DFX Intelligence
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Borrower
M•••••• I••••••••• C•••••••••
IT Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: CP; M•••••• I••••••••• C••••••••• 1; M•••••• I••••••••• C••••••••• 2; M•••••• I••••••••• C••••••••• 2024
Principal held
at least $1.0B
sum of BDC pieces, a lower bound
Fair value
$1.0B
99c on cost, debt pieces
Unfunded
$127M
commitments not yet drawn
BDC lenders
8
6 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Sep 1, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
9
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| revolver lien unstated | at least $894M | 99c | S+450 bp | Sep 14, 2029 | 1 |
| first lien term loan first lien | at least $131M | 98c | SOFR+450 bp | Sep 14, 2029 | 7 |
| first lien delayed draw term loan first lien | at least $58,000 | n/a | SOFR+450 bp | Sep 14, 2029 | 7 |
| first lien revolver first lien | unknown | n/a | S+450 bp | unstated | 4 |
| other lien unstated exited Mar 31, 2026 | at least $896M | 101c | S+450 bp | Sep 14, 2029 | 1 |
| delayed draw term loan lien unstated exited Dec 31, 2025 | unknown | n/a | S+450 bp | unstated | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $12.3M | $12.2M 99c | S+450 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | n/a | n/a | S+450 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $882M | $867M 99c | S+450 bp |
| B••• O•• C••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | N•••••••••/non-affiliated | n/a | n/a | S+450 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $14.6M | $14.3M 98c | S+450 bp |
| B••• O•• T••••••••• F•••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | N••••••••• I••••• | n/a | $-166,000 | S+450 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $76.4M | $75.1M 98c | S+450 bp |
| B••• O•• T••••••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | n/a | $-77,000 | S+450 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | $35.6M | $35.0M 98c | S+450 bp |
| J•••••••• C••••• P••••••• B•• I••• | delayed draw term loan first lien T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 4.50% M••••••• D••• 9 | $46,000 | $46,000 102c | SOFR+450 bp |
| J•••••••• C••••• P••••••• B•• I••• | term loan first lien T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.50% M••••••• D••• 9/14/2029 | $3.3M | $3.3M 100c | SOFR+450 bp |
| S••••• C••••• I••••••••• L•• | term loan first lien T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.50% M••••••• D••• 9/14/2029 | $832,000 | $832,000 100c | SOFR+450 bp |
| S••••• C••••• I••••••••• L•• | delayed draw term loan first lien T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 4.50% M••••••• D••• 9 | $12,000 | $12,000 100c | SOFR+450 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 | 6 | $1.0B | $1.0B | 99c | 0 |
| Mar 31, 2026 | 6 | $1.0B | $1.0B | 101c | 0 |
| Dec 31, 2025 | 6 | $1.1B | $1.1B | 101c | 0 |
| Sep 30, 2025 | 5 | $1.0B | $1.0B | 101c | 0 |
| Jun 30, 2025 | 5 | $1.0B | $1.0B | 101c | 0 |
| Mar 31, 2025 | 4 | $141M | $141M | 100c | 0 |
| Dec 31, 2024 | 5 | $214M | $214M | 100c | 0 |
| Sep 30, 2024 | 5 | $142M | $142M | 100c | 0 |
| Jun 30, 2024 | 5 | $142M | $142M | 100c | 0 |
| Mar 31, 2024 | 5 | $142M | $142M | 102c | 0 |
| Dec 31, 2023 | 5 | $161M | $159M | 101c | 0 |
| Sep 30, 2023 | 5 | $143M | $142M | 101c | 0 |
| Jun 30, 2023 | 4 | $132M | $130M | 101c | 0 |
| Mar 31, 2023 | 4 | $132M | $130M | 101c | 0 |
| Dec 31, 2022 | 4 | $132M | $129M | 100c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Lender left a facilityMar 31, 2026
- Spread changed (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- New lender joined a facilityDec 31, 2023
- Maturity extended (observed)Sep 30, 2023
- New borrower on a BDC scheduleDec 31, 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
- MANTECHderivedthe codename stem after legal suffixes and deal words
- Spellings
- 4 across 8 BDCsderived
- Industry
- IT Servicesreportedas one filer wrote it