ASP Chromaflo Intermediate Holdings: Downgraded To CCR 4

We don’t pretend to know what’s going on at ASP Chromaflo Intermediate Holdings, a chemicals company. However, we do have the latest valuation from the only BDC holder of the company’s traded 2024 second lien debt – Great Elm Corporation (GECC). At March 31, 2020 there was $12.1mn invested at cost, with a par value of $12.4mn and an FMV of $9.6mn. That’s a (20%) discount. However, the Advantage Data records on this syndicated loan indicate the market value has dropped since the end of the IQ 2020 and now the debt trades at 50 cents on the dollar.

We are downgrading the company from CCR 3 to CCR 4.