DFX Intelligence
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Facility
B•••••••• P•••••• L•• first lien term loan
first lienheld todaySystems Software
Principal held
at least $220M
sum of BDC pieces, a lower bound
Fair value
$165M
77c on cost
Unfunded
n/a
pieces' unfunded commitments
Pricing
SOFR+650 bp
pieces from 450 bp to 650 bp
PIK
none stated
Maturity
Aug 15, 2029
html_schedule
Lenders
8 holding
3 exited · 0 named on a deal
On the tape
15 quarters
Dec 31, 2022 to Jun 30, 2026
Lender group
every BDC that holds or held a piece; each row is that lender's own figures
| Lender | Status | Principal | Fair value | Spread | Held |
|---|---|---|---|---|---|
| N•• M••••••• G••••••• I• B••• L••••• N•• M••••••• F•••••• A•••••••• L••••• | exited · 2 pieces | $5.9M | $5.5M 94c | 450 bp | Dec 31, 2022 to Dec 31, 2024 |
| N•• S•• I• I••• N•• M••••••• F•••••• A•••••••• L••••• | exited | $3.0M | $2.9M 98c | 450 bp | Dec 31, 2022 to Dec 31, 2022 |
| C••••••• P•••••• C••••• I••••• C••• C••••••• C•• N• A•••••••• L•• | exited | $1.5M | $1.5M 98c | 450 bp | Jun 30, 2024 to Sep 30, 2024 |
| B••• O•• T••••••••• I••••• C•••• B••• O•• T••••••••• C••••• A••••••• I• L•• | held · 2 pieces | $51.0M | $36.0M 72c | 650 bp | Mar 31, 2025 to Jun 30, 2026 |
| O•••••• S•••••••• C••••• F••• O•••••• F••• A•••••••• L•• | held | $48.9M | $40.7M 85c | 650 bp | Mar 31, 2025 to Jun 30, 2026 |
| B••• O•• C••••• I••••• C•••• B••• O•• C••••• A••••••• L•• | held · 2 pieces | $48.1M | $35.2M 75c | 650 bp | Dec 31, 2022 to Jun 30, 2026 |
| B••• O•• T••••••••• F•••••• C•••• B••• O•• T••••••••• C••••• A••••••• L•• | held · 2 pieces | $43.1M | $30.8M 76c | 650 bp | Mar 31, 2025 to Jun 30, 2026 |
| O•••••• S•••••••• L•••••• C••• O•••••• F••• A•••••••• L•• | held | $15.4M | $12.9M 85c | 650 bp | Mar 31, 2025 to Jun 30, 2026 |
| B••• O•• C•••••• C••• B••• O•• C••••• A••••••• L•• | held | $12.6M | $8.5M 71c | 450 bp | Jun 30, 2025 to Jun 30, 2026 |
| B•••••••• P•••••• C••••• F••• B•••••••• C•••••• I••••••••• A•••••••• L•• | held | $667,741 | $458,237 70c | 450 bp | Dec 31, 2022 to Jun 30, 2026 |
| A•••• C••••• B•• I••• | held | $552,139 | $462,071 87c | 450 bp | Dec 31, 2022 to Jun 30, 2026 |
Facility through time
pieces summed per quarter end across the BDCs holding it
| Quarter end | BDCs | Principal held | On cost | Spread | PIK | Maturity |
|---|---|---|---|---|---|---|
| Jun 30, 2026 | 8 | $220M | 77c | 450 bp | Aug 15, 2029 | |
| Mar 31, 2026 | 8 | $220M | 74c | 450 bp | Aug 15, 2029 | |
| Dec 31, 2025 | 8 | $221M | 90c | 450 bp | Aug 15, 2029 | |
| Sep 30, 2025 | 7 | $220M | 93c | 450 bp | Aug 15, 2029 | |
| Jun 30, 2025 | 8 | $221M | 93c | 450 bp | Aug 15, 2029 | |
| Mar 31, 2025 | 7 | $140M | 99c | 650 bp | Aug 15, 2029 | |
| Dec 31, 2024 | 3 | $7.0M | 94c | 450 bp | Aug 15, 2029 | |
| Sep 30, 2024 | 4 | $5.6M | 99c | 450 bp | Aug 15, 2029 | |
| Jun 30, 2024 | 4 | $5.5M | 101c | 450 bp | Aug 15, 2029 | |
| Mar 31, 2024 | 4 | $31.3M | 102c | 450 bp | Aug 15, 2029 | |
| Dec 31, 2023 | 4 | $34.9M | 100c | 450 bp | Aug 15, 2029 | |
| Sep 30, 2023 | 4 | $31.5M | 101c | 450 bp | Aug 15, 2029 | |
| Jun 30, 2023 | 4 | $31.6M | 99c | 450 bp | Aug 15, 2029 | |
| Mar 31, 2023 | 3 | $31.2M | 99c | 450 bp | Aug 15, 2029 | |
| Dec 31, 2022 | 5 | $31.5M | 99c | 450 bp | Aug 15, 2029 |
What changed on this facility
position and facility grain, including routine
- Marked down across lenders Mar 31, 2026B•••••••• P•••••• L•• term loan: marked from 90 to 74 cents on cost across 8 lender(s)
- Marked down across lenders Jun 30, 2025B•••••••• P•••••• L•• term loan: marked from 99 to 93 cents on cost across 8 lender(s)
- Spread changed (observed) Jun 30, 2025B•••••••• P•••••• L•• term loan: spread moved from 6.50% to 4.50%
- New lender joined a facility Jun 30, 2025B••• O•• C•••••• C••• joins B•••••••• P•••••• L•• term loan (first lien) held by 7 other BDCs
- Spread changed (observed) Mar 31, 2025B•••••••• P•••••• L•• term loan: spread moved from 4.50% to 6.50%
- New lender joined a facility Mar 31, 2025B••• O•• T••••••••• I••••• C•••• joins B•••••••• P•••••• L•• term loan (first lien) held by 7 other BDCs
- New lender joined a facility Mar 31, 2025O•••••• S•••••••• C••••• F••• joins B•••••••• P•••••• L•• term loan (first lien) held by 7 other BDCs
- New lender joined a facility Mar 31, 2025B••• O•• T••••••••• F•••••• C•••• joins B•••••••• P•••••• L•• term loan (first lien) held by 7 other BDCs
- New lender joined a facility Mar 31, 2025O•••••• S•••••••• L•••••• C••• joins B•••••••• P•••••• L•• term loan (first lien) held by 7 other BDCs
- Lender left a facility Dec 31, 2024N•• M••••••• G••••••• I• B••• L••••• no longer holds B•••••••• P•••••• L•• term loan after 2024-12-31; 7 BDC(s) still hold it
- Lender left a facility Sep 30, 2024C••••••• P•••••• C••••• I••••• C••• no longer holds B•••••••• P•••••• L•• term loan after 2024-09-30; 7 BDC(s) still hold it
- New lender joined a facility Jun 30, 2024C••••••• P•••••• C••••• I••••• C••• joins B•••••••• P•••••• L•• term loan (first lien) held by 4 other BDCs
- Lender left a facility Dec 31, 2022N•• S•• I• I••• no longer holds B•••••••• P•••••• L•• term loan after 2022-12-31; 7 BDC(s) still hold it
Other pieces of this borrower's structure
- at least $227M
- otherexited Dec 31, 2022at least $3.0M
How this facility is known
- Grain
- B•••••••• P•••••• L•• x first lien term loanderivedborrower group x kind x lien; tranches with different maturities sit under it
- Size
- lower bound: sum of BDC piecesderived
- Status
- unknownsignalnon-accrual, default and restructuring are not on this tape and are never inferred from a mark
- Origin
- bdc tapereported