DFX Intelligence
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Borrower
P•••••••• B•••• P•• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: P•••••••• B•••• Ltd; Tele-communications
What matters now
- 99¢ → 104¢consensus mark
Consensus mark 104¢ on cost, up from 99¢ a year ago, 103¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived3 of 3 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
99¢ · 100¢ · 100¢ · 103¢ · 104¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
104¢104¢
Principal held
at least $15.6M
sum of BDC pieces, a lower bound
Fair value
$15.6M
104c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
1
0 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
6
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B•••••• P•••••• C••••• C••• | $7.73M | 104¢ | +1 pts |
| B•••••• C•••••• I••••••••• C••• | $4.99M | 104¢ | +1 pts |
| B•••••• B••• I••• | $2.84M | 104¢ | +1 pts |
Every BDC piece · 3 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $7.7M | $7.7M 104c | S+475 bp |
| B•••••• C•••••• I••••••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $5.0M | $5.0M 104c | S+475 bp |
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $2.8M | $2.8M 104c | S+475 bp |
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 $15.6M | 104c | S+475 bp | unstated | 3 |
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 | 3 | $15.6M | $15.6M | 104c | 0 |
| Mar 31, 2026 | 3 | $15.4M | $15.4M | 103c | 0 |
| Dec 31, 2025 | 3 | $19.8M | $19.8M | 100c | 0 |
| Sep 30, 2025 | 3 | $14.9M | $14.9M | 100c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $14.7M | $14.7M | 99c | 0 |
| Mar 31, 2025 | 3 | $14.0M | $14.0M | 94c | 0 |
| Dec 31, 2024 | 3 | $23.4M | $23.4M | 94c | 0 |
| Sep 30, 2024 | 3 | $15.6M | $15.6M | 105c | 0 |
| Jun 30, 2024 | 3 | $15.0M | $14.6M | 98c | 0 |
| Mar 31, 2024 | 3 | $14.7M | $14.5M | 98c | 0 |
| Dec 31, 2023 | 3 | $15.3M | $15.0M | 102c | 0 |
| Sep 30, 2023 | 3 | $14.5M | $14.2M | 96c | 0 |
| Jun 30, 2023 | 3 | $14.9M | $14.7M | 94c | 0 |
| Mar 31, 2023 | 3 | $15.0M | $14.8M | 94c | 0 |
| Dec 31, 2022 | 3 | $15.2M | $15.0M | 95c | 0 |
| Sep 30, 2022 | 1 | $2.6M | $2.6M | 90c | 0 |
| Dec 31, 2021 | 1 | $15.0M | $14.6M | 101c | 0 |
What changed
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Spread changed (observed)Sep 30, 2024
Full timeline · 15 eventsShow fewer
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- Mark recoveredDec 31, 2022
- Spread changed (observed)Dec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- Marked down across lendersSep 30, 2022
- Marked down (one lender)Sep 30, 2022
- 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
- PERMACONN #UKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 3 BDCsderived