"Allied-Horizontal Wireline Services is the leading independent logging and perforating provider in the United States. Headquartered in Houston, Texas and with operations in every key oil & gas basin across the country, we are committed to collaborating with our customers to develop industry-leading reservoir exploitation solutions." From the LinkedIn Profile. Owned by Turnbridge Capital :"Turnbridge Capital, LLC is an energy-focused private equity firm with offices in Dallas, TX and Houston, TX. Turnbridge seeks to invest alongside experienced management teams and provide services, equipment, and products that serve the upstream, midstream and downstream end-market segments". From a press release.
There is over $100mn BDC exposure to Allied Wireline, an oilservices company, but concentrated in only two BDCs: non-traded FS Energy & Power has 90% of the exposure and the rest is held by THL Credit (TCRD). For FS Energy, this is its 6th largest holding. Virtually all the investment is in the form of Senior Debt, with a smattering of common equity. Both BDCs have been involved since 2014, but only recorded any discount to cost in valuation from September 2015. First to be written down (to zero currently) was the equity. The debt is only slightly discounted: 3% at FS Energy and 13% at TCRD (on the same facility !). Valuations have been relatively stable. Information about how the privately-held, PE owned company is performing has not come our way. The BDC Credit Reporter gives the Company a Credit Rating of 3, with the Credit Trend flat. At this stage we're short on insights, but we'll be digging for more information.