First Brands Group, LLC
Cleveland-based automotive aftermarket parts manufacturer whose portfolio spans FRAM filters, TRICO wiper blades, Raybestos and Centric/StopTech brake components, Autolite ignition and Champion Laboratories filtration, employing about 26,000 people worldwide at its peak. First Brands filed for Chapter 11 bankruptcy on September 28, 2025 in the Southern District of Texas after a halted $6.2 billion refinancing and creditor allegations that more than $2.3 billion of receivables could not be accounted for; in 2026 the company began winding down and liquidating major subsidiaries. Its loans remain widely held across private-credit vehicles, so marks on this name reflect a distressed, liquidating credit.
Company profile compiled from public sources (company filings, rating-agency reports, and press releases) — distinct from the SEC Schedule-of-Investments pricing data below.
Lenders
First Brands Group, LLC is held by 7 BDC lenders in our parsed SEC filings: AGTC, GECC, OFS, PHEN, PSBD, PSEC, SAR.
Cross-lender loan pricing
Lenders mark this name differently
PSBD carries this First Lien exposure at 0.0 while PSEC marks it at 16.0 — a 15.9-point gap on the same lien class, both marked for the quarter ended 2026-06-30. 1 other lender marks in between.
BDC marks are quarterly fair-value estimates. A gap this wide can reflect tranche mix within the same lien class, valuation timing, or genuine credit disagreement between the managers — it is a prompt to read both lenders’ filings, not a mispricing claim. Marks are fair value as a percent of par, FV-weighted where a lender holds multiple tranches.
Each row is one debt tranche at the BDC’s most recent filing that holds this borrower, widest spread first. Mark is the position’s fair value as a percent of par (100 = par). Spread is shown in basis points over the benchmark in the Rate column, normalized from each filing’s as-reported units — rows quoting different benchmarks are still not directly comparable. Compare like-for-like: a second-lien tranche, a different vintage, or an older filing should price wider even when the credit view is identical — check the Type and Filing columns before reading a gap as disagreement. Source: SEC EDGAR (public). Rows marked stale are from an earlier filing than the lender’s latest — the borrower is absent from its newest filing (exited, repaid, or reported under a different name).
| BDC | Type | Rate | Cash spread (bps) | Mark (% of par) | Fair Value | Maturity | Filing |
|---|---|---|---|---|---|---|---|
| PSBD | 2L / Mezz | SOFR | 1,061 | 0.0 | $0K | 2028-03-24 | 2026-08-05 |
| PSEC | 2L / Mezz | PIK | 1,050 | 0.1 | $41K | 2028-03-30 | 2026-08-20 |
| PSEC | 1L Sr Secured | SOFR | 1,000 | 17.1 | $1M | 2026-06-29 | 2026-08-20 |
| PSBD | 1L Sr Secured | SOFR | 711 | 0.0 | $0K | 2027-03-30 | 2026-08-05 |
| PSBD | 1L Sr Secured | SOFR | 700 | 0.0 | $1K | 2026-06-29 | 2026-08-05 |
| PSEC | 1L Sr Secured | PIK | 700 | 0.3 | $58K | 2026-06-29 | 2026-08-20 |
| PSEC | 1L Sr Secured | PIK | 700 | 0.2 | $9K | 2027-03-30 | 2026-08-20 |
| PSEC | 1L Sr Secured | PIK | 700 | 0.2 | $17K | 2027-03-30 | 2026-08-20 |
| GECC | 1L Sr Secured | SOFR | — | 0.0 | $6K | 2028-03-30 | 2026-08-05 |
| GECC | 1L Sr Secured | SOFR | — | 0.1 | $1K | 2027-03-30 | 2026-08-05 |
| AGTC | 1L Sr Secured | SOFR | 500 | 100.0 | $11M | 2027-03 | 2024-05-10 stale |
| OFS | 1L Sr Secured | SOFR | 500 | 93.2 | $2M | 2027-03-30 | 2025-05-02 stale |
| OFS | 1L Sr Secured | SOFR | 500 | 93.2 | $3M | 2027-03-30 | 2025-05-02 stale |
| SAR | Debt | SOFR | 500 | — | $5M | 2027-03-30 | 2025-01-08 stale |
| PHEN | Debt | — | 94.4 | $4M | 2025-08-06 stale |
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
Ownership & deal activity
Verified headlines that signal an acquisition, merger, buyout, sponsor change, refinancing, or restructuring involving First Brands Group, LLC. A mention is not confirmation of a completed deal — verify against the linked source. Source: Google News.
Headlines mentioning First Brands Group, LLC
Credit events — verified headlines reporting a rating action, restructuring, or default involving First Brands Group, LLC. Coverage is partial (our indexed news only) and a headline is not a verdict — verify against the linked source.
- DEFAULT First Brands lender can’t distribute cash from bankruptcy sales
- DEFAULT First Brands wins second chance to pursue liquidation plan
Public headlines that name First Brands Group, LLC, matched by company name and shown most-recent first. A mention is not an endorsement, a rating, or investment advice — verify anything material against the original source. Source: Google News.
- Supplier seeks $1.1 million from bankrupt First Brands
- First Brands Group LLC Number of Employees 2026 | Employee Count & Headcount Data
- Judge Mulls Privilege Ahead Of First Brands Ch. 11 Plan Trial
- First Brands lender can’t distribute cash from bankruptcy sales
- First Brands Seeks Retiree Committee as Wind-Down Plan Proceeds
- First Brands Lenders Oppose Budget Hike for Fraud Investigation
- PBGC to Pay Full Pensions for First Brands’ Workers
- PBGC Guarantees Full Pensions for First Brands’ Workers
Reading this table
When two business development companies lend to the same borrower, comparing how each marks the loan is a starting question, not a verdict. In plain English: a wider spread (e.g. S+575 vs S+525) or a lower mark (e.g. 96 vs 100 cents on the dollar) can mean that lender is pricing in more risk — but marks can also differ for reasons other than a credit view: a different tranche (second lien should price wider than first lien on the same company), a different vintage or entry point, an older filing date, or each manager’s own fair-value methodology. Compare like-for-like — check the Type and Filing columns before reading a gap as disagreement. Each row is one debt position at one BDC’s most recent filing. Source: SEC EDGAR Schedule of Investments (public).
Want to read these numbers like an analyst? Free Oxford Ledge lessons: reading a BDC’s Schedule of Investments, key credit metrics, and the Five Cs of credit analysis.