EngageSmart (Icefall Parent, Inc.)
'Icefall Parent, LLC' was the Vista Equity Partners acquisition vehicle used to take EngageSmart, Inc. private. EngageSmart provides vertically tailored customer-engagement software and integrated payments solutions (its products help businesses like healthcare providers and utilities communicate with and collect payments from their customers). The take-private used Icefall Parent, LLC and Icefall Merger Sub, Inc. as the merger entities.
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
EngageSmart is held by 9 BDC lenders in our parsed SEC filings: AGTC, ARCC, BXSL, CGBD, GBDC, MSDL, NMFC, OBDC, OCSL.
Cross-lender loan pricing
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).
| BDC | Type | Rate | Cash spread (bps) | Mark (% of par) | Fair Value | Maturity | Filing |
|---|---|---|---|---|---|---|---|
| AGTC | 1L Sr Secured | SOFR | 450 | 100.0 | $11M | 2030-01 | 2026-08-07 |
| ARCC | 1L Sr Secured | SOFR | 450 | 100.0 | $2M | 2030-01 | 2026-07-29 |
| BXSL | 1L Sr Secured | SOFR | 450 | 100.0 | $40M | 2030-01-25 | 2026-08-06 |
| CGBD | 1L Sr Secured | SOFR | 450 | 99.2 | $10M | 2030-01-26 | 2026-08-06 |
| GBDC | 1L Sr Secured | SOFR | 450 | 97.0 | $4M | 2030-01 | 2026-08-03 |
| MSDL | 1L Sr Secured | SOFR | 450 | 100.0 | $5M | 2030-01-25 | 2026-08-06 |
| NMFC | 1L Sr Secured | SOFR | 450 | 100.0 | $5M | 2030-01 | 2026-08-03 |
| OBDC | 1L Sr Secured | SOFR | 450 | 99.3 | $4M | 2030-01 | 2026-08-05 |
| OCSL | 1L Sr Secured | SOFR | 450 | 99.2 | $18M | 2030-01-25 | 2026-08-05 |
| NMFC | 1L Sr Secured | — | — | — | 2030-01 | 2026-08-03 |
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.
Equity and other positions
Current positions that are not funded debt (equity, preferred, units) — counted among the BDCs that hold this borrower, but they carry no loan spread, so they sit outside the pricing table. Source: SEC EDGAR (public).
| BDC | Type | Fair Value | Filing |
|---|---|---|---|
| MSDL | First Lien Debt · Senior Secured | $0 | 2026-08-06 |
Ownership & deal activity
Ownership and acquisition events compiled from public sources and audited against the linked source. Each event links to its source; “(reported)” marks a lower-confidence item. Verify anything material against the original source.
- mergerVista Equity Partners completes $4.0B take-private of EngageSmart; Icefall Parent, Inc. becomes ownerIcefall Merger Sub, Inc. merged with and into EngageSmart, Inc. on January 26, 2024, making EngageSmart a wholly owned subsidiary of Icefall Parent, Inc. (formerly Icefall Parent, LLC); EngageSmart's common stock ceased trading on the NYSE, funded by ~$2.0B Vista equity and ~$1.0B term loan from Golub Capital.
- take privateVista Equity Partners agrees to acquire EngageSmart for ~$4.0 billion via Icefall Parent, LLCEngageSmart entered into a definitive Agreement and Plan of Merger with Icefall Parent, LLC and Icefall Merger Sub, Inc. (Vista Equity Partners affiliates) for an all-cash take-private at $23.00 per share, valuing the company at approximately $4.0 billion, with General Atlantic agreeing to retain a minority ownership position.
Headlines mentioning EngageSmart
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.