DFX Intelligence
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Borrower
H•••••• A••••••• B••••• L••
Aerospace & Defensegroup grade Aon a schedule nowsponsor unattributed
Also written as: Acron Aviation; H•••••• CTS B••••, LLC
Principal held
at least $338M
sum of BDC pieces, a lower bound
Fair value
$336M
100c on cost, debt pieces
Unfunded
$93.0M
commitments not yet drawn
BDC lenders
7
7 on the latest quarter
Facilities
5
1 equity pieces beside them
Next maturity
Mar 1, 2032
no dated debt inside 24 months
On the tape since
Mar 31, 2025
latest Jun 30, 2026
Events
3
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 | at least $318M | 100c | S+475 bp | Mar 28, 2032 | 7 |
| first lien revolver first lien | at least $19.8M | 101c | S+475 bp | Mar 1, 2032 | 5 |
| second lien revolver second lien | unknown | n/a | unstated | 2 | |
| second lien delayed draw term loan second lien | unknown | n/a | unstated | 2 | |
| first lien delayed draw term loan first lien | unknown | n/a | S+475 bp | unstated | 3 |
Equity pieces beside the debt: other (Not disclosed fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 2 | $4.0M | $4.0M 100c | S+475 bp |
| A••• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | $10.9M | $10.9M 100c | S+475 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 1 | $11.5M | $11.5M 100c | S+475 bp |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• S•••••••• I••••• F••• | revolver first lien F•••• lien senior secured revolving loan | $8.9M | $8.9M 101c | S+475 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $79.0M | $79.0M 101c | S+475 bp |
| A••• S•••••••• I••••• F••• | unstated lien unstated | Not disclosed | Not disclosed | |
| B••• O•• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | Not disclosed | $0 | S+475 bp |
| B••• O•• C•••••• C••• | term loan first lien F•••• lien senior secured loan | N••••••••• | $19.6M | $19.4M 100c | S+475 bp |
| B••• O•• C•••••• C••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan | Not disclosed | $0 | S+475 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $152M | $151M 100c | S+475 bp |
| B••• O•• C••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | N•••••••••/non-affiliated | Not disclosed | Not disclosed | S+475 bp |
| B••• O•• C••••• I••••• C•••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan | N•••••••••/non-affiliated | Not disclosed | Not disclosed | S+475 bp |
| B••• O•• T••••••••• I••••• C•••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan | Not disclosed | $0 | S+475 bp |
| B••• O•• T••••••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | Not disclosed | $0 | S+475 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | $19.6M | $19.4M 100c | S+475 bp |
| C•••••• C••••• S••••••••• I••• | revolver second lien Investments | N••••••••• I••••• | F•••• and S••••• L••• D••• | R••••••• | Not disclosed | Not disclosed | |
| C•••••• C••••• S••••••••• I••• | term loan first lien Investment | N••••••••• I••••• | F•••• L••• D••• | $3.7M | $3.7M 100c | S+475 bp |
| C•••••• C••••• S••••••••• I••• | delayed draw term loan second lien Investments | N••••••••• I••••• | F•••• and S••••• L••• D••• | D•••••• D••• | Not disclosed | Not disclosed | |
| C•••••• S•••••• L••••••• I••• | revolver second lien Investments | N••••••••• | F•••• and S••••• L••• D••• | R••••••• | Not disclosed | Not disclosed | |
| C•••••• S•••••• L••••••• I••• | term loan first lien Investment | N••••••••• I••••• | F•••• L••• D••• | $6.1M | $6.0M 100c | S+475 bp |
| C•••••• S•••••• L••••••• I••• | term loan first lien Credit Fund | F•••• L••• D••• | $22.1M | $22.0M 100c | S+475 bp |
| C•••••• S•••••• L••••••• I••• | delayed draw term loan second lien Investments | N••••••••• | F•••• and S••••• L••• D••• | D•••••• D••• | Not disclosed | Not disclosed |
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 | 7 | $338M | $336M | 100c | 0 |
| Mar 31, 2026 | 7 | $285M | $284M | 100c | 0 |
| Dec 31, 2025 | 7 | $311M | $310M | 100c | 0 |
| Sep 30, 2025 | 2 | $101M | $101M | 101c | 0 |
| Jun 30, 2025 | 2 | $95.1M | $94.6M | 100c | 0 |
| Mar 31, 2025 | 2 | $95.1M | $94.6M | 100c | 0 |
What changed
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Spread changed (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Spread changed (observed)Sep 30, 2025
- New borrower on a BDC scheduleMar 31, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- HORIZON AVIONICSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived
- Industry
- Aerospace & Defensereportedas one filer wrote it