DFX Intelligence
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Borrower
W•••••••• S•••••••• L••
S•••••••group grade Aoff every schedule since Sep 30, 2024sponsor unattributed
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
99¢ · 100¢ · 100¢ · 100¢ · 100¢Q3 2023 to Q3 2024
Where each lender marks it on the first lien term loan, 2 points apart
99¢101¢
Principal held
at least $125M
sum of BDC pieces, a lower bound
Fair value
$123M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
4 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
Jul 1, 2025
$125M inside 24 months
On the tape since
Sep 30, 2021
latest Sep 30, 2024
Events
3
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 |
|---|---|---|---|
| G•••• C•••••• B••• I••• | $56.3M | 100¢ | +1 pts |
| G•••••• S•••• B••• I••• | $31.5M | 100¢ | 0 pts |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | $27.9M | 99¢ | 0 pts |
| G•••• C•••••• P•••••• C••••• F••• | $9.43M | 101¢ | 0 pts |
Every BDC piece · 17 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | $42.0M | $42.0M 100c | S+725 bp PIK 3.00% |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 12.46% R•••••••• R••• and S•• | $23.8M | $23.5M 100c | S+725 bp PIK 3.00% |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 12.46% R•••••••• R••• and S•• | $12.3M | $12.2M 99c | S+725 bp PIK 3.00% |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 12.46% R•••••••• R••• and S•• | $9.5M | $9.4M 99c | S+725 bp PIK 3.00% |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop | $9.4M | $9.4M 101c | S+725 bp PIK 3.00% |
View all 17 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | $7.4M | $7.4M 100c | S+725 bp PIK 3.00% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 3 | $5.3M | $5.3M 100c | S+725 bp PIK 3.00% |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 12.46% R•••••••• R••• and S•• | $3.4M | $3.3M 99c | S+725 bp PIK 3.00% |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 12.46% R•••••••• R••• and S•• | $3.0M | $2.9M 99c | S+725 bp PIK 3.00% |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 12.46% R•••••••• R••• and S•• | $2.5M | $2.4M 100c | S+725 bp PIK 3.00% |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 12.46% R•••••••• R••• and S•• | $2.2M | $2.2M 99c | S+725 bp PIK 3.00% |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• R•••••••• R••• and S••••• S + 7.25% (I•••. | $1.9M | -$14,000 200c | S+725 bp PIK 3.00% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 4 | $1.6M | $1.6M 99c | S+725 bp PIK 3.00% |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• R•••••••• R••• and S••••• S + 7.25% (I•••.3 | $980,000 | -$7,000 233c | S+725 bp PIK 3.00% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 5 | $0 | $0 0c | S+725 bp |
| G•••• C•••••• B••• I••• | equity equity C••••• stock 1 | Not disclosed | $1.5M 157c | |
| G•••• C•••••• B••• I••• | equity equity C••••• stock 2 | Not disclosed | $48,000 133c |
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 $125M | 100c | S+725 bp PIK 3.00% | Jul 31, 2025 | 4 |
Equity pieces beside the debt: equity ($1.6M 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 |
|---|---|---|---|---|---|
| Sep 30, 2024 | 4 | $125M | $122M | 100c | 14 |
| Jun 30, 2024 | 4 | $124M | $121M | 100c | 14 |
| Mar 31, 2024 | 5 | $123M | $119M | 100c | 18 |
| Dec 31, 2023 | 5 | $180M | $173M | 100c | 27 |
All 10 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2023 | 5 | $121M | $117M | 99c | 18 |
| Jun 30, 2023 | 4 | $111M | $53.1M | 98c | 17 |
| Mar 31, 2023 | 4 | $83.9M | $52.7M | 98c | 12 |
| Dec 31, 2022 | 3 | $93.6M | $90.8M | 99c | 11 |
| Sep 30, 2022 | 2 | $52.6M | $52.6M | 100c | 8 |
| Sep 30, 2021 | 1 | $32.4M | $32.4M | 99c | 1 |
What changed
- Facility left every BDC scheduleSep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
Full timeline · 10 eventsShow fewer
- New lender joined a facilitySep 30, 2023
- New lender joined a facilityDec 31, 2022
- Spread changed (observed)Sep 30, 2022
- Spread increasedSep 30, 2022
- New borrower on a BDC scheduleSep 30, 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
- W•••••••• S•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- S•••••••reportedas one filer wrote it