DFX Intelligence
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Borrower
R•••••• C••••••• L••
group grade Aoff every schedule since Jun 30, 2023sponsor unattributed
Also written as: Inc. First and; LLC Emerald JV LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
96¢ · 95¢ · 96¢ · 95¢Q3 2022 to Q2 2023
Principal held
at least $9.0M
sum of BDC pieces, a lower bound
Fair value
$8.5M
95c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Mar 2, 2029
no dated debt inside 24 months
On the tape since
Sep 30, 2022
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 |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $7.97M | 95¢ | -1 pts |
| K•••••• L•••• C•••••• C• | $995K | 97¢ | -1 pts |
Every BDC piece · 3 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $4.0M | $3.8M 95c | S+450 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $4.0M | $3.7M 95c | S+450 bp |
| K•••••• L•••• C•••••• C• | term loan second lien S••••• L••• D••• S••• S••••• 4.25% I••••••• R••• 9.59% Due 3/2/2029 | $994,975 | $934,033 97c | S+425 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2023
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Jun 30, 2023 | at least $8.0M | 95c | S+450 bp | Mar 2, 2029 | 1 |
| first lien term loan first lien exited Mar 31, 2023 | at least $997,487 | 98c | S+450 bp | Mar 2, 2029 | 1 |
| second lien term loan second lien exited Jun 30, 2023 | at least $994,975 | 97c | S+425 bp | Mar 2, 2029 | 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, 2023 | 2 | $9.0M | $8.5M | 95c | 0 |
| Mar 31, 2023 | 2 | $5.0M | $4.8M | 96c | 0 |
| Dec 31, 2022 | 1 | $8.0M | $7.6M | 95c | 0 |
| Sep 30, 2022 | 1 | $4.0M | $3.9M | 96c | 0 |
What changed
- Facility left every BDC scheduleJun 30, 2023
- Facility left every BDC scheduleJun 30, 2023
- Facility left every BDC scheduleMar 31, 2023
- New borrower on a BDC scheduleSep 30, 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
- RINCHEMderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived