DFX Intelligence
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Borrower
H••••••• E••••••••• S••••••• I••
Commercial Services & Suppliesgroup grade Aoff every schedule since Jun 30, 2025sponsor unattributed
Also written as: Commercial &; Inc. Letter of Credit; Inc. Letters of Credit; Inc. Undrawn Commitment
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
102¢ · 102¢ · 102¢ · 102¢ · 102¢Q2 2024 to Q2 2025
Principal held
at least $101M
sum of BDC pieces, a lower bound
Fair value
$101M
102c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
2 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Jan 31, 2030
no dated debt inside 24 months
On the tape since
Mar 31, 2024
latest Jun 30, 2025
Events
5
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••••• D••• S•••••••• B•• | $99.3M | 102¢ | 0 pts |
| M••••• F•••••••• I••••••••• C••• | $1.74M | 101¢ | 0 pts |
Every BDC piece · 7 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• S+525, 0.75% F•••• M•••• | $87.5M | $88.2M 102c | SOFR+525 bp |
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• S+500, 0.75% F•••• M•••• | $11.7M | $11.6M 99c | SOFR+500 bp |
| M••••• F•••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• - T••• L••• S•••+525, 0.75% F•••• M••••••• D••• 01/31/31 | $1.7M | $1.8M 101c | SOFR+525 bp |
| A••••• D••• S•••••••• B•• | delayed draw term loan first lien Investment T••• F•••• L••• S•••••• D••• - D•••••• D••• I••••••• R••• S+500, 0.75% F•••• M• | Not disclosed | -$94,000 336c | SOFR+500 bp |
| A••••• D••• S•••••••• B•• | revolver first lien Investment T••• F•••• L••• S•••••• D••• - R••••••• I••••••• R••• S+550, 0.75% F•••• M••••• | Not disclosed | Not disclosed n/a | SOFR+550 bp |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | revolver first lien Investment T••• F•••• L••• S•••••• D••• - R••••••• I••••••• R••• S+500, 0.75% F•••• M••••• | Not disclosed | Not disclosed n/a | SOFR+500 bp |
| M••••• F•••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• - R••••••• S•••+525, 0.75% F•••• M••••••• D••• 01/31/30 | Not disclosed | Not disclosed n/a | SOFR+525 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Mar 31, 2025 | at least $105M | 102c | S+530 bp | Jan 31, 2031 | 5 |
| first lien term loan first lien exited Jun 30, 2025 | at least $101M | 102c | SOFR+525 bp | Jan 31, 2031 | 2 |
| first lien revolver first lien exited Jun 30, 2025 | unknown | n/a | SOFR+550 bp | Jan 31, 2030 | 2 |
| first lien delayed draw term loan first lien exited Jun 30, 2025 | unknown | n/a | SOFR+500 bp | Jan 31, 2031 | 1 |
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, 2025 | 2 | $101M | $101M | 101c | 0 |
| Mar 31, 2025 | 5 | $207M | $207M | 106c | 0 |
| Dec 31, 2024 | 5 | $303M | $304M | 105c | 0 |
| Sep 30, 2024 | 5 | $208M | $209M | 106c | 0 |
All 6 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2024 | 4 | $179M | $180M | 106c | 0 |
| Mar 31, 2024 | 3 | $184M | $170M | 100c | 0 |
What changed
- Facility left every BDC scheduleJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Facility left every BDC scheduleMar 31, 2025
- New lender joined a facilitySep 30, 2024
Full timeline · 8 eventsShow fewer
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New borrower on a BDC scheduleMar 31, 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
- H••••••• E••••••••• S•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Commercial Services & Suppliesreportedas one filer wrote it