DFX Intelligence
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Borrower
E•••••••• C••••••••• N••••••• L••
Telecommunicationsgroup grade Aoff every schedule since Jun 30, 2024sponsor unattributed
Nothing material in the last 200 days. Last change: 30 Jun 2024, Non-accrual at 2 of 2 lenders on the latest schedules.
Mark path, consensus per quarter end
88¢ · 89¢ · 86¢ · 86¢ · 64¢Q2 2023 to Q2 2024
Where each lender marks it on the first lien term loan, 5 points apart
61¢66¢
Principal held
at least $90.4M
sum of BDC pieces, a lower bound
Fair value
$55.9M
64c on cost, debt pieces
Unfunded
$0
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Jul 1, 2024
$90.4M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2024
Events
15
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2024, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••• C•••••• C••• | $61M | 66¢ | -21 pts |
| C•••••• S•••••• L••••••• I••• | $29.4M | 61¢ | -24 pts |
Every BDC piece · 4 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $53.5M | $33.7M 66c | |
| C•••••• S•••••• L••••••• I••• | term loan first lien F•••• L••• D••• | $29.4M | $17.5M 61c | S+250 bp PIK 7.25% |
| A••• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | $7.5M | $4.7M 66c | |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Jun 30, 2024 | at least $82.9M | 64c | S+250 bp PIK 7.25% | Jul 12, 2024 | 2 |
| first lien revolver first lien exited Jun 30, 2024 | at least $7.5M | 66c | Jul 1, 2024 | 1 |
Equity pieces beside the debt: other (Not disclosed fair value, 1 BDC)
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, 2024 | 2 | $90.4M | $55.9M | 64c | 1 |
| Mar 31, 2024 | 2 | $87.8M | $75.9M | 86c | 3 |
| Dec 31, 2023 | 2 | $114M | $98.6M | 86c | 4 |
| Sep 30, 2023 | 2 | $85.1M | $75.5M | 89c | 3 |
All 9 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2023 | 2 | $84.0M | $74.2M | 88c | 3 |
| Mar 31, 2023 | 2 | $82.9M | $73.5M | 89c | 3 |
| Dec 31, 2022 | 2 | $108M | $95.2M | 88c | 4 |
| Sep 30, 2022 | 2 | $80.7M | $71.6M | 89c | 3 |
| Dec 31, 2021 | 2 | $71.3M | $64.2M | 90c | 2 |
What changed
- Facility left every BDC scheduleJun 30, 2024
- Marked down across lendersJun 30, 2024
- Placed on non-accrualJun 30, 2024
- Placed on non-accrualJun 30, 2024
- Facility left every BDC scheduleJun 30, 2024
Full timeline · 29 eventsShow fewer
- Marked down across lendersJun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Spread changed (observed)Mar 31, 2024
- Spread increasedMar 31, 2024
- Spread increasedMar 31, 2024
- PIK interest increasedDec 31, 2023
- PIK interest increasedSep 30, 2023
- Spread changed (observed)Sep 30, 2023
- PIK interest increasedSep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- PIK interest increasedSep 30, 2023
- PIK interest increasedSep 30, 2023
- PIK interest increasedDec 31, 2022
- PIK interest increasedDec 31, 2022
- PIK interest increasedDec 31, 2022
- PIK interest increasedDec 31, 2022
- Maturity extended (observed)Sep 30, 2022
- Spread changed (observed)Sep 30, 2022
- Maturity extended (observed)Sep 30, 2022
- Maturity extended (observed)Sep 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
- E•••••••• C••••••••• N••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Telecommunicationsreportedas one filer wrote it