DFX Intelligence
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Borrower
A•• B••••• I••
Commercial Services & Suppliesgroup grade Aoff every schedule since Mar 31, 2025sponsor unattributed
Also written as: Inc.Commercial Services & Supplies
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 102¢ · 102¢Q3 2024 to Q1 2025
Where each lender marks it on the first lien term loan, 0 points apart
102¢102¢
Principal held
at least $141M
sum of BDC pieces, a lower bound
Fair value
$125M
102c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Aug 22, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2023
latest Mar 31, 2025
Events
5
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | $101M | 102¢ | 0 pts |
| G•••••• S•••• M••••• M••••• L•••••• C•••• I• | $15.1M | 102¢ | 0 pts |
| P•••••• S••••• B•• L•• | $15.1M | 102¢ | 0 pts |
| G•••••• S•••• B••• I••• | $10.1M | 102¢ | 0 pts |
Every BDC piece · 12 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• R••• 9.83% R•••••••• R••• and S••••• S + 5.50% (I••• | $86.0M | $85.1M 102c | SOFR+550 bp PIK 2.75% |
| G•••••• S•••• M••••• M••••• L•••••• C•••• I• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• C••••••••• Services & S••••••• I••••••• R••• 9.83% R | $12.9M | $12.8M 102c | SOFR+550 bp PIK 2.75% |
| P•••••• S••••• B•• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• C••••••••• Services & S••••••• I••••••• R••• 9.83% R | $12.9M | $12.8M 102c | SOFR+550 bp PIK 2.75% |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• R••• 9.32% R•••••••• R••• and S••••• S + 5.00% M•••• | $10.0M | $4.5M 102c | SOFR+500 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• C••••••••• Services & S••••••• I••••••• R••• 9.83% R | $8.6M | $8.5M 102c | SOFR+550 bp PIK 2.75% |
View all 12 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• R•••••••• R••• and S••••• S + 5.50% (I•••. 2.75% PIK) M•••••• | $5.0M | -$50,000 111c | SOFR+550 bp PIK 2.75% |
| G•••••• S•••• M••••• M••••• L•••••• C•••• I• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• C••••••••• Services & S••••••• I••••••• R••• 9.32% R | $1.5M | $683,000 102c | SOFR+500 bp |
| P•••••• S••••• B•• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• C••••••••• Services & S••••••• I••••••• R••• 9.32% R | $1.5M | $683,000 102c | SOFR+500 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• C••••••••• Services & S••••••• I••••••• R••• 9.32% R | $1.0M | $455,000 102c | SOFR+500 bp |
| G•••••• S•••• M••••• M••••• L•••••• C•••• I• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• C••••••••• Services & S••••••• R•••••••• R••• and S• | $750,000 | -$7,000 100c | SOFR+550 bp PIK 2.75% |
| P•••••• S••••• B•• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• C••••••••• Services & S••••••• R•••••••• R••• and S• | $750,000 | -$7,000 100c | SOFR+550 bp PIK 2.75% |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• C••••••••• Services & S••••••• R•••••••• R••• and S• | $500,000 | -$5,000 125c | SOFR+550 bp PIK 2.75% |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2025 | at least $141M | 102c | SOFR+550 bp PIK 2.75% | Aug 22, 2031 | 4 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 4 | $141M | $125M | 102c | 8 |
| Dec 31, 2024 | 4 | $141M | $120M | 102c | 8 |
| Sep 30, 2024 | 4 | $140M | $116M | 101c | 0 |
| Jun 30, 2024 | 4 | $115M | $0 | n/a | 0 |
All 6 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 4 | $115M | $0 | n/a | 0 |
| Dec 31, 2023 | 4 | $235M | $0 | n/a | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2025
- PIK interest appearsDec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
Full timeline · 17 eventsShow fewer
- Spread increasedDec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
- Maturity extended (observed)Sep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- New borrower on a BDC scheduleDec 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
- A•• B••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Commercial Services & Suppliesreportedas one filer wrote it