DFX Intelligence
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Borrower
I•••• Q•••••• H••••••• U• L••••••
Chemicals, Plastics, & Rubbergroup grade Aon a schedule nowsponsor unattributed
Also written as: I•••• Q••••••
What matters now
- 92¢ → 86¢consensus mark
Consensus mark 86¢ on cost, down from 92¢ a year ago, 75¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived2 of 2 lenders' own marks, weighted by principal - $7.5Mprincipal outstanding
$7.5M principal held by 2 lenders; matures Apr 2029.
Q2 2026 · Refinancing is due in 30 months at a 86¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 74¢ → 86¢+12 pts, one lender
P••••• S••••• C•••••• B•• I••• marked it 74¢ → 86¢, the largest move among 2 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
Mark path, consensus per quarter end
92¢ · 88¢ · 68¢ · 75¢ · 86¢Q2 2025 to Q2 2026
Where each lender marks it, 3 points apart
86¢89¢
Principal held
at least $7.5M
sum of BDC pieces, a lower bound
Fair value
$6.5M
86c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
2 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Apr 2, 2029
no dated debt inside 24 months
On the tape since
Mar 31, 2024
latest Jun 30, 2026
Events
6
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| P••••• S••••• C•••••• B•• I••• | $6.9M | 86¢ | +12 pts |
| S••••• C•••• C•••••• C••• | $604K | 89¢ | +11 pts |
Every BDC piece · 4 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 7.89% (S + 4.25%) M••••••• D••• 10 | $4.0M | $3.3M 84c | SOFR+425 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 7.99% (S +CSA + 4.25%) M••••••• D• | $2.9M | $2.6M 88c | SOFR+425 bp |
| S••••• C•••• C•••••• C••• | term loan first lien F•••• L••• - T••• L••• | $489,000 | $432,000 89c | S+435 bp |
| S••••• C•••• C•••••• C••• | term loan first lien F•••• L••• - T••• L••• | $115,000 | $98,000 85c | S+385 bp |
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 $7.5M | 86c | SOFR+435 bp | Oct 7, 2031 | 6 |
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 | 2 | $7.5M | $6.5M | 86c | 0 |
| Mar 31, 2026 | 2 | $7.5M | $5.6M | 75c | 0 |
| Dec 31, 2025 | 3 | $18.8M | $12.8M | 68c | 0 |
| Sep 30, 2025 | 3 | $9.5M | $8.3M | 110c | 0 |
All 10 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $9.5M | $8.7M | 92c | 0 |
| Mar 31, 2025 | 4 | $13.3M | $12.6M | 95c | 0 |
| Dec 31, 2024 | 5 | $12.4M | $12.5M | 101c | 0 |
| Sep 30, 2024 | 2 | $2.4M | $2.4M | 101c | 0 |
| Jun 30, 2024 | 1 | $2.0M | $2.0M | 101c | 0 |
| Mar 31, 2024 | 3 | $4.4M | $4.4M | 101c | 0 |
What changed
- Mark recoveredJun 30, 2026
- Mark recoveredMar 31, 2026
- Marked down across lendersDec 31, 2025
- Lender left a facilityDec 31, 2025
- Marked down (one lender)Dec 31, 2025
Full timeline · 18 eventsShow fewer
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down across lendersMar 31, 2025
- Lender left a facilityMar 31, 2025
- Lender left a facilityMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Maturity extended (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New borrower on a BDC scheduleMar 31, 2024
- Lender left a facilityMar 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- INEOS QUATTROderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 6 BDCsderived
- Industry
- Chemicals, Plastics, & Rubberreportedas one filer wrote it