DFX Intelligence
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Borrower
A•• P•••••• I••••••••• H•••••••• I••
Electronic Manufacturing Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Inc. 2023; Inc. 2023 Incremental Term A Loan; Inc. Asset Type
Principal held
at least $4.3M
sum of BDC pieces, a lower bound
Fair value
$4.2M
99c on cost, debt pieces
Unfunded
$39,000
commitments not yet drawn
BDC lenders
5
2 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Oct 5, 2027
$4.3M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
26
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 $4.0M | 99c | SOFR+175 bp PIK 4.75% | Oct 5, 2027 | 5 |
| first lien delayed draw term loan first lien | at least $234,000 | 98c | SOFR+650 bp | Oct 5, 2027 | 4 |
| first lien revolver first lien | at least $49,000 | n/a | S+175 bp PIK 4.75% | Oct 5, 2027 | 3 |
| other lien unstated | unknown | n/a | unstated | 3 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien Delayed Draw Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 10/5/2027 | $161,000 | $158,000 98c | SOFR+650 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien NCNA Debt Inv. | First Lien Senior Secured Loan | 10.32% / 4.75% | 10/5/2027 | $2.7M | $2.6M 98c | SOFR+650 bp PIK 4.75% |
| T•• T••• B•••• C•••••• I••••• F••• | term loan first lien First lien senior secured term loan | $1.3M | $1.3M 100c | S+175 bp PIK 4.75% |
| T•• T••• B•••• C•••••• I••••• F••• | unstated lien unstated | n/a | n/a | |
| T•• T••• B•••• C•••••• I••••• F••• | revolver first lien First lien senior secured revolving loan | $49,000 | $9,000 100c | S+175 bp PIK 4.75% |
| T•• T••• B•••• C•••••• I••••• F••• | delayed draw term loan first lien First lien senior secured delayed draw term loan | $73,000 | $72,000 99c | S+650 bp |
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 | $4.3M | $4.2M | 99c | 3 |
| Mar 31, 2026 | 3 | $31.6M | $29.8M | 95c | 7 |
| Dec 31, 2025 | 3 | $35.5M | $33.1M | 95c | 11 |
| Sep 30, 2025 | 2 | $4.2M | $4.0M | 96c | 4 |
| Jun 30, 2025 | 3 | $31.5M | $28.5M | 92c | 7 |
| Mar 31, 2025 | 3 | $31.3M | $28.3M | 92c | 8 |
| Dec 31, 2024 | 3 | $66.5M | $61.1M | 94c | 7 |
| Sep 30, 2024 | 3 | $4.4M | $4.3M | 100c | 0 |
| Jun 30, 2024 | 3 | $4.4M | $4.3M | 100c | 0 |
| Mar 31, 2024 | 4 | $30.2M | $29.8M | 101c | 0 |
| Dec 31, 2023 | 2 | $27.2M | $26.8M | 101c | 0 |
| Sep 30, 2023 | 2 | $26.8M | $26.2M | 101c | 0 |
| Jun 30, 2023 | 1 | $25.2M | $24.4M | 100c | 0 |
| Mar 31, 2023 | 1 | $1.4M | $1.3M | 99c | 0 |
| Dec 31, 2022 | 2 | $1.4M | $1.3M | 100c | 0 |
What changed
- Maturity approachingOct 5, 2027
- Maturity approachingOct 5, 2027
- Maturity approachingOct 5, 2027
- Maturity approachingOct 5, 2027
- Maturity approachingOct 5, 2027
- Maturity approachingOct 5, 2027
- Spread increasedJun 30, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Dec 31, 2025
- Spread changed (observed)Dec 31, 2025
- PIK interest increasedDec 31, 2025
- Spread changed (observed)Sep 30, 2025
- PIK interest increasedSep 30, 2025
- Spread changed (observed)Sep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest appearsSep 30, 2025
- Spread changed (observed)Mar 31, 2025
- Spread increasedMar 31, 2025
- PIK interest appearsMar 31, 2025
- PIK interest appearsMar 31, 2025
- PIK interest appearsMar 31, 2025
- PIK interest appearsMar 31, 2025
- Marked down across lendersDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 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
- AEP PASSIONderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Electronic Manufacturing Servicesreportedas one filer wrote it