DFX Intelligence
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Borrower
N••••••• E•••••• W••• P••••• H•••••• L••
Diversified Consumer Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: LLCC; National E•••••• W••• P••••• Intermediate H•••••
Principal held
at least $193M
sum of BDC pieces, a lower bound
Fair value
$193M
100c on cost, debt pieces
Unfunded
$13.8M
commitments not yet drawn
BDC lenders
8
7 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Jul 1, 2029
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
5
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 $188M | 100c | SOFR+600 bp PIK 3.25% | Jul 16, 2029 | 8 |
| first lien delayed draw term loan first lien | at least $5.7M | 98c | SOFR+600 bp PIK 2.75% | Jul 16, 2029 | 2 |
| first lien revolver first lien | at least $0 | n/a | SOFR+500 bp | Jul 16, 2029 | 2 |
Equity pieces beside the debt: equity ($692,000 fair value, 5 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 1 | $0 | $-3,000 150c | |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 3 | $462,000 | $450,000 100c | S+600 bp PIK 3.25% |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 2 | $32.3M | $32.1M 100c | S+600 bp PIK 3.25% |
| G•••• C•••••• B•• 4• I••• | equity equity LP interest | n/a | $180,000 234c | |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 4 | $386,000 | $384,000 100c | S+600 bp PIK 3.25% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | N••••••••• I••••• | $0 | $-7,000 70c | |
| G•••• C•••••• B••• I••• | equity equity LP interest | N••••••••• I••••• | n/a | $219,000 213c | |
| G•••• C•••••• B••• I••• | term loan first lien One stop 4 | N••••••••• I••••• | $70,000 | $68,000 100c | S+600 bp PIK 3.25% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 3 | N••••••••• I••••• | $1.3M | $1.3M 100c | S+600 bp PIK 3.25% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | N••••••••• I••••• | $17.9M | $17.8M 100c | S+600 bp PIK 3.25% |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 1 | $0 | $-2,000 200c | |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 3 | $10.6M | $10.5M 100c | S+600 bp PIK 3.25% |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 2 | $137,000 | $137,000 100c | S+600 bp PIK 3.25% |
| G•••• C•••••• D••••• L•••••• C••• | equity equity LP interest | n/a | $190,000 235c | |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 1 | $0 | $-1,000 100c | |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | equity equity LP interest | n/a | $103,000 234c | |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 2 | $5.5M | $5.5M 100c | S+600 bp PIK 3.25% |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 4 | $71,000 | $71,000 100c | S+600 bp PIK 3.25% |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 1 | $80.5M | $80.1M 100c | S+600 bp PIK 3.25% |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 4 | $12.1M | $12.0M 100c | S+600 bp PIK 3.25% |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 3 | $70,000 | $68,000 100c | S+600 bp PIK 3.25% |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 2 | $0 | $-46,000 144c | |
| J•••••••• C••••• P••••••• B•• I••• | revolver first lien T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 5.00% M••••••• D••• 7/16/2029 | $0 | $-4,000 133c | SOFR+500 bp |
| J•••••••• C••••• P••••••• B•• I••• | revolver first lien Investment T••• F•••• L••• R••••••• | n/a | $-4,000 | |
| J•••••••• C••••• P••••••• B•• I••• | delayed draw term loan first lien Investment T••• F•••• L••• D•••••• D••• T••• L••• | n/a | $-116,000 | |
| J•••••••• C••••• P••••••• B•• I••• | delayed draw term loan first lien T••• F•••• L••• D•••••• D••• T••• L••• R••• S + 6.00% (includes 2.75% PIK) MD 7/16/2029 On | $2.7M | $2.6M 97c | SOFR+600 bp PIK 2.75% |
| J•••••••• C••••• P••••••• B•• I••• | delayed draw term loan first lien T••• F•••• L••• D•••••• D••• T••• L••• R••• S + 6.00% (includes 2.75% PIK) MD 7/16/2029 | $3.0M | $3.0M 99c | SOFR+600 bp PIK 2.75% |
| J•••••••• C••••• P••••••• B•• I••• | term loan first lien T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 6.00% (includes 2.75% PIK) M•••••• | $20.2M | $20.0M 100c | SOFR+600 bp PIK 2.75% |
| S••••• C••••• I••••••••• L•• | term loan first lien T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 6.00% (includes 2.75% PIK) M•••••• | $6.3M | $6.3M 100c | SOFR+600 bp PIK 2.75% |
| S••••• C••••• I••••••••• L•• | revolver first lien T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 5.00% M••••••• D••• 7/16/2029 | $0 | $-1,000 100c | SOFR+500 bp |
| S••••• C••••• I••••••••• L•• | delayed draw term loan first lien Investment T••• F•••• L••• D•••••• D••• T••• L••• | n/a | $-17,000 | |
| S••••• C••••• I••••••••• L•• | revolver first lien Investment T••• F•••• L••• R••••••• | n/a | $-1,000 |
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 | 7 | $193M | $192M | 100c | 17 |
| Mar 31, 2026 | 7 | $163M | $163M | 101c | 0 |
| Dec 31, 2025 | 7 | $156M | $156M | 101c | 0 |
| Sep 30, 2025 | 7 | $280M | $280M | 101c | 0 |
| Jun 30, 2025 | 7 | $142M | $142M | 101c | 0 |
| Mar 31, 2025 | 7 | $110M | $108M | 100c | 0 |
| Dec 31, 2024 | 5 | $60.9M | $61.0M | 102c | 0 |
| Sep 30, 2024 | 5 | $60.5M | $59.3M | 100c | 0 |
| Jun 30, 2024 | 5 | $45.9M | $45.0M | 100c | 0 |
| Mar 31, 2024 | 6 | $45.9M | $44.2M | 99c | 0 |
| Dec 31, 2023 | 6 | $45.5M | $43.8M | 99c | 0 |
| Sep 30, 2023 | 6 | $44.3M | $42.5M | 98c | 0 |
| Jun 30, 2023 | 5 | $24.4M | $23.3M | 97c | 0 |
| Mar 31, 2023 | 5 | $22.3M | $21.4M | 97c | 0 |
| Dec 31, 2022 | 1 | $4.6M | $4.4M | 96c | 0 |
| Sep 30, 2022 | 5 | $15.5M | $15.2M | 100c | 0 |
What changed
- PIK interest appearsJun 30, 2026
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Jun 30, 2026
- PIK interest appearsJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2023
- Spread increasedDec 31, 2023
- Spread increasedDec 31, 2023
- Spread increasedDec 31, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- NATIONAL EXPRESS WASHderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 8 BDCsderived
- Industry
- Diversified Consumer Servicesreportedas one filer wrote it