,000 | $716,000 93c | S+650 bp |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2023
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Sep 30, 2023 | at least $9.1M | 97c | S+650 bp | Oct 29, 2023 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2023 | 1 | $9.1M | $9.6M | 97c | 0 |
| Jun 30, 2023 | 1 | $9.1M | $9.5M | 96c | 0 |
| Mar 31, 2023 | 1 | $9.1M | $9.3M | 94c | 0 |
| Dec 31, 2022 | 1 | $18.2M | $18.6M | 94c | 0 |
All 6 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2022 | 1 | $9.1M | $8.6M | 87c | 0 |
| Dec 31, 2021 | 1 | $9.1M | $10.1M | 102c | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2023
- Maturity extended (observed)Jun 30, 2023
- Maturity extended (observed)Jun 30, 2023
- Mark recoveredDec 31, 2022
- Spread changed (observed)Dec 31, 2022
Full timeline · 9 eventsShow fewer
- Marked down across lendersSep 30, 2022
- Spread changed (observed)Sep 30, 2022
- Marked down (one lender)Sep 30, 2022
- Spread increasedSep 30, 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
- REGAN DEVELOPMENTderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Construction & Buildingreportedas one filer wrote it