DFX Intelligence
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Borrower
F• A•••••• H••••••• I• C•••
group grade Aoff every schedule since Dec 31, 2022sponsor unattributed
Also written as: Applied-Cleveland Holdings, Inc.
Nothing material in the last 200 days. Last change: 31 Dec 2022, Non-accrual at 1 of 2 lenders on the latest schedules.
Mark path, consensus per quarter end
96¢ · 89¢ · 89¢Q4 2021 to Q4 2022
Where each lender marks it on the first lien term loan, 1 point apart
89¢90¢
Principal held
at least $130M
sum of BDC pieces, a lower bound
Fair value
$116M
89c 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 1, 2023
$130M inside 24 months
On the tape since
Dec 31, 2021
latest Dec 31, 2022
Events
5
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2022, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••• O•• C•••••• C••• | $116M | 89¢ | 0 pts |
| N•• M••••••• F•••••• C••• | $14.6M | 90¢ | +4 pts |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $116M | $103M 89c | S+950 bp PIK 2.00% |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• lien | $14.6M | $13.1M 90c | S+750 bp PIK 2.00% |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2022
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2022 | at least $130M | 89c | S+950 bp PIK 2.00% | Jan 1, 2023 | 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, 2022 | 2 | $130M | $116M | 89c | 2 |
| Sep 30, 2022 | 2 | $131M | $116M | 89c | 2 |
| Dec 31, 2021 | 2 | $133M | $127M | 96c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2022
- Placed on non-accrualDec 31, 2022
- PIK interest appearsSep 30, 2022
- Marked down across lendersSep 30, 2022
- Marked down (one lender)Sep 30, 2022
Full timeline · 10 eventsShow fewer
- Marked down (one lender)Sep 30, 2022
- Spread increasedSep 30, 2022
- PIK interest appearsSep 30, 2022
- PIK interest appearsSep 30, 2022
- New borrower on a BDC scheduleDec 31, 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
- FR ARSENALderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived