DFX Intelligence
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Borrower
J••• A••••••••• I••
Aerospace & Defensegroup grade Aoff every schedule since Jun 30, 2023sponsor unattributed
Nothing material in the last 200 days. Last change: 30 Jun 2023, Consensus mark 101¢ on cost, up from 90¢ a year ago, 98¢ last quarter.
Mark path, consensus per quarter end
90¢ · 101¢ · 97¢ · 98¢ · 101¢Q4 2021 to Q2 2023
Where each lender marks it on the second lien term loan, 0 points apart
101¢101¢
Principal held
at least $107M
sum of BDC pieces, a lower bound
Fair value
$107M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jan 29, 2027
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2023
Events
4
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2023, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| O•••••• S•••••••• L•••••• C••• | $60.2M | 102¢ | +1 pts |
| C•••••• C••••• S••••••••• I••• | $23.5M | 101¢ | +6 pts |
| C•••••• S•••••• L••••••• I••• | $23.5M | 101¢ | +6 pts |
Every BDC piece · 6 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| O•••••• S•••••••• L•••••• C••• | term loan first lien F•••• L••• T••• L••• 2 | $27.4M | $27.5M 102c | S+750 bp |
| C•••••• C••••• S••••••••• I••• | term loan second lien S••••• L••• | $23.4M | $23.4M 101c | S+800 bp |
| C•••••• S•••••• L••••••• I••• | term loan second lien S••••• L••• | $23.4M | $23.4M 101c | S+800 bp |
| O•••••• S•••••••• L•••••• C••• | term loan first lien F•••• L••• T••• L••• 1 | $17.1M | $17.0M 99c | S+750 bp |
| O•••••• S•••••••• L•••••• C••• | term loan first lien F•••• L••• T••• L••• 3 | $15.2M | $14.9M 104c | S+550 bp |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| O•••••• S•••••••• L•••••• C••• | term loan second lien S••••• L••• T••• L••• | $666,000 | $652,000 106c | S+800 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2023
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Jun 30, 2023 | at least $59.6M | 102c | S+750 bp | Jan 29, 2027 | 1 |
| second lien term loan second lien exited Jun 30, 2023 | at least $47.6M | 101c | S+800 bp | Jun 18, 2027 | 3 |
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, 2023 | 3 | $107M | $107M | 101c | 0 |
| Mar 31, 2023 | 3 | $108M | $104M | 98c | 0 |
| Dec 31, 2022 | 3 | $107M | $102M | 97c | 0 |
| Sep 30, 2022 | 2 | $97.0M | $95.3M | 101c | 0 |
All 5 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2021 | 1 | $23.4M | $20.8M | 90c | 0 |
What changed
- Facility left every BDC scheduleJun 30, 2023
- Facility left every BDC scheduleJun 30, 2023
- Mark recoveredJun 30, 2023
- Marked down (one lender)Mar 31, 2023
- New lender joined a facilitySep 30, 2022
Full timeline · 6 eventsShow fewer
- 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
- J••• A•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Aerospace & Defensereportedas one filer wrote it