DFX Intelligence
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Borrower
V••••• M•••• I••••••••• H••••••• L••••••
Diversified Telecommunication Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: V••••• M•••• Inc; V••••• M•••• Secured Finance PLC; Vmed O2 UK Financing I PLC
What matters now
- 100¢ → 100¢consensus mark
Consensus mark 100¢ on cost, up from 100¢ a year ago, 94¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal
Mark path, consensus per quarter end
100¢ · 101¢ · 101¢ · 94¢ · 100¢Q2 2025 to Q2 2026
Principal held
at least $4,000
sum of BDC pieces, a lower bound
Fair value
$4,000
n/a on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
May 15, 2029
no dated debt inside 24 months
On the tape since
Sep 30, 2024
latest Jun 30, 2026
Events
5
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 |
|---|---|---|---|
| A••••• D••• S•••••••• B•• | $4K | 100¢ | +6 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien F•••• L••• S•••••• D••• - C•••••••• B••• I••••••• R••• 5.50% M••••••• D••• 05/15/2029 | $4,000 | $4,000 100c | 5.50% |
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 $4,000 | n/a | 5.50% | May 15, 2029 | 2 |
| other lien unstated exited Dec 31, 2024 | at least $1.4M | 101c | S+325 bp | Jan 31, 2029 | 1 |
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 | $4,000 | $4,000 | 100c | 0 |
| Mar 31, 2026 | 1 | $56,000 | $50,000 | 94c | 0 |
| Dec 31, 2025 | 1 | $3.2M | $3.2M | 101c | 0 |
| Sep 30, 2025 | 1 | $1.4M | $1.4M | 101c | 0 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $1.4M | $1.4M | 100c | 0 |
| Mar 31, 2025 | 1 | $1.4M | $1.4M | 99c | 0 |
| Dec 31, 2024 | 1 | $2.8M | $2.7M | 101c | 0 |
| Sep 30, 2024 | 1 | $1.4M | $1.3M | 97c | 0 |
What changed
- Maturity shortened (observed)Jun 30, 2026
- Maturity extended (observed)Mar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityDec 31, 2025
- Spread changed (observed)Dec 31, 2025
Full timeline · 9 eventsShow fewer
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Facility left every BDC scheduleDec 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
- VIRGIN MEDIAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 2 BDCsderived
- Industry
- Diversified Telecommunication Servicesreportedas one filer wrote it