DFX Intelligence
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Borrower
S•• L•••••••• I••
Air Freight & L••••••••group grade Aoff every schedule since Sep 30, 2024sponsor unattributed
Nothing material in the last 200 days. Last change: 30 Sep 2024, Consensus mark 50¢ on cost, down from 96¢ a year ago, 79¢ last quarter.
Mark path, consensus per quarter end
96¢ · 94¢ · 78¢ · 79¢ · 50¢Q3 2023 to Q3 2024
Where each lender marks it on the first lien term loan, 2 points apart
48¢50¢
Principal held
at least $53.6M
sum of BDC pieces, a lower bound
Fair value
$26.2M
50c 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
Mar 24, 2028
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 |
|---|---|---|---|
| F••••••• P•••••• C••••• C• L•• | $41.3M | 49¢ | -30 pts |
| F••••••• P•••••• C••••• F••• | $9.85M | 50¢ | -31 pts |
| L•••• R•••• F•••••• C•••• | $2.44M | 48¢ | -30 pts |
Every BDC piece · 3 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F••••••• P•••••• C••••• C• L•• | term loan first lien F•••• L••• D••• T••• L••• R•••••••• R••• and S••••• S••• + 6.00% I••••••• R••• 10.75% M••• | $41.3M | $20.2M 49c | S+600 bp |
| F••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• T••• L••• S•••+6.00% I••••••• R••• 10.75% M••••••• D••• 3/24/2028 | $9.8M | $4.8M 50c | S+600 bp |
| L•••• R•••• F•••••• C•••• | term loan first lien F•••• L•••/S••••• S•••••• D••• I••••••• R••• 10.75% R•••••••• R••• and S••••• S••• + 6.00% | $2.4M | $1.1M 48c | 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 $53.6M | 50c | S+600 bp | Mar 24, 2028 | 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 | $53.6M | $26.2M | 50c | 0 |
| Jun 30, 2024 | 3 | $53.9M | $42.1M | 79c | 0 |
| Mar 31, 2024 | 2 | $44.1M | $34.1M | 78c | 0 |
| Dec 31, 2023 | 3 | $54.2M | $50.2M | 94c | 0 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2023 | 3 | $54.3M | $51.2M | 96c | 0 |
| Jun 30, 2023 | 3 | $54.3M | $52.4M | 98c | 0 |
| Mar 31, 2023 | 2 | $12.5M | $12.1M | 101c | 0 |
| Dec 31, 2022 | 2 | $47.2M | $45.4M | 98c | 0 |
What changed
- Marked down across lendersSep 30, 2024
- Facility left every BDC scheduleSep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
Full timeline · 10 eventsShow fewer
- Marked down across lendersMar 31, 2024
- Marked down (one lender)Mar 31, 2024
- Marked down (one lender)Mar 31, 2024
- Marked down (one lender)Dec 31, 2023
- 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
- S•• L••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Air Freight & L••••••••reportedas one filer wrote it