DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
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Borrower
F••••• C••••••• I••
IT Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: & Fusion Connect, Inc; Inc - Equity Investor; Inc. - 2022; Inc. - Backstop; Inc. - Investor; Inc. Telecommunication Services
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
4
2 on the latest quarter
Facilities
1
3 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Jun 30, 2022
latest Jun 30, 2026
Events
8
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 term loan first lien exited Jun 30, 2023 | at least $22.5M | 102c | S+850 bp PIK 1.00% | Jan 18, 2027 | 2 |
Equity pieces beside the debt: equity (n/a fair value, 1 BDC), preferred equity ($1.5M fair value, 1 BDC), warrants ($0 fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•• I••••••••• C••• | equity equity Common Stock Membership Units | n/a | n/a n/a | |
| B•• I••••••••• C••• | warrants equity Common Stock Membership Units Warrant Wireless Telecommunication Services | n/a | n/a | |
| I••••••••• C••••• M••••••••• B••• I••• | warrants equity Warrants Warrants, Initial Acquisition Date 1/12/2022 | n/a | $0 | |
| I••••••••• C••••• M••••••••• B••• I••• | warrants equity Warrants Warrants, Initial Acquisition Date 1/12/2022 | n/a | $0 | |
| I••••••••• C••••• M••••••••• B••• I••• | preferred equity equity Warrants Series A Preferred, Interest Rate + 12.50% PIK, Initial Acquisition Date 1/12/202 | n/a | $1.5M 20c | |
| I••••••••• C••••• M••••••••• B••• I••• | warrants equity Warrants Warrants, Initial Acquisition Date 1/18/2022 | n/a | $0 | |
| I••••••••• C••••• M••••••••• B••• I••• | warrants equity Warrants Common Stock, Initial Acquisition Date 1/18/2022 | n/a | $0 0c |
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 | $0 | $0 | n/a | 0 |
| Mar 31, 2026 | 2 | $0 | $0 | n/a | 0 |
| Dec 31, 2025 | 2 | $0 | $0 | n/a | 0 |
| Sep 30, 2025 | 2 | $0 | $0 | n/a | 0 |
| Jun 30, 2025 | 2 | $0 | $0 | n/a | 0 |
| Mar 31, 2025 | 2 | $0 | $0 | n/a | 0 |
| Dec 31, 2024 | 2 | $0 | $0 | n/a | 0 |
| Sep 30, 2024 | 2 | $0 | $0 | n/a | 0 |
| Jun 30, 2024 | 2 | $0 | $0 | n/a | 0 |
| Mar 31, 2024 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2023 | 2 | $0 | $0 | n/a | 0 |
| Sep 30, 2023 | 1 | $0 | $0 | n/a | 0 |
| Jun 30, 2023 | 3 | $22.5M | $22.4M | 102c | 2 |
| Mar 31, 2023 | 3 | $22.6M | $19.7M | 89c | 1 |
| Dec 31, 2022 | 1 | $19.6M | $19.6M | 103c | 1 |
| Sep 30, 2022 | 1 | $20.2M | $19.7M | 100c | 0 |
| Jun 30, 2022 | 2 | $6.0M | $2.9M | 50c | 0 |
What changed
- Spread changed (observed)Jun 30, 2023
- Mark recoveredJun 30, 2023
- Facility left every BDC scheduleJun 30, 2023
- PIK interest appearsJun 30, 2023
- Marked down across lendersMar 31, 2023
- PIK interest appearsDec 31, 2022
- Spread changed (observed)Dec 31, 2022
- Spread increasedDec 31, 2022
- PIK interest appearsDec 31, 2022
- Mark recoveredSep 30, 2022
- New lender joined a facilitySep 30, 2022
- New borrower on a BDC scheduleJun 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
- FUSION CONNECTderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- IT Servicesreportedas one filer wrote it