DFX Intelligence
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Borrower
V••••• L••
group grade Aoff every schedule since Dec 31, 2024sponsor unattributed
Also written as: V•••• Holdings, LLC
Nothing material in the last 200 days. Last change: 31 Dec 2024, Non-accrual at 2 of 2 lenders on the latest schedules, first placed in Q3 2024.
Mark path, consensus per quarter end
82¢ · 81¢ · 79¢ · 54¢ · 34¢Q4 2023 to Q4 2024
Where each lender marks it on the first lien term loan, 2 points apart
31¢33¢
Principal held
at least $96.1M
sum of BDC pieces, a lower bound
Fair value
$31.4M
34c on cost, debt pieces
Unfunded
$7.2M
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
2 equity pieces beside them
Next maturity
Mar 1, 2025
$3.7M inside 24 months
On the tape since
Jun 30, 2023
latest Dec 31, 2024
Events
13
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2024, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••• C•••••• C••• | $88.1M | 33¢ | -21 pts |
| A••• S•••••••• I••••• F••• | $8.01M | 34¢ | -20 pts |
Every BDC piece · 15 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 2 | $63.9M | $19.2M 31c | S+900 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 4 | $8.4M | $2.5M 31c | S+900 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan 2 | $7.7M | $2.3M 31c | S+900 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 3 | $5.7M | $1.7M 30c | S+900 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 5 | $4.2M | $1.3M 32c | S+900 bp |
View all 15 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 1 | $3.4M | $3.4M 103c | S+900 bp PIK 13.36% |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 6 | $2.5M | $700,000 29c | S+900 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan 1 | $306,100 | $306,100 106c | S+900 bp PIK 13.36% |
| A••• S•••••••• I••••• F••• | revolver first lien F•••• lien senior secured revolving loan | $800 | $800 100c | S+500 bp |
| A••• C•••••• C••• | warrants equity W•••••• to purchase units of class B units | Not disclosed | $0 | |
| A••• C•••••• C••• | warrants equity W•••••• to purchase shares of ordinary shares | Not disclosed | $0 | |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• S•••••••• I••••• F••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• S•••••••• I••••• F••• | warrants equity W•••••• to purchase C•••• B units | Not disclosed | $0 | |
| A••• S•••••••• I••••• F••• | warrants equity W•••••• to purchase ordinary shares | Not disclosed | $0 |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2024 | at least $96.1M | 34c | S+900 bp PIK 13.36% | Apr 1, 2028 | 2 |
| first lien revolver first lien exited Dec 31, 2024 | at least $800 | n/a | S+500 bp | Apr 1, 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 |
|---|---|---|---|---|---|
| Dec 31, 2024 | 2 | $96.1M | $31.4M | 34c | 2 |
| Sep 30, 2024 | 2 | $86.4M | $45.7M | 54c | 0 |
| Jun 30, 2024 | 2 | $79.9M | $63.1M | 79c | 0 |
| Mar 31, 2024 | 2 | $73.5M | $59.6M | 81c | 4 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2023 | 2 | $125M | $102M | 82c | 3 |
| Sep 30, 2023 | 2 | $54.7M | $51.9M | 95c | 2 |
| Jun 30, 2023 | 2 | $54.1M | $52.6M | 97c | 0 |
What changed
- PIK interest appearsDec 31, 2024
- Marked down across lendersDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Marked down (one lender)Dec 31, 2024
Full timeline · 26 eventsShow fewer
- Marked down (one lender)Dec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
- Marked down across lendersSep 30, 2024
- Placed on non-accrualSep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Spread changed (observed)Mar 31, 2024
- Spread changed (observed)Dec 31, 2023
- Marked down across lendersDec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Spread changed (observed)Sep 30, 2023
- PIK interest appearsSep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- PIK interest appearsSep 30, 2023
- PIK interest appearsSep 30, 2023
- New borrower on a BDC scheduleJun 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- VOBEVderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived