DFX Intelligence
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Borrower
A• C••••• S••••••
Aerospace & Defensegroup grade Aoff every schedule since Jun 30, 2024sponsor unattributed
Also written as: AI C••••• US Borrower, LLC
Nothing material in the last 200 days. Last change: 30 Jun 2024, $23.3M principal held by 3 lenders; matures Jan 2027.
Mark path, consensus per quarter end
103¢ · 102¢ · 102¢ · 101¢ · 101¢Q2 2023 to Q2 2024
Where each lender marks it on the second lien term loan, 0 points apart
101¢101¢
Principal held
at least $23.3M
sum of BDC pieces, a lower bound
Fair value
$23.3M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jan 1, 2027
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2024
Events
4
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 |
|---|---|---|---|
| G•••• C•••••• P•••••• C••••• F••• | $10.8M | 100¢ | 0 pts |
| C•••••• C••••• S••••••••• I••• | $6.22M | 101¢ | 0 pts |
| C•••••• S•••••• L••••••• I••• | $6.22M | 101¢ | 0 pts |
Every BDC piece · 4 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien S••••• secured | $10.8M | $10.8M 100c | S+375 bp |
| C•••••• C••••• S••••••••• I••• | term loan second lien S••••• L••• | $6.2M | $6.2M 101c | S+825 bp |
| C•••••• S•••••• L••••••• I••• | term loan second lien S••••• L••• | $5.1M | $5.1M 101c | S+825 bp |
| C•••••• S•••••• L••••••• I••• | term loan second lien S••••• L••• D••• | $1.1M | $1.1M 101c | S+825 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien exited Jun 30, 2024 | at least $12.4M | 101c | S+825 bp | Jan 17, 2028 | 2 |
| first lien term loan first lien exited Jun 30, 2024 | at least $10.8M | 100c | S+375 bp | Jan 1, 2027 | 1 |
| other lien unstated exited Dec 31, 2021 | at least $5.5M | 106c | S+825 bp | Jan 17, 2028 | 1 |
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 | 3 | $23.3M | $23.3M | 101c | 0 |
| Mar 31, 2024 | 3 | $65.2M | $65.2M | 101c | 0 |
| Dec 31, 2023 | 3 | $68.5M | $68.8M | 102c | 0 |
| Sep 30, 2023 | 3 | $63.0M | $63.6M | 102c | 0 |
All 9 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2023 | 2 | $60.7M | $61.6M | 103c | 0 |
| Mar 31, 2023 | 2 | $60.7M | $61.9M | 104c | 0 |
| Dec 31, 2022 | 2 | $91.0M | $93.7M | 105c | 0 |
| Sep 30, 2022 | 1 | $30.3M | $31.5M | 106c | 0 |
| Dec 31, 2021 | 1 | $35.8M | $37.2M | 106c | 0 |
What changed
- Facility left every BDC scheduleJun 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- New borrower on a BDC scheduleDec 31, 2021
- Facility left every 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
- AI CONVOYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 3 BDCsderived
- Industry
- Aerospace & Defensereportedas one filer wrote it