DFX Intelligence
Private Credit Intelligence
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Borrower
Z••• G•••• H•••••••• I••
Diversified Telecommunication Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Alternative Carriers; Emerald JV LP; Fixed Rate; Inc 1; Inc 2; Inc. - Corporate; Inc. 1 Emerald JV LP; Telecom
Principal held
at least $40.7M
sum of BDC pieces, a lower bound
Fair value
$40.7M
103c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
13
8 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Mar 1, 2030
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
13
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 $37.2M | 103c | SOFR+350 bp PIK 0.50% | Mar 11, 2030 | 8 |
| other lien unstated | at least $3.5M | 105c | S+350 bp PIK 0.50% | Mar 11, 2030 | 3 |
| unsecured or subordinated term loan unsecured or subordinated exited Dec 31, 2025 | at least $3.2M | 100c | 5.75% | Mar 1, 2030 | 1 |
| notes lien unstated exited Mar 31, 2026 | at least $501,278 | 101c | 9.25% PIK 1.00% | Mar 9, 2030 | 3 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | term loan first lien First lien senior secured loan | $7.2M | $7.2M 104c | S+350 bp PIK 0.50% |
| B•••••••• P•••••• C••••• F••• | term loan first lien Instrument First Lien Term Loan Ref SOFR(M) Spread 3.11% Cash + 0.50% PIK% Total Coupon 7. | $663,127 | $663,790 102c | 7.26% PIK 0.50% |
| D••••••• C••••• C• | term loan first lien First Lien Debt Term Loan Interest Rate 6.76% (0.50% PIK) Reference Rate SOFR Spread 3.61% | $8.5M | $8.6M 102c | SOFR+361 bp PIK 0.50% |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $3.5M | $3.5M 105c | S+350 bp PIK 0.50% |
| O•••••• S•••••••• L•••••• C••• | term loan first lien First Lien Term Loan | $3.9M | $3.9M 105c | S+350 bp PIK 0.50% |
| O•••••• S•••••••• C••••• F••• | term loan first lien First Lien Term Loan | $11.1M | $11.1M 105c | S+350 bp PIK 0.50% |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment First Lien Senior Secured Loan Interest Rate 7.26% (S + CSA + 3.50% incl. 0.50% | $5.2M | $5.2M 101c | SOFR+350 bp PIK 0.50% |
| S••••• C•••• C•••••• C••• | term loan first lien First Lien - Term Loan | $508,000 | $509,000 100c |
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 | 8 | $40.7M | $40.7M | 103c | 7 |
| Mar 31, 2026 | 9 | $127M | $125M | 101c | 8 |
| Dec 31, 2025 | 9 | $143M | $136M | 98c | 7 |
| Sep 30, 2025 | 7 | $92.0M | $89.3M | 101c | 4 |
| Jun 30, 2025 | 6 | $58.1M | $55.3M | 101c | 0 |
| Mar 31, 2025 | 4 | $45.2M | $42.0M | 100c | 0 |
| Dec 31, 2024 | 5 | $47.2M | $44.2M | 102c | 0 |
| Sep 30, 2024 | 4 | $43.0M | $39.2M | 102c | 0 |
| Jun 30, 2024 | 3 | $25.5M | $22.1M | 100c | 0 |
| Mar 31, 2024 | 3 | $16.5M | $14.4M | 101c | 0 |
| Dec 31, 2023 | 4 | $14.4M | $12.4M | 95c | 0 |
| Sep 30, 2023 | 3 | $9.3M | $7.6M | 92c | 0 |
| Jun 30, 2023 | 3 | $6.8M | $5.4M | 87c | 0 |
| Mar 31, 2023 | 2 | $4.7M | $3.8M | 93c | 0 |
| Dec 31, 2022 | 3 | $12.8M | $10.7M | 86c | 0 |
| Sep 30, 2022 | 3 | $26.5M | $22.7M | 90c | 0 |
What changed
- Spread increasedJun 30, 2026
- Facility left every BDC scheduleMar 31, 2026
- Mark recoveredMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- PIK interest appearsMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Facility left every BDC scheduleDec 31, 2025
- Lender left a facilityDec 31, 2025
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
- Maturity extended (observed)Sep 30, 2025
- PIK interest appearsSep 30, 2025
- Spread changed (observed)Sep 30, 2025
- New lender joined a facilitySep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
- Spread increasedSep 30, 2025
- PIK interest appearsSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- New lender joined a facilityJun 30, 2025
- Spread increasedJun 30, 2025
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Sep 30, 2024
- New lender joined a facilitySep 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
- ZAYO GROUP HOLDINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 13 BDCsderived
- Industry
- Diversified Telecommunication Servicesreportedas one filer wrote it