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
A•••••• T••••••••• L••
Diversified Telecommunication Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Communications Equipment; Diversified Telecommunication Services; LLC - Second Out Super Priority; Securus T••••••••• Holdings, Inc; Super Priority; Third Out Super Priority
Principal held
at least $250M
sum of BDC pieces, a lower bound
Fair value
$104M
74c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
6
2 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Sep 30, 2026
$3.9M inside 24 months
On the tape since
Mar 18, 2019
latest Jun 30, 2026
Events
27
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien | at least $169M | 14c | S+905 bp | unstated | 3 |
| first lien term loan first lien | at least $81.2M | 118c | S+1000 bp PIK 11.49% | Sep 30, 2026 | 5 |
Equity pieces beside the debt: other (n/a fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••• C•••••• C••• | term loan first lien Second Out Super Priority First Lien Term Loan | $804,000 | $804,000 100c | S+750 bp |
| P••••••• C•••••• C••• | term loan first lien Super Priority Bridge First Lien Term Loan 2 | $3.1M | $3.1M 100c | S+1000 bp |
| P••••••• C•••••• C••• | term loan first lien Super Priority Bridge First Lien Term Loan 1 | $43.7M | $43.7M 100c | S+1000 bp |
| P••••••• C•••••• C••• | term loan second lien Super Priority Second Lien Term Loan | $169M | $8.4M 14c | S+905 bp |
| P••••••• C•••••• C••• | term loan first lien First Lien Term Loan | n/a | $22.1M | |
| P••••••• C•••••• C••• | term loan second lien Super Priority Second Lien Term Loan | n/a | n/a | |
| P••••••• C•••••• C••• | term loan first lien First Lien Term Loan | n/a | n/a | PIK 9.08% |
| P••••••• C•••••• C••• | term loan first lien Third Out Super Priority First Lien Term Loan | $29.8M | $22.1M 74c | S+509 bp |
| P••••••• C•••••• C••• | term loan first lien First Lien Term Loan | n/a | n/a | PIK 11.49% |
| P••••••• C•••••• C••• | term loan first lien Second Out Super Priority First Lien Term Loan 1 | n/a | n/a | |
| P••••••• C•••••• C••• | term loan first lien Super Priority Bridge First Lien Term Loan | $3.5M | $3.5M 102c | S+700 bp |
| P••••••• C•••••• C••• | term loan first lien Second Out Super Priority First Lien Term Loan 2 | n/a | n/a | |
| S••••• C•••• C•••••• C••• | term loan first lien First Lien - Term Loan | $388,000 | $390,000 101c |
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 | $250M | $104M | 74c | 2 |
| Mar 31, 2026 | 3 | $240M | $102M | 75c | 4 |
| Dec 31, 2025 | 3 | $235M | $101M | 75c | 4 |
| Sep 30, 2025 | 3 | $229M | $99.5M | 75c | 4 |
| Jun 30, 2025 | 3 | $452M | $2.5B | 928c | 4 |
| Mar 31, 2025 | 2 | $177M | $2.4B | 2633c | 0 |
| Mar 4, 2025 | 1 | $0 | $0 | n/a | 0 |
| Jan 2, 2025 | 2 | $0 | $0 | n/a | 0 |
| Dec 31, 2024 | 4 | $153M | $2.5B | 2151c | 5 |
| Sep 30, 2024 | 3 | $145M | $82.2M | 75c | 5 |
| Jun 30, 2024 | 3 | $259M | $147M | 78c | 8 |
| Jun 28, 2024 | 2 | $0 | $0 | n/a | 0 |
| Mar 31, 2024 | 3 | $138M | $73.1M | 71c | 4 |
| Mar 4, 2024 | 2 | $0 | $0 | n/a | 0 |
| Dec 31, 2023 | 5 | $99.8M | $67.5M | 68c | 0 |
| Sep 30, 2023 | 3 | $37.1M | $28.9M | 79c | 0 |
| Jun 30, 2023 | 4 | $99.2M | $92.5M | 94c | 0 |
| Mar 31, 2023 | 4 | $97.4M | $66.5M | 69c | 0 |
| Dec 31, 2022 | 3 | $95.5M | $74.4M | 79c | 0 |
| Sep 30, 2022 | 2 | $69.7M | $64.8M | 94c | 0 |
| Jun 30, 2022 | 2 | $62.3M | $59.3M | 96c | 0 |
| Aug 2, 2019 | 1 | $0 | $0 | n/a | 0 |
| Mar 18, 2019 | 1 | $0 | $0 | n/a | 0 |
What changed
- Maturity approachingSep 30, 2026
- Maturity approachingSep 30, 2026
- Maturity approachingSep 30, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Spread changed (observed)Dec 31, 2025
- Marked down across lendersSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Marked down across lendersJun 30, 2025
- Spread changed (observed)Jun 30, 2025
- PIK interest appearsJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- PIK interest appearsJun 30, 2025
- PIK interest appearsJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down across lendersDec 31, 2024
- PIK interest increasedDec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Lender left a facilityDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Spread increasedDec 31, 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
- AVENTIV TECHNOLOGIESderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- Diversified Telecommunication Servicesreportedas one filer wrote it