DFX Intelligence
Private Credit Intelligence
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Borrower
M••••• B•••• A•
group grade Bon a schedule nowsponsor unattributed
Principal held
at least $804M
sum of BDC pieces, a lower bound
Fair value
$156M
90c on cost, debt pieces
Unfunded
$5.9M
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Aug 29, 2031
no dated debt inside 24 months
On the tape since
Sep 30, 2024
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 delayed draw term loan first lien | at least $804M | 90c | S+925 bp PIK 2.25% | Aug 29, 2031 | 1 |
| other lien unstated exited Mar 31, 2026 | unknown | 90c | S+625 bp PIK 2.25% | Aug 29, 2031 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien Non-Affiliated Issuer | $5.2M | $-946,000 1261c | |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien Non-Affiliated Issuer | $272M | $23.1M 91c | S+650 bp PIK 2.25% |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien Non-Affiliated Issuer | $14.2M | $11.9M 85c | S+650 bp PIK 2.25% |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien Non-Affiliated Issuer | $34.0M | $32.6M 88c | S+650 bp PIK 2.25% |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien 1st Lien Senior Secured Delayed Draw Loan | n/a | n/a | |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien Non-Affiliated Issuer | $50.1M | $52.4M 95c | S+925 bp |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien Non-Affiliated Issuer | $428M | $37.1M 90c | S+650 bp PIK 2.25% |
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 | 1 | $804M | $156M | 90c | 4 |
| Mar 31, 2026 | 1 | $790M | $154M | 97c | 4 |
| Dec 31, 2025 | 1 | $794M | $171M | 101c | 5 |
| Sep 30, 2025 | 1 | $794M | $176M | 103c | 5 |
| Jun 30, 2025 | 1 | $785M | $175M | 105c | 5 |
| Mar 31, 2025 | 1 | $785M | $167M | 100c | 5 |
| Dec 31, 2024 | 1 | $1.6B | $310M | 94c | 0 |
| Sep 30, 2024 | 1 | $775M | $165M | 101c | 0 |
What changed
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Facility left every BDC scheduleMar 31, 2026
- Marked down (one lender)Dec 31, 2024
- New borrower on a BDC scheduleSep 30, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- MERALM #NOderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived