DFX Intelligence
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Borrower
D••••••••• A•••••••••
Healthcare & Pharmaceuticalsgroup grade Aoff every schedule since Dec 31, 2023sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Dec 2023, Non-accrual at 2 of 2 lenders on the latest schedules.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 100¢Q4 2022 to Q4 2023
Where each lender marks it on the first lien term loan, 0 points apart
100¢100¢
Principal held
at least $206M
sum of BDC pieces, a lower bound
Fair value
$170M
118c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Jan 15, 2024
$206M inside 24 months
On the tape since
Sep 30, 2022
latest Dec 31, 2023
Events
9
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2023, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| C•••••• S•••••• L••••••• I••• | $160M | 100¢ | 0 pts |
| C•••••• C••••• S••••••••• I••• | $46M | 100¢ | 0 pts |
Every BDC piece · 8 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••• S•••••• L••••••• I••• | term loan first lien F•••• L••• D••• | $49.0M | $35.0M 140c | S+1131 bp PIK 100.00% |
| C•••••• S•••••• L••••••• I••• | term loan first lien F•••• L••• | $49.0M | $35.0M 140c | S+1131 bp PIK 100.00% |
| C•••••• S•••••• L••••••• I••• | term loan first lien F•••• L••• | $30.9M | $30.8M 100c | S+625 bp PIK 100.00% |
| C•••••• S•••••• L••••••• I••• | term loan first lien F•••• L••• D••• | $30.9M | $30.8M 100c | S+625 bp PIK 100.00% |
| C•••••• C••••• S••••••••• I••• | term loan first lien F•••• L••• | $12.8M | $9.1M 149c | S+1131 bp PIK 100.00% |
View all 8 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••• C••••• S••••••••• I••• | term loan first lien F•••• L••• D••• | $12.8M | $9.1M 149c | S+1131 bp PIK 100.00% |
| C•••••• C••••• S••••••••• I••• | term loan first lien F•••• L••• D••• | $10.2M | $10.2M 100c | S+625 bp PIK 100.00% |
| C•••••• C••••• S••••••••• I••• | term loan first lien F•••• L••• | $10.2M | $10.2M 100c | S+625 bp PIK 100.00% |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2023
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2023 | at least $206M | 118c | S+1131 bp PIK 100.00% | Jan 15, 2024 | 2 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2023 | 2 | $206M | $170M | 118c | 8 |
| Sep 30, 2023 | 2 | $99.2M | $82.7M | 116c | 4 |
| Jun 30, 2023 | 2 | $95.6M | $80.1M | 115c | 4 |
| Mar 31, 2023 | 2 | $92.3M | $77.4M | 113c | 4 |
All 6 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2022 | 2 | $152M | $126M | 105c | 6 |
| Sep 30, 2022 | 1 | $65.6M | $50.7M | 98c | 2 |
What changed
- Facility left every BDC scheduleDec 31, 2023
- Spread changed (observed)Dec 31, 2023
- Spread changed (observed)Sep 30, 2023
- Maturity extended (observed)Jun 30, 2023
- Spread changed (observed)Jun 30, 2023
Full timeline · 14 eventsShow fewer
- Maturity extended (observed)Jun 30, 2023
- Maturity extended (observed)Jun 30, 2023
- Spread changed (observed)Mar 31, 2023
- Maturity extended (observed)Mar 31, 2023
- Maturity extended (observed)Mar 31, 2023
- Maturity extended (observed)Mar 31, 2023
- Spread changed (observed)Dec 31, 2022
- Spread increasedDec 31, 2022
- New borrower on a BDC scheduleSep 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
- D••••••••• A•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Healthcare & Pharmaceuticalsreportedas one filer wrote it