DFX Intelligence
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Borrower
P••••• C•••
Commercial Services and Suppliesgroup grade Aon a schedule nowsponsor unattributed
Principal held
at least $230M
sum of BDC pieces, a lower bound
Fair value
$230M
101c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Oct 30, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2023
latest Jun 30, 2026
Events
7
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated | at least $229M | 101c | S+600 bp | Oct 30, 2030 | 2 |
| first lien term loan first lien | at least $195,000 | 99c | SOFR+600 bp | Oct 30, 2030 | 1 |
| other lien unstated exited Mar 31, 2024 | at least $210M | 102c | S+575 bp | Oct 30, 2030 | 2 |
| revolver lien unstated exited Dec 31, 2023 | unknown | n/a | unstated | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 6.00% I••••••• R••• 9.75% M• | $195,000 | $193,000 99c | SOFR+600 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $24.1M | $24.1M 101c | S+575 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $114M | $114M 101c | S+600 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $15.8M | $15.8M 101c | S+575 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $75.0M | $75.0M 101c | S+600 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 | 3 | $230M | $230M | 101c | 0 |
| Mar 31, 2026 | 3 | $230M | $230M | 101c | 0 |
| Dec 31, 2025 | 3 | $230M | $230M | 101c | 1 |
| Sep 30, 2025 | 3 | $229M | $228M | 101c | 5 |
| Jun 30, 2025 | 3 | $227M | $225M | 101c | 5 |
| Mar 31, 2025 | 3 | $225M | $223M | 101c | 4 |
| Dec 31, 2024 | 3 | $467M | $464M | 101c | 0 |
| Sep 30, 2024 | 2 | $234M | $233M | 102c | 0 |
| Jun 30, 2024 | 2 | $234M | $234M | 102c | 0 |
| Mar 31, 2024 | 2 | $210M | $209M | 102c | 0 |
| Dec 31, 2023 | 2 | $206M | $201M | 100c | 0 |
What changed
- Spread changed (observed)Dec 31, 2025
- Spread increasedDec 31, 2025
- Spread changed (observed)Jun 30, 2025
- PIK interest appearsJun 30, 2025
- PIK interest appearsJun 30, 2025
- PIK interest appearsMar 31, 2025
- PIK interest appearsMar 31, 2025
- PIK interest appearsMar 31, 2025
- Facility left every BDC scheduleMar 31, 2024
- New borrower on a BDC scheduleDec 31, 2023
- Facility left every BDC scheduleDec 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
- PAVIONderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Commercial Services and Suppliesreportedas one filer wrote it