DFX Intelligence
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Borrower
T•• E••••••••• L••
Commercial Services & Suppliesgroup grade Aoff every schedule since Jun 30, 2023sponsor unattributed
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
99¢ · 100¢ · 100¢Q3 2022 to Q2 2023
Where each lender marks it on the first lien term loan, 0 points apart
100¢100¢
Principal held
at least $53.3M
sum of BDC pieces, a lower bound
Fair value
$50.5M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Mar 26, 2026
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2023
Events
3
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2023, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| P••••••••• F••••••• R••• C•••••• L••• | $39.4M | 100¢ | 0 pts |
| P••••••••• I••••••••• C••• | $13.9M | 100¢ | 0 pts |
Every BDC piece · 5 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S••••• S•••••• D••• M••••••• 03/26/2026 I••••••• C••••••••• Services & S••••••• | $24.1M | $23.8M 100c | S+600 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 3/26/2026 I••••••• D••••••••• C••••••• Services C•••••• C | $14.6M | $14.4M 99c | S+600 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 03/26/2026 T••••••••• C•••••• C••••• 10.95% B•••• P•••• S | $12.6M | $12.4M 100c | S+575 bp |
| P••••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• R•••••••) M••••••• 03/26/2026 T••••••••• | $1.4M | -$21,000 | S+575 bp |
| P••••••••• F••••••• R••• C•••••• L••• | revolver first lien F•••• L••• S••••• S•••••• D••• R•••••••) M••••••• 03/26/2026 I••••••• C••••••••• Services | $661,000 | -$10,000 | S+600 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2023
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Jun 30, 2023 | at least $51.3M | 100c | S+575 bp | Mar 26, 2026 | 2 |
| first lien revolver first lien exited Jun 30, 2023 | at least $2.0M | n/a | S+600 bp | Mar 26, 2026 | 2 |
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, 2023 | 2 | $53.3M | $50.5M | 100c | 0 |
| Mar 31, 2023 | 2 | $70.5M | $67.4M | 100c | 0 |
| Sep 30, 2022 | 2 | $86.9M | $82.7M | 98c | 0 |
What changed
- Facility left every BDC scheduleJun 30, 2023
- Facility left every BDC scheduleJun 30, 2023
- New borrower on a BDC scheduleSep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- TVC ENTERPRISEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Commercial Services & Suppliesreportedas one filer wrote it