DFX Intelligence
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Borrower
K•••• B••••• L••
Environmental & Facilities Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Environmental & Facilities Services
What matters now
- $166Mprincipal outstanding
$166M principal held by 4 lenders; matures Oct 2027.
Q2 2026 · Refinancing is due in 12 months at a 94¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
96¢ · 96¢ · 95¢ · 94¢ · 94¢Q2 2025 to Q2 2026
Where each lender marks it, 2 points apart
93¢95¢
Principal held
at least $166M
sum of BDC pieces, a lower bound
Fair value
$156M
94c on cost, debt pieces
Unfunded
$7.3M
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Oct 1, 2027
$166M inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
7
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 |
|---|---|---|---|
| O•••••• S•••••••• C••••• F••• | $68.3M | 95¢ | 0 pts |
| O•••••• S•••••••• L•••••• C••• | $59.4M | 95¢ | 0 pts |
| A••• S•••••••• I••••• F••• | $19.4M | 93¢ | 0 pts |
| A••• C•••••• C••• | $19M | 93¢ | 0 pts |
Every BDC piece · 14 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| O•••••• S•••••••• C••••• F••• | term loan first lien F•••• L••• T••• L••• 1 | $57.4M | $54.2M 95c | S+525 bp |
| O•••••• S•••••••• L•••••• C••• | term loan first lien F•••• L••• T••• L••• 1 | $37.0M | $34.9M 95c | S+525 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $18.0M | $16.7M 93c | S+525 bp |
| O•••••• S•••••••• L•••••• C••• | term loan first lien F•••• L••• T••• L••• 2 | $16.3M | $15.4M 95c | S+525 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $16.0M | $14.9M 93c | S+525 bp |
View all 14 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| O•••••• S•••••••• C••••• F••• | revolver first lien F•••• L••• R••••••• | $6.3M | $5.8M 93c | S+425 bp |
| O•••••• S•••••••• L•••••• C••• | revolver first lien F•••• L••• R••••••• | $6.2M | $5.7M 93c | S+425 bp |
| O•••••• S•••••••• C••••• F••• | term loan first lien F•••• L••• T••• L••• 2 | $4.7M | $4.4M 95c | S+525 bp |
| A••• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | $3.0M | $2.8M 93c | S+425 bp |
| A••• S•••••••• I••••• F••• | revolver first lien F•••• lien senior secured revolving loan | $1.5M | $1.3M 94c | S+425 bp |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• S•••••••• I••••• F••• | unstated lien unstated | Not disclosed | Not disclosed | |
| O•••••• S•••••••• L•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| O•••••• S•••••••• C••••• F••• | unstated lien unstated | Not disclosed | Not disclosed |
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 $149M | 95c | S+525 bp | Oct 29, 2027 | 4 |
| first lien revolver first lien | at least $16.9M | 93c | S+425 bp | Oct 29, 2027 | 4 |
Equity pieces beside the debt: other (Not disclosed fair value, 4 BDCs)
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 | 4 | $166M | $156M | 94c | 0 |
| Mar 31, 2026 | 4 | $167M | $157M | 94c | 0 |
| Dec 31, 2025 | 4 | $159M | $150M | 95c | 0 |
| Sep 30, 2025 | 4 | $158M | $150M | 96c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $160M | $153M | 96c | 0 |
| Mar 31, 2025 | 4 | $159M | $155M | 98c | 0 |
| Dec 31, 2024 | 4 | $155M | $152M | 99c | 0 |
| Sep 30, 2024 | 4 | $158M | $156M | 100c | 0 |
| Jun 30, 2024 | 4 | $156M | $155M | 100c | 0 |
| Mar 31, 2024 | 4 | $154M | $153M | 100c | 0 |
| Dec 31, 2023 | 4 | $153M | $151M | 100c | 0 |
| Sep 30, 2023 | 4 | $154M | $151M | 100c | 0 |
| Jun 30, 2023 | 2 | $22.3M | $21.9M | 99c | 0 |
| Mar 31, 2023 | 2 | $22.7M | $21.8M | 97c | 0 |
| Dec 31, 2022 | 1 | $14.2M | $13.8M | 98c | 0 |
| Sep 30, 2022 | 2 | $32.9M | $32.1M | 99c | 0 |
What changed
- Maturity approachingOct 29, 2027
- Maturity approachingOct 29, 2027
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Jun 30, 2025
Full timeline · 18 eventsShow fewer
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- New lender joined a facilityMar 31, 2024
- Spread changed (observed)Mar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilitySep 30, 2023
- New lender joined a facilitySep 30, 2023
- Mark recoveredJun 30, 2023
- New borrower on a BDC scheduleSep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- KINGSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Environmental & Facilities Servicesreportedas one filer wrote it