DFX Intelligence
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Borrower
P•• H•••••• C•••
Aerospace & Defensegroup grade Aoff every schedule since Sep 30, 2025sponsor unattributed
Also written as: 2; 3
Principal held
at least $60.0M
sum of BDC pieces, a lower bound
Fair value
$59.0M
98c on cost, debt pieces
Unfunded
$1.4M
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
4
1 equity pieces beside them
Next maturity
Apr 22, 2027
$60.0M inside 24 months
On the tape since
Dec 31, 2022
latest Sep 30, 2025
Events
4
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Sep 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Sep 30, 2025 | at least $55.5M | 98c | SOFR+625 bp | Apr 22, 2027 | 2 |
| other lien unstated exited Sep 30, 2025 | at least $4.5M | 102c | S+625 bp | Apr 22, 2027 | 4 |
| first lien revolver first lien exited Sep 30, 2025 | unknown | n/a | unstated | 2 | |
| revolver lien unstated exited Jun 30, 2024 | unknown | n/a | unstated | 1 |
Equity pieces beside the debt: equity ($941,000 fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H•• C•••••••• C•••••• S•••••••• F••• | unstated lien unstated | $1.2M | $1.2M 102c | S+625 bp |
| H•• C•••••••• C•••••• S•••••••• F••• | unstated lien unstated | $1.1M | $1.1M 102c | S+625 bp |
| H•• C•••••••• C•••••• S•••••••• F••• | unstated lien unstated | $2.2M | $2.2M 102c | S+625 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.40% Maturi | $17.7M | $17.1M 97c | SOFR+625 bp |
| M••••• S•••••• D••••• L•••••• F••• | equity equity Investment Common Equity Acquisition Date 04/22/2021 | n/a | $800,000 122c | |
| M••••• S•••••• D••••• L•••••• F••• | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 04/22/2027 | n/a | n/a | |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.40% Maturi | $17.8M | $17.2M 97c | SOFR+625 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.40% Maturi | $3.2M | $3.1M 96c | SOFR+625 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | equity equity Investment Common Equity Acquisition Date 04/22/2021 | n/a | $141,000 153c | |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.4% Maturit | $7.6M | $7.3M 101c | SOFR+625 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.4% Maturit | $7.7M | $7.4M 101c | SOFR+625 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 04/22/2027 | n/a | n/a | |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.4% Maturit | $1.5M | $1.4M 98c | SOFR+625 bp |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2025 | 3 | $60.0M | $58.0M | 98c | 0 |
| Jun 30, 2025 | 3 | $58.1M | $55.5M | 97c | 0 |
| Mar 31, 2025 | 3 | $58.3M | $54.8M | 96c | 0 |
| Dec 31, 2024 | 3 | $109M | $109M | 96c | 0 |
| Sep 30, 2024 | 3 | $58.5M | $54.5M | 96c | 0 |
| Jun 30, 2024 | 2 | $42.1M | $39.2M | 94c | 0 |
| Mar 31, 2024 | 2 | $53.4M | $53.2M | 101c | 0 |
| Dec 31, 2023 | 2 | $53.0M | $52.7M | 100c | 0 |
| Sep 30, 2023 | 2 | $53.1M | $53.4M | 100c | 0 |
| Jun 30, 2023 | 2 | $52.8M | $51.8M | 99c | 0 |
| Mar 31, 2023 | 2 | $52.9M | $51.4M | 98c | 0 |
| Dec 31, 2022 | 2 | $53.1M | $51.3M | 98c | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2025
- Lender left a facilitySep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Lender left a facilityJun 30, 2025
- New lender joined a facilityDec 31, 2024
- New lender joined a facilitySep 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- Lender left a facilityMar 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
- P•• H••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Aerospace & Defensereportedas one filer wrote it