DFX Intelligence
Private Credit Intelligence
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Borrower
U• S••••• C••••••• L••
IT Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: S••••• 88, LLC; S••••• Parent, Inc
Principal held
at least $113M
sum of BDC pieces, a lower bound
Fair value
$103M
100c on cost, debt pieces
Unfunded
$383,000
commitments not yet drawn
BDC lenders
7
5 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jun 3, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
8
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 $113M | 100c | SOFR+550 bp | Sep 4, 2029 | 7 |
| first lien revolver first lien | at least $191,000 | 101c | S+550 bp | unstated | 1 |
| revolver lien unstated exited Sep 30, 2025 | unknown | n/a | unstated | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••••• L•••••• S••••••••• L•• | term loan first lien First-lien loan | $3.1M | $3.1M 100c | S+550 bp |
| C•••••••• L•••••• S••••••••• L•• | revolver first lien First-lien revolving loan | $191,000 | $191,000 101c | S+550 bp |
| C•••••••• L•••••• S••••••••• L•• | revolver first lien Delayed Draw & Revolver | n/a | n/a | |
| G•••••• S•••• B••• I••• | term loan first lien 1st Lien/Senior Secured Debt Industry IT Services Interest Rate 9.28% Reference Rate and S | $2.1M | $1.6M 100c | SOFR+550 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st Lien/Senior Secured Debt Industry IT Services Interest Rate 9.29% Reference Rate and S | $1.1M | $516,000 99c | SOFR+550 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st Lien/Senior Secured Debt Industry IT Services Interest Rate 9.26% Reference Rate and S | $6.8M | $6.8M 100c | SOFR+550 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured Debt Industry IT Services Interest Rate 9.26% Reference Rate and S | $37.4M | $37.1M 100c | SOFR+550 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured Debt Industry IT Services Interest Rate 9.28% Reference Rate and S | $11.5M | $8.5M 100c | SOFR+550 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured Debt Industry IT Services Interest Rate 9.29% Reference Rate and S | $5.8M | $2.8M 99c | SOFR+550 bp |
| M••••• C•••••• I••••• P••• C••• | term loan first lien Senior Secured Loans | $23.1M | $23.1M 101c | S+625 bp |
| P•••••• S••••• B•• L•• | term loan first lien 1st Lien/Senior Secured Debt Industry IT Services Interest Rate 9.26% Reference Rate and S | $15.3M | $15.1M 100c | SOFR+550 bp |
| P•••••• S••••• B•• L•• | term loan first lien 1st Lien/Senior Secured Debt Industry IT Services Interest Rate 9.28% Reference Rate and S | $4.7M | $3.5M 100c | SOFR+550 bp |
| P•••••• S••••• B•• L•• | term loan first lien 1st Lien/Senior Secured Debt Industry IT Services Interest Rate 9.29% Reference Rate and S | $2.3M | $1.1M 99c | SOFR+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 | $113M | $103M | 100c | 0 |
| Mar 31, 2026 | 6 | $115M | $102M | 100c | 0 |
| Dec 31, 2025 | 6 | $171M | $146M | 99c | 0 |
| Sep 30, 2025 | 6 | $103M | $90.1M | 100c | 0 |
| Jun 30, 2025 | 6 | $110M | $85.4M | 100c | 0 |
| Mar 31, 2025 | 6 | $112M | $92.8M | 100c | 0 |
| Dec 31, 2024 | 7 | $142M | $114M | 100c | 0 |
| Sep 30, 2024 | 6 | $112M | $83.8M | 100c | 0 |
| Jun 30, 2024 | 2 | $25.3M | $24.8M | 99c | 0 |
| Mar 31, 2024 | 1 | $1.8M | $1.7M | 96c | 0 |
| Dec 31, 2023 | 1 | $1.8M | $1.6M | 90c | 0 |
| Sep 30, 2023 | 1 | $1.8M | $1.5M | 85c | 0 |
| Jun 30, 2023 | 1 | $1.8M | $1.5M | 82c | 0 |
| Mar 31, 2023 | 1 | $1.8M | $1.2M | 68c | 0 |
| Dec 31, 2022 | 1 | $3.6M | $3.1M | 87c | 0 |
| Sep 30, 2022 | 1 | $1.8M | $1.6M | 88c | 0 |
| Dec 31, 2021 | 1 | $3.7M | $3.6M | 98c | 0 |
What changed
- Lender left a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Facility left every BDC scheduleSep 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Mar 31, 2025
- Spread changed (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilityJun 30, 2024
- Mark recoveredMar 31, 2024
- Mark recoveredJun 30, 2023
- Marked down across lendersMar 31, 2023
- Marked down (one lender)Mar 31, 2023
- Marked down across lendersSep 30, 2022
- Marked down (one lender)Sep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SIGNALderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 7 BDCsderived
- Industry
- IT Servicesreportedas one filer wrote it