DFX Intelligence
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Borrower
A•• H••••••• I•• C•••
Aerospace & Defensegroup grade Aon a schedule nowsponsor unattributed
Also written as: API Holding III Corp; Junior
Principal held
at least $38.6M
sum of BDC pieces, a lower bound
Fair value
$38.1M
100c on cost, debt pieces
Unfunded
$9.2M
commitments not yet drawn
BDC lenders
7
5 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Jun 1, 2033
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
19
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 $38.6M | 100c | S+550 bp | Jun 5, 2033 | 7 |
| second lien revolver second lien | unknown | n/a | unstated | 2 | |
| second lien delayed draw term loan second lien | unknown | n/a | unstated | 2 | |
| term loan lien unstated exited Mar 31, 2025 | at least $1.8M | 81c | S+700 bp PIK 6.00% | May 9, 2027 | 1 |
| unsecured or subordinated term loan unsecured or subordinated exited Mar 31, 2026 | at least $0 | n/a | S+700 bp PIK 6.00% | May 9, 2027 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••• C••••• S••••••••• I••• | term loan first lien Investment | N••••••••• I••••• | F•••• L••• D••• | $13.5M | $13.3M 100c | S+550 bp |
| C•••••• C••••• S••••••••• I••• | delayed draw term loan second lien Investments | N••••••••• I••••• | F•••• and S••••• L••• D••• | D•••••• D••• | n/a | n/a | |
| C•••••• C••••• S••••••••• I••• | revolver second lien Investments | N••••••••• I••••• | F•••• and S••••• L••• D••• | R••••••• | n/a | n/a | |
| C•••••• S•••••• L••••••• I••• | revolver second lien Investments | N••••••••• | F•••• and S••••• L••• D••• | R••••••• | n/a | n/a | |
| C•••••• S•••••• L••••••• I••• | delayed draw term loan second lien Investments | N••••••••• | F•••• and S••••• L••• D••• | D•••••• D••• | n/a | n/a | |
| C•••••• S•••••• L••••••• I••• | term loan first lien Investment | N••••••••• I••••• | F•••• L••• D••• | $19.6M | $19.3M 100c | S+550 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 1 | $4.7M | $4.7M 100c | S+550 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 2 | $0 | $-3,000 100c | |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 3 | $0 | $-3,000 100c | |
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | N••••••••• I••••• | $0 | $0 | |
| G•••• C•••••• B••• I••• | term loan first lien One stop 3 | N••••••••• I••••• | $391,000 | $389,000 100c | S+550 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | N••••••••• I••••• | $0 | $0 | |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 2 | $0 | $0 | |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 3 | $0 | $0 | |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 1 | $391,000 | $389,000 100c | S+550 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 | 5 | $38.6M | $38.1M | 100c | 0 |
| Mar 31, 2026 | 1 | $0 | $0 | 0c | 1 |
| Dec 31, 2025 | 1 | $2.1M | $1.9M | 92c | 2 |
| Sep 30, 2025 | 1 | $2.0M | $1.9M | 92c | 2 |
| Jun 30, 2025 | 1 | $2.0M | $1.7M | 86c | 2 |
| Mar 31, 2025 | 1 | $2.0M | $1.6M | 83c | 2 |
| Dec 31, 2024 | 1 | $3.9M | $3.1M | 80c | 4 |
| Sep 30, 2024 | 1 | $1.9M | $1.5M | 76c | 2 |
| Jun 30, 2024 | 1 | $1.9M | $1.4M | 74c | 2 |
| Mar 31, 2024 | 1 | $1.9M | $1.2M | 65c | 2 |
| Dec 31, 2023 | 1 | $2.1M | $1.5M | 70c | 3 |
| Sep 30, 2023 | 1 | $1.6M | $1.0M | 63c | 0 |
| Jun 30, 2023 | 2 | $7.4M | $5.1M | 69c | 0 |
| Mar 31, 2023 | 2 | $7.4M | $5.2M | 70c | 0 |
| Dec 31, 2022 | 1 | $3.3M | $2.6M | 80c | 0 |
| Sep 30, 2022 | 1 | $5.8M | $5.0M | 87c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Facility left every BDC scheduleMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Mark recoveredDec 31, 2025
- Mark recoveredDec 31, 2025
- Lender left a facilityDec 31, 2025
- Mark recoveredSep 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Facility left every BDC scheduleMar 31, 2025
- Mark recoveredMar 31, 2025
- Mark recoveredDec 31, 2024
- Mark recoveredJun 30, 2024
- Mark recoveredDec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- PIK interest appearsDec 31, 2023
- Spread changed (observed)Dec 31, 2023
- Spread increasedDec 31, 2023
- PIK interest appearsDec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- Marked down across lendersSep 30, 2023
- Spread changed (observed)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Lender left a facilityJun 30, 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
- API HOLDING IIIderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 7 BDCsderived
- Industry
- Aerospace & Defensereportedas one filer wrote it