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. Written by an AI model from public web sources; not checked for copying; not taken from the company's or the lender's SEC filing. — distinct from the SEC Schedule-of-Investments pricing data below. · AI-generated analysis. Not investment advice. May contain errors.
Lenders
First Brands Group, LLC is held by 6 BDC lenders in our parsed SEC filings: AGTC, GECC, OFS, PHEN, PSBD, PSEC.
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.
Non-accrual divergence: 2 of 3 lenders report this borrower on non-accrual (PSBD, PSEC). When lenders split on non-accrual status, the ones recognizing it first are often ahead of the credit.
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 non-accrual | 2L / Mezz | SOFR | 1,061 | 0.0 | $0K | 2028-03-24 | 2026-08-05 |
| PSEC non-accrual | 2L / Mezz | PIK | 1,050 | 0.1 | $41K | 2028-03-30 | 2026-08-20 |
| PSEC non-accrual | 1L Sr Secured | SOFR | 1,000 | 17.1 | $1M | 2026-06-29 | 2026-08-20 |
| PSBD non-accrual | 1L Sr Secured | SOFR | 711 | 0.0 | $0K | 2027-03-30 | 2026-08-05 |
| PSBD non-accrual | 1L Sr Secured | SOFR | 700 | 0.0 | $1K | 2026-06-29 | 2026-08-05 |
| PSEC non-accrual | 1L Sr Secured | PIK | 700 | 0.2 | $17K | 2027-03-30 | 2026-08-20 |
| PSEC non-accrual | 1L Sr Secured | PIK | 700 | 0.3 | $58K | 2026-06-29 | 2026-08-20 |
| PSEC non-accrual | 1L Sr Secured | PIK | 700 | 0.2 | $9K | 2027-03-30 | 2026-08-20 |
| GECC | 1L Sr Secured | SOFR | — | 0.1 | $1K | 2027-03-30 | 2026-08-05 |
| GECC | 1L Sr Secured | SOFR | — | 0.0 | $6K | 2028-03-30 | 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 |
| 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 under the oversight of each BDC’s board (often by the adviser as valuation designee), so figures are estimates as of the period end each filing reports, not its 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 Group: Liquidating Plan Follows $2.3B Fraud Collapse
- DEFAULT Judge Rejects First Brands Chapter 11 Plan, Moves Case Toward Liquidation
- DEFAULT First Brands Bankruptcy-Payout Plan Rejected by Federal Judge
- DEFAULT First Brands Converted to Chapter 7 Liquidation
- DEFAULT First Brands Ordered Into Chapter 7 Liquidation After Judge Scraps Litigation-Funded Repayment Plan
- DEFAULT Judge orders Chapter 7 liquidation for First Brands Group
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.
- First Brands Group: Liquidating Plan Follows $2.3B Fraud Collapse
- Judge Rejects First Brands Chapter 11 Plan, Moves Case Toward Liquidation
- First Brands Bankruptcy-Payout Plan Rejected by Federal Judge
- First Brands Converted to Chapter 7 Liquidation
- First Brands Ordered Into Chapter 7 Liquidation After Judge Scraps Litigation-Funded Repayment Plan
- First Brands' Ch. 11 Plan Went A Step Too Far, Experts Say
- Fukoku wins approval of $1.1M First Brands claim
- Judge orders Chapter 7 liquidation for First Brands Group
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.