DFX Intelligence
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Borrower
K• I•••••••• S•••••••• L••
Diversified Financial Servicesgroup grade Aoff every schedule since Mar 31, 2023sponsor not established · possible relationship
Also written as: K2 Holdco LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢Q4 2021 to Q1 2023
Where each lender marks it on the first lien term loan, 1 point apart
100¢101¢
Principal held
at least $104M
sum of BDC pieces, a lower bound
Fair value
$109M
100c on cost, debt pieces
Unfunded
$12.8M
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
5
1 equity pieces beside them
Next maturity
Jul 1, 2026
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2023
Events
6
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2023, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••• C•••••• C••• | $53.7M | 100¢ | 0 pts |
| C•••••• S•••••• L••••••• I••• | $25M | 101¢ | +2 pts |
| C•••••• C••••• S••••••••• I••• | $25M | 101¢ | +1 pts |
Every BDC piece · 14 positions across 3 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 | $50.3M | $50.3M 100c | S+500 bp |
| C•••••• C••••• S••••••••• I••• | term loan first lien F•••• L••• D••• | $25.0M | $25.0M 101c | S+500 bp |
| C•••••• S•••••• L••••••• I••• | unstated lien unstated | $12.8M | $12.8M 100c | S+500 bp |
| C•••••• S•••••• L••••••• I••• | unstated lien unstated | $8.9M | $8.9M 101c | S+500 bp |
| C•••••• S•••••• L••••••• I••• | term loan first lien F•••• L••• D••• | $3.3M | $3.3M 101c | S+500 bp |
View all 14 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 2 | $3.2M | $3.2M 100c | S+500 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 3 | $200,000 | $200,000 100c | S+500 bp |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• C•••••• C••• | equity equity C••••• units | Not disclosed | $2.9M 363c | |
| C•••••• C••••• S••••••••• I••• | revolver second lien F•••• and S••••• L••• D••• R••••••• | Not disclosed | Not disclosed | |
| C•••••• C••••• S••••••••• I••• | unstated lien unstated | Not disclosed | $1.4M 474c | |
| C•••••• S•••••• L••••••• I••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | S+500 bp |
| C•••••• S•••••• L••••••• I••• | unstated lien unstated | Not disclosed | $1.4M 474c | |
| C•••••• S•••••• L••••••• I••• | revolver second lien F•••• and S••••• L••• D••• R••••••• | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2023
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2023 | at least $82.0M | 100c | S+500 bp | Jul 1, 2026 | 3 |
| other lien unstated exited Mar 31, 2023 | at least $21.7M | 111c | S+500 bp | Jul 1, 2026 | 3 |
| first lien revolver first lien exited Dec 31, 2022 | unknown | n/a | S+500 bp | unstated | 1 |
| revolver lien unstated exited Mar 31, 2023 | unknown | n/a | S+500 bp | unstated | 1 |
| second lien revolver second lien exited Mar 31, 2023 | unknown | n/a | unstated | 2 |
Equity pieces beside the debt: equity ($2.9M 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 |
|---|---|---|---|---|---|
| Mar 31, 2023 | 3 | $104M | $104M | 100c | 0 |
| Dec 31, 2022 | 3 | $178M | $178M | 100c | 0 |
| Sep 30, 2022 | 2 | $78.2M | $78.1M | 100c | 0 |
| Dec 31, 2021 | 2 | $99.0M | $99.0M | 100c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2023
- Facility left every BDC scheduleMar 31, 2023
- Facility left every BDC scheduleMar 31, 2023
- Facility left every BDC scheduleMar 31, 2023
- Facility left every BDC scheduleDec 31, 2022
Full timeline · 6 eventsShow fewer
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
Possible relationship, not established: W•••••• P••••• L••, because a company of this name is on the sponsor's portfolio page (confidence 0.6). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- W•••••• P••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedwarburgpincus.com"••• Locked"
Identity
- Group key
- K• I•••••••• S•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Diversified Financial Servicesreportedas one filer wrote it