DFX Intelligence
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Borrower
C••••••••• L••
Communications Equipmentgroup grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Also written as: CommScope Holding Co Inc; Emerald JV LP; LLC Initial
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
103¢ · 99¢ · 101¢ · 101¢ · 100¢Q4 2024 to Q4 2025
Where each lender marks it on the first lien term loan, 1 point apart
99¢100¢
Principal held
at least $545M
sum of BDC pieces, a lower bound
Fair value
$546M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
7
4 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Dec 1, 2029
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Dec 31, 2025
Events
5
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••••• D••• S•••••••• B•• | $506M | 100¢ | -1 pts |
| A••• S•••••••• I••••• F••• | $26.1M | 99¢ | new this quarter |
| B•••••• P•••••• C••••• C••• | $8M | 99¢ | new this quarter |
| O••• D••••• L•••••• B•• F••• | $4.79M | 101¢ | -1 pts |
Every BDC piece · 5 positions across 4 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+475, 2.00% F•••• M•••• | $253M | $254M 100c | SOFR+475 bp |
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• S+525, 2.00% F•••• M•••• | $253M | $254M 100c | SOFR+475 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $26.1M | $26.1M 99c | S+475 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $8.0M | $8.0M 99c | S+475 bp |
| O••• D••••• L•••••• B•• F••• | term loan lien unstated T••• L••• R•••••••• R••• and S••••• 1M S••• + 4.75% F•••• 2.00% I••••••• R••• 8.47% I••••• | $4.8M | $4.8M 101c | SOFR+475 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2025 | at least $540M | 100c | SOFR+475 bp | Dec 17, 2029 | 3 |
| term loan lien unstated exited Dec 31, 2025 | at least $4.8M | 101c | SOFR+475 bp | Dec 17, 2029 | 1 |
| other lien unstated exited Mar 31, 2025 | unknown | 99c | unstated | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2025 | 4 | $545M | $546M | 100c | 0 |
| Sep 30, 2025 | 2 | $258M | $261M | 101c | 0 |
| Jun 30, 2025 | 2 | $241M | $244M | 101c | 0 |
| Mar 31, 2025 | 2 | $218M | $217M | 99c | 0 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 4 | $126M | $128M | 103c | 0 |
| Jun 30, 2023 | 1 | $187,000 | $179,000 | 101c | 0 |
| Dec 31, 2022 | 1 | $299,000 | $282,000 | 100c | 0 |
| Sep 30, 2022 | 1 | $749,000 | $694,000 | 98c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Maturity shortened (observed)Sep 30, 2025
Full timeline · 11 eventsShow fewer
- Spread changed (observed)Mar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread increasedDec 31, 2022
- 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
- COMMSCOPEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 7 BDCsderived
- Industry
- Communications Equipmentreportedas one filer wrote it