DFX Intelligence
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Borrower
I•• I••••••••• I•• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: Industrial Networking Solutions; INS
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 99¢ · 99¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
99¢100¢
Principal held
at least $29.4M
sum of BDC pieces, a lower bound
Fair value
$29.0M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Jan 19, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
3
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | $16M | 100¢ | +1 pts |
| N••••• C•••••••• D••••• L•••••• C•••• | $13.4M | 99¢ | 0 pts |
Every BDC piece · 4 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• | $13.0M | $12.8M 100c | S+550 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien F•••• L••• D••• | $11.4M | $11.3M 99c | S+550 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) | $3.1M | $3.0M 100c | S+550 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) | $1.9M | $1.9M 99c | S+550 bp |
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 $24.4M | 99c | S+550 bp | Jan 19, 2029 | 2 |
| first lien delayed draw term loan first lien | at least $5.0M | 100c | S+550 bp | Jan 19, 2029 | 2 |
| other lien unstated exited Mar 31, 2025 | at least $22.6M | 100c | S+550 bp | Jan 19, 2029 | 2 |
| delayed draw term loan lien unstated exited Dec 31, 2024 | unknown | n/a | S+650 bp | unstated | 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, 2026 | 2 | $29.4M | $29.0M | 99c | 0 |
| Mar 31, 2026 | 2 | $22.3M | $21.9M | 99c | 0 |
| Dec 31, 2025 | 2 | $22.3M | $22.0M | 100c | 0 |
| Sep 30, 2025 | 2 | $22.3M | $22.0M | 100c | 0 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $22.3M | $22.1M | 100c | 0 |
| Mar 31, 2025 | 2 | $22.6M | $22.4M | 100c | 0 |
| Dec 31, 2024 | 2 | $31.1M | $24.9M | 102c | 0 |
| Jun 30, 2024 | 2 | $15.5M | $12.4M | 102c | 0 |
| Mar 31, 2024 | 2 | $15.6M | $12.5M | 102c | 0 |
| Dec 31, 2023 | 2 | $15.7M | $12.6M | 102c | 0 |
| Sep 30, 2023 | 2 | $15.7M | $12.4M | 101c | 0 |
| Jun 30, 2023 | 2 | $15.7M | $12.3M | 100c | 0 |
| Mar 31, 2023 | 2 | $15.8M | $12.3M | 100c | 0 |
| Dec 31, 2022 | 1 | $0 | $0 | n/a | 0 |
What changed
- Spread changed (observed)Dec 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityMar 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
- I•• I••••••••• I•derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived