DFX Intelligence
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Borrower
E•••••••• L••
Telecommunicationsgroup grade Aon a schedule nowsponsor unattributed
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
$1.5M
n/a on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
2
1 on the latest quarter
Facilities
6
2 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
19
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 revolver first lien exited Sep 30, 2024 | at least $586,390 | 87c | S+100 bp PIK 1.00% | Jun 9, 2025 | 2 |
| first lien term loan first lien exited Sep 30, 2025 | at least $311,000 | 102c | unstated | 2 | |
| first lien delayed draw term loan first lien exited Sep 30, 2024 | at least $112,909 | 84c | S+100 bp | Jun 9, 2025 | 1 |
| revolver lien unstated exited Mar 31, 2023 | unknown | n/a | unstated | 1 | |
| second lien revolver second lien exited Jun 30, 2023 | unknown | n/a | unstated | 1 | |
| other lien unstated exited Sep 30, 2025 | unknown | 172c | unstated | 1 |
Equity pieces beside the debt: equity ($1.5M fair value, 1 BDC), preferred equity ($383,000 fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••• S•••••• L••••••• I••• | equity equity Investment | N••••••••• I••••• | Equity Investments | n/a | $378,000 176c | |
| C•••••• S•••••• L••••••• I••• | equity equity Credit Fund | Equity Investments | $311,000 | $1.1M 104c |
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 | 1 | $0 | $0 | n/a | 0 |
| Mar 31, 2026 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2025 | 1 | $0 | $0 | n/a | 0 |
| Sep 30, 2025 | 1 | $311,000 | $1.1M | 102c | 0 |
| Jun 30, 2025 | 1 | $311,000 | $306,000 | 29c | 0 |
| Mar 31, 2025 | 1 | $311,000 | $312,000 | 29c | 0 |
| Dec 31, 2024 | 1 | $373,000 | $377,000 | 30c | 0 |
| Sep 30, 2024 | 2 | $66.2M | $63.8M | 96c | 4 |
| Jun 30, 2024 | 2 | $66.4M | $63.5M | 96c | 4 |
| Mar 31, 2024 | 2 | $65.1M | $61.7M | 95c | 0 |
| Dec 31, 2023 | 2 | $120M | $113M | 94c | 0 |
| Sep 30, 2023 | 2 | $64.4M | $62.6M | 97c | 0 |
| Jun 30, 2023 | 1 | $56.9M | $56.2M | 99c | 0 |
| Mar 31, 2023 | 1 | $54.5M | $53.6M | 98c | 0 |
| Dec 31, 2022 | 2 | $123M | $120M | 98c | 0 |
| Sep 30, 2022 | 1 | $54.7M | $53.8M | 98c | 0 |
| Dec 31, 2021 | 1 | $103M | $103M | 100c | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2025
- Mark recoveredSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Spread changed (observed)Sep 30, 2024
- PIK interest increasedSep 30, 2024
- Facility left every BDC scheduleSep 30, 2024
- Facility left every BDC scheduleSep 30, 2024
- PIK interest increasedSep 30, 2024
- Spread increasedSep 30, 2024
- PIK interest appearsJun 30, 2024
- Spread changed (observed)Jun 30, 2024
- PIK interest appearsJun 30, 2024
- Spread changed (observed)Jun 30, 2024
- Mark recoveredJun 30, 2024
- Spread changed (observed)Jun 30, 2024
- PIK interest appearsJun 30, 2024
- PIK interest appearsJun 30, 2024
- Marked down across lendersDec 31, 2023
- Marked down across lendersDec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Facility left every BDC scheduleJun 30, 2023
- Facility left every BDC scheduleMar 31, 2023
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- EVOLVEIPderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Telecommunicationsreportedas one filer wrote it