DFX Intelligence
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Borrower
S••••••• A•• • H••• H•••••••• L••
Also written as: S••••••• Air & H•••
Principal held
at least $36.2M
sum of BDC pieces, a lower bound
Fair value
$36.1M
100c on cost, debt pieces
Unfunded
$13.0M
commitments not yet drawn
BDC lenders
3
2 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Apr 1, 2028
$36.2M inside 24 months
On the tape since
Dec 31, 2022
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 term loan first lien | at least $21.4M | 100c | S+475 bp | Apr 1, 2028 | 2 |
| first lien delayed draw term loan first lien | at least $14.9M | 101c | S+475 bp | Apr 1, 2028 | 2 |
| first lien revolver first lien | unknown | n/a | unstated | 1 | |
| other lien unstated exited Sep 30, 2025 | at least $2.7M | 101c | S+475 bp | Oct 1, 2027 | 2 |
| delayed draw term loan lien unstated exited Jul 31, 2024 | at least $1.4M | 100c | S+475 bp | unstated | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C••••• I••••• C•••• | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $20.1M | $20.0M 100c | S+475 bp |
| B••• O•• C••••• I••••• C•••• | delayed draw term loan first lien First lien senior secured delayed draw term loan | Non-controlled/non-affiliated | n/a | n/a | |
| B••• O•• C••••• I••••• C•••• | delayed draw term loan first lien First lien senior secured delayed draw term loan | Non-Affiliated Issuer | $13.5M | $13.5M 101c | S+475 bp |
| B••• O•• C••••• I••••• C•••• | revolver first lien First lien senior secured revolving loan | Non-controlled/non-affiliated | n/a | n/a | |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien First Lien Debt | $1.3M | $1.3M 100c | S+475 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien First Lien Debt (Delayed Draw) | $1.3M | $1.3M 100c | S+475 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 | 2 | $36.2M | $36.1M | 100c | 0 |
| Mar 31, 2026 | 2 | $33.7M | $33.5M | 100c | 0 |
| Dec 31, 2025 | 2 | $15.2M | $15.2M | 104c | 0 |
| Sep 30, 2025 | 2 | $15.3M | $15.3M | 104c | 0 |
| Jun 30, 2025 | 2 | $15.4M | $15.4M | 105c | 0 |
| Mar 31, 2025 | 2 | $15.4M | $15.4M | 105c | 0 |
| Dec 31, 2024 | 2 | $30.9M | $30.8M | 106c | 0 |
| Sep 30, 2024 | 1 | $12.8M | $12.8M | 108c | 0 |
| Jul 31, 2024 | 1 | $2.7M | $2.7M | 100c | 0 |
| Jun 30, 2024 | 1 | $12.8M | $12.8M | 108c | 0 |
| Mar 31, 2024 | 1 | $9.7M | $9.7M | 112c | 0 |
| Dec 31, 2023 | 1 | $5.0M | $4.8M | 125c | 0 |
| Sep 30, 2023 | 1 | $5.0M | $4.8M | 128c | 0 |
| Jun 30, 2023 | 1 | $2.3M | $2.2M | 100c | 0 |
| Mar 31, 2023 | 1 | $2.2M | $2.1M | 100c | 0 |
| Dec 31, 2022 | 1 | $2.0M | $1.9M | 99c | 0 |
What changed
- Maturity approachingApr 1, 2028
- Maturity approachingApr 1, 2028
- Maturity shortened (observed)Jun 30, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity shortened (observed)Mar 31, 2026
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Lender left a facilitySep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Spread changed (observed)Mar 31, 2025
- Maturity extended (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Maturity shortened (observed)Sep 30, 2024
- Facility left every BDC scheduleJul 31, 2024
- Marked down (one lender)Mar 31, 2024
- Spread increasedSep 30, 2023
- Maturity extended (observed)Jun 30, 2023
- Maturity extended (observed)Jun 30, 2023
- New borrower on a BDC scheduleDec 31, 2022
Sponsor
- M••••• E••••• P•••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedmsouth.com"••• Locked"
Identity
- Group key
- SOUTHERN AIR AND HEATderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 3 BDCsderived