DFX Intelligence
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Borrower
B•••••••• G•••• L••••••
Softwaregroup grade Aoff every schedule since Sep 30, 2024sponsor unattributed
Nothing material in the last 200 days. Last change: 30 Sep 2024, Consensus mark 101¢ on cost, up from 91¢ a year ago, 94¢ last quarter.
Mark path, consensus per quarter end
91¢ · 95¢ · 94¢ · 94¢ · 101¢Q3 2023 to Q3 2024
Where each lender marks it on the first lien term loan, 0 points apart
101¢101¢
Principal held
at least $32.9M
sum of BDC pieces, a lower bound
Fair value
$40.0M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Dec 23, 2026
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Sep 30, 2024
Events
4
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2024, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| G•••••• S•••• B••• I••• | $17.3M | 101¢ | +7 pts |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | $15.6M | 101¢ | +7 pts |
| G•••••• S•••• M••••• M••••• L•••••• C•••• I• | no principal filed | 101¢ | +7 pts |
Every BDC piece · 9 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 11.07% R•••••••• R••• and S•• | $12.0M | $15.9M 100c | S+600 bp |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 11.07% R•••••••• R••• and S•• | $10.8M | $14.4M 100c | S+600 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 11.10% R•••••••• R••• and S•• | $2.9M | $3.9M 105c | S+600 bp |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 11.10% R•••••••• R••• and S•• | $2.6M | $3.5M 105c | S+600 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• R•••••••• R••• and S••••• SN + 6.00% M••••• | $2.4M | -$16,000 50c | S+600 bp |
View all 9 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• R•••••••• R••• and S••••• SN + 6.00% M••••• | $2.2M | -$14,000 50c | S+600 bp |
| G•••••• S•••• M••••• M••••• L•••••• C•••• I• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 11.10% R•••••••• R••• and S•• | Not disclosed | $446,000 105c | S+600 bp |
| G•••••• S•••• M••••• M••••• L•••••• C•••• I• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 11.07% R•••••••• R••• and S•• | Not disclosed | $1.9M 100c | S+600 bp |
| G•••••• S•••• M••••• M••••• L•••••• C•••• I• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• R•••••••• R••• and S••••• SN + 6.00% M••••• | Not disclosed | -$2,000 50c | S+600 bp |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Sep 30, 2024 | at least $32.9M | 101c | S+600 bp | Dec 23, 2026 | 3 |
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, 2024 | 3 | $32.9M | $40.0M | 101c | 0 |
| Jun 30, 2024 | 3 | $34.9M | $37.2M | 94c | 0 |
| Mar 31, 2024 | 3 | $34.8M | $36.4M | 94c | 0 |
| Dec 31, 2023 | 3 | $65.6M | $69.6M | 95c | 0 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2023 | 3 | $30.6M | $33.3M | 91c | 0 |
| Jun 30, 2023 | 3 | $32.7M | $0 | n/a | 0 |
| Mar 31, 2023 | 3 | $20.2M | $0 | n/a | 0 |
| Dec 31, 2022 | 3 | $30.8M | $29.4M | 90c | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2024
- Mark recoveredSep 30, 2024
- Maturity shortened (observed)Jun 30, 2023
- Maturity extended (observed)Mar 31, 2023
- Maturity extended (observed)Mar 31, 2023
Full timeline · 6 eventsShow fewer
- New borrower on a BDC scheduleDec 31, 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
- BIGCHANGE #UKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Softwarereportedas one filer wrote it