DFX Intelligence
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Borrower
A••••••• A••••••• L••
Environmental Industriesgroup grade Aon a schedule nowsponsor unattributed
Also written as: WasteWater Transport Services
Principal held
at least $48.8M
sum of BDC pieces, a lower bound
Fair value
$48.8M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
3 equity pieces beside them
Next maturity
Jun 30, 2027
$48.8M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
12
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 $48.8M | 100c | PIK 2.00% | Jun 30, 2027 | 1 |
| revolver lien unstated exited Jun 30, 2024 | at least $5.9M | 98c | Mar 31, 2025 | 1 |
Equity pieces beside the debt: preferred equity (Not disclosed fair value, 1 BDC), equity (Not disclosed fair value, 1 BDC), other ($28.4M fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F•••• I••••••••• C••• | preferred equity equity P•••••••• Equity (141 units) Investment D••• 11/2/2020 | Not disclosed | Not disclosed n/a | |
| F•••• I••••••••• C••• | preferred equity equity P•••••••• Equity (312 units) Investment D••• 12/30/2024 | Not disclosed | Not disclosed n/a | |
| F•••• I••••••••• C••• | preferred equity equity P•••••••• Equity (52 units) Investment D••• 11/27/2024 | Not disclosed | Not disclosed n/a | |
| F•••• I••••••••• C••• | equity equity C••••• Equity (1,405 units) Investment D••• 12/30/2024 | Not disclosed | Not disclosed | |
| F•••• I••••••••• C••• | term loan first lien F•••• L••• D••• R••• C••• 15.25% R••• PIK 0.00% Investment date 3/27/2026 M••••••• 6/30/20 | $48.8M | $48.8M 100c | PIK 2.00% |
| F•••• I••••••••• C••• | preferred equity equity P•••••••• Equity (500 units) Investment D••• 3/31/2018 | Not disclosed | Not disclosed n/a | |
| F•••• I••••••••• C••• | preferred equity equity P•••••••• Equity (74 units) Investment D••• 12/29/2021 | Not disclosed | Not disclosed n/a | |
| F•••• I••••••••• C••• | preferred equity equity P•••••••• Equity (207 units) Investment D••• 8/6/2019 | Not disclosed | Not disclosed n/a |
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 | $48.8M | $48.8M | 100c | 1 |
| Mar 31, 2026 | 1 | $48.5M | $48.4M | 100c | 1 |
| Dec 31, 2025 | 1 | $28.4M | $33.9M | 120c | 0 |
| Sep 30, 2025 | 1 | $28.4M | $30.9M | 109c | 0 |
| Jun 30, 2025 | 1 | $28.4M | $30.6M | 108c | 0 |
| Mar 31, 2025 | 1 | $28.4M | $28.4M | 100c | 0 |
| Dec 31, 2024 | 1 | $51.0M | $51.0M | 100c | 0 |
| Sep 30, 2024 | 1 | $28.4M | $27.9M | 98c | 0 |
| Jun 30, 2024 | 1 | $28.4M | $27.9M | 98c | 0 |
| Mar 31, 2024 | 1 | $25.5M | $24.7M | 98c | 1 |
| Dec 31, 2023 | 1 | $42.7M | $39.6M | 93c | 0 |
| Sep 30, 2023 | 1 | $21.5M | $21.1M | 99c | 0 |
| Jun 30, 2023 | 1 | $21.5M | $21.5M | 101c | 0 |
| Mar 31, 2023 | 1 | $21.2M | $21.2M | 101c | 0 |
| Dec 31, 2022 | 1 | $20.8M | $20.8M | 101c | 0 |
What changed
- Maturity approachingJun 30, 2027
- Maturity approachingJun 30, 2027
- Maturity approachingJun 30, 2027
- Maturity shortened (observed)Jun 30, 2026
- PIK interest appearsMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- PIK interest appearsMar 31, 2026
- Maturity extended (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Facility left every BDC scheduleJun 30, 2024
- PIK interest appearsMar 31, 2024
- PIK interest appearsMar 31, 2024
- Maturity shortened (observed)Mar 31, 2024
- Maturity extended (observed)Dec 31, 2023
- Marked down across lendersDec 31, 2023
- Spread changed (observed)Dec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- Spread changed (observed)Jun 30, 2023
- Spread changed (observed)Mar 31, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- A••••••• A•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Environmental Industriesreportedas one filer wrote it