Unitranche
A unitranche loan combines what would otherwise be separate senior and subordinated debt into one facility, with one blended interest rate and one set of loan documents. It is common in middle market buyouts financed by direct lenders, because the borrower deals with a single lender group and can close faster. Lenders sometimes divide the loan among themselves through a separate agreement among lenders, creating first-out and last-out pieces that the borrower does not see.
In DFX data
BDC schedules describe each position by kind and lien, so a unitranche loan appears on DFX as a first lien term loan facility, with every BDC holding a piece listed as a lender. DFX does not label unitranche separately, because not every filer does.