DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
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Borrower
L••• S•••••• I••••••••• H•••••••• L••
L••• S••••••sgroup grade Aon a schedule nowsponsor unattributed
Also written as: L••• S••••••
Principal held
at least $18.9M
sum of BDC pieces, a lower bound
Fair value
$326M
100c on cost, debt pieces
Unfunded
$1.3M
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Jun 10, 2027
$18.9M inside 24 months
On the tape since
Sep 30, 2023
latest Jun 30, 2026
Events
10
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 delayed draw term loan first lien | at least $14.4M | 100c | SOFR+610 bp | Jun 10, 2027 | 2 |
| first lien term loan first lien | at least $2.7M | 100c | SOFR+610 bp | Jun 10, 2027 | 1 |
| first lien revolver first lien | at least $1.9M | 100c | SOFR+610 bp | Jun 10, 2027 | 2 |
Equity pieces beside the debt: other ($308M fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H•••••• T••••••••• F•••••• C••• | unstated lien unstated | n/a | $306M 99c | |
| H•••••• T••••••••• F•••••• C••• | unstated lien unstated | n/a | $2.6M 32c | |
| S•••• P•••• D••••• L•••••• B•• | delayed draw term loan first lien Investment First Lien Debt - Delayed Draw Reference Rate and Spread S + 6.10% Interest Rat | $303,000 | $303,000 100c | SOFR+610 bp |
| S•••• P•••• D••••• L•••••• B•• | term loan first lien Investment First Lien Debt - Term Loan Reference Rate and Spread S + 6.10% Interest Rate 9 | $1.7M | $1.7M 100c | SOFR+610 bp |
| S•••• P•••• D••••• L•••••• B•• | delayed draw term loan first lien Investment First Lien Debt - Delayed Draw Reference Rate and Spread S + 6.10% Interest Rat | $1.8M | $1.8M 100c | SOFR+610 bp |
| S•••• P•••• D••••• L•••••• B•• | term loan first lien Investment First Lien Debt - Term Loan Reference Rate and Spread S + 6.10% Interest Rate 9 | $981,000 | $981,000 100c | SOFR+610 bp |
| S•••• P•••• D••••• L•••••• B•• | delayed draw term loan first lien Investment First Lien Debt - Delayed Draw Reference Rate and Spread S + 6.10% Interest Rat | $303,000 | $303,000 100c | SOFR+610 bp |
| S•••• P•••• D••••• L•••••• B•• | delayed draw term loan first lien Commitment Type First Lien Debt - Delayed Draw Commitment Expiration Date 6/10/2027 | n/a | n/a | |
| S•••• P•••• D••••• L•••••• B•• | delayed draw term loan first lien Investment First Lien Debt - Delayed Draw Reference Rate and Spread S + 6.10% Interest Rat | $588,000 | $588,000 100c | SOFR+610 bp |
| S•••• P•••• D••••• L•••••• B•• | delayed draw term loan first lien Investment First Lien Debt - Delayed Draw Reference Rate and Spread S + 6.10% Interest Rat | $2.6M | $1.4M 100c | SOFR+610 bp |
| S•••• P•••• D••••• L•••••• B•• | revolver first lien Investment First Lien Debt - Revolver Reference Rate and Spread S + 6.10% Interest Rate 9. | $985,000 | $985,000 100c | SOFR+610 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien Delayed Draw Dollar Term Loan D | NCNA Debt Inv. | First Lien Senior Secured Loan | 6/10/2 | $3.3M | $3.2M 100c | SOFR+600 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien Delayed Draw Dollar Term Loan F | NCNA Debt Inv. | First Lien Senior Secured Loan | 6/10/2 | $3.9M | $3.8M 101c | SOFR+600 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien Delayed Draw Dollar Term Loan D | NCNA Debt Inv. | First Lien Senior Secured Loan | 6/10/2 | $1.6M | $1.6M 100c | SOFR+600 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien Revolving Dollar Loan (2025) | NCNA Debt Inv. | First Lien Senior Secured Loan | 6/10/2027 | $875,000 | $875,000 101c | SOFR+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 | $18.9M | $17.7M | 100c | 0 |
| Mar 31, 2026 | 2 | $18.5M | $16.7M | 100c | 0 |
| Dec 31, 2025 | 3 | $27.7M | $25.9M | 101c | 0 |
| Sep 30, 2025 | 1 | $9.2M | $9.2M | 101c | 0 |
| Jun 30, 2025 | 1 | $9.2M | $9.2M | 101c | 0 |
| Mar 31, 2025 | 1 | $8.8M | $8.8M | 101c | 0 |
| Dec 31, 2024 | 1 | $17.6M | $17.6M | 101c | 0 |
| Sep 30, 2024 | 1 | $7.5M | $7.4M | 100c | 0 |
| Jun 30, 2024 | 1 | $5.0M | $5.0M | 100c | 0 |
| Mar 31, 2024 | 1 | $5.0M | $5.0M | 100c | 0 |
| Dec 31, 2023 | 1 | $10.0M | $10.0M | 100c | 0 |
| Sep 30, 2023 | 1 | $2.8M | $2.8M | 100c | 0 |
What changed
- Maturity approachingJun 10, 2027
- Maturity approachingJun 10, 2027
- Maturity approachingJun 10, 2027
- Maturity approachingJun 10, 2027
- Maturity approachingJun 10, 2027
- Maturity approachingJun 10, 2027
- Maturity approachingJun 10, 2027
- Maturity approachingJun 10, 2027
- Maturity approachingJun 10, 2027
- Spread changed (observed)Sep 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
- LIFE SCIENCEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 3 BDCsderived
- Industry
- L••• S••••••sreportedas one filer wrote it