DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
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Borrower
L•••••• G••••
Research & Consulting Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Equity Securities; Liberty Buyer, Inc; Liberty Global; Liberty Purchaser; LLC Third Amendment; Series A; Vodafone Ziggo
Principal held
at least $9.7M
sum of BDC pieces, a lower bound
Fair value
$9.5M
98c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
5
1 equity pieces beside them
Next maturity
Jun 15, 2028
$4.1M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
28
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $8.0M | 98c | SOFR+450 bp | Nov 21, 2029 | 4 |
| first lien delayed draw term loan first lien | at least $1.8M | 99c | SOFR+450 bp | Nov 22, 2029 | 3 |
| first lien revolver first lien | at least $0 | n/a | SOFR+475 bp | Dec 12, 2029 | 2 |
| delayed draw term loan lien unstated exited Dec 31, 2024 | at least $4.6M | 99c | S+575 bp | Jun 15, 2028 | 1 |
| other lien unstated exited Mar 31, 2025 | at least $4.2M | 97c | S+575 bp | Jun 15, 2028 | 1 |
Equity pieces beside the debt: preferred equity ($25,296 fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••• C••••• B•• I••• | preferred equity equity Investment Type Series A-Preferred Units Acquisition Date 6/6/2022 | n/a | $25,296 22c | |
| A•••• C••••• B•• I••• | revolver first lien Investment Type Senior Secured Revolving Loan Index S+ Spread 5.75% Interest Rate 9.43% Ma | n/a | n/a | SOFR+475 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien First Lien Debt (Delayed Draw) | $288,000 | $276,000 96c | S+575 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien First Lien Debt | $3.8M | $3.7M 96c | S+575 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien Delayed Draw Term Loan (Magna Legal Services) | NCNA Debt Inv. | First Lien Senior Secured | $1.2M | $1.2M 100c | SOFR+450 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan (Magna Legal Services) | NCNA Debt Inv. | First Lien Senior Secured Loan | 11/21 | $3.3M | $3.3M 100c | SOFR+450 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan (Magna Legal Services) | NCNA Debt Inv. | First Lien Senior Secured Loan | 11/21 | $783,000 | $783,000 100c | SOFR+450 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien Revolving Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 11/22/2028 | $0 | $0 | SOFR+50 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien Delayed Draw Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 11/22/2029 | $328,000 | $243,000 95c | SOFR+450 bp |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 3 | $9.7M | $9.5M | 98c | 0 |
| Mar 31, 2026 | 3 | $9.4M | $9.2M | 98c | 0 |
| Dec 31, 2025 | 3 | $14.8M | $14.6M | 99c | 1 |
| Sep 30, 2025 | 3 | $11.4M | $11.2M | 98c | 0 |
| Jun 30, 2025 | 3 | $11.5M | $11.3M | 99c | 0 |
| Mar 31, 2025 | 3 | $11.5M | $11.3M | 99c | 0 |
| Dec 31, 2024 | 4 | $44.8M | $43.7M | 100c | 0 |
| Sep 30, 2024 | 3 | $12.0M | $11.6M | 101c | 0 |
| Jun 30, 2024 | 3 | $12.0M | $11.6M | 101c | 0 |
| Mar 31, 2024 | 3 | $12.0M | $11.6M | 101c | 0 |
| Dec 31, 2023 | 3 | $22.6M | $22.1M | 101c | 0 |
| Sep 30, 2023 | 2 | $6.7M | $6.2M | 101c | 0 |
| Jun 30, 2023 | 2 | $6.6M | $6.1M | 101c | 0 |
| Mar 31, 2023 | 1 | $4.7M | $4.2M | 100c | 0 |
| Dec 31, 2022 | 2 | $6.7M | $6.2M | 100c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Maturity shortened (observed)Mar 31, 2026
- Spread changed (observed)Dec 31, 2025
- Spread changed (observed)Dec 31, 2025
- PIK interest appearsDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- PIK interest appearsDec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Lender left a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Facility left every BDC scheduleMar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Lender left a facilityDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Lender left a facilityDec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- LIBERTYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 4 across 4 BDCsderived
- Industry
- Research & Consulting Servicesreportedas one filer wrote it