DFX Intelligence
Private Credit Intelligence
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Borrower
M••• A••••••• F••••••• L••
Passenger Airlinesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Letter of Credit; LLC Gol Finance SA; LLC I; LLC Letters of Credit; M••• A••••••• Finance Holdings, LLC
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
$137M
n/a on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
2 equity pieces beside them
Next maturity
Oct 31, 2026
no dated debt inside 24 months
On the tape since
Mar 31, 2021
latest Jun 30, 2026
Events
2
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 revolver first lien | unknown | n/a | 10.00% | Oct 31, 2026 | 1 |
| revolver lien unstated exited Mar 31, 2025 | unknown | n/a | unstated | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | equity equity Membership Interests | n/a | $68.6M | |
| M••••• F•••••••• I••••••••• C••• | equity equity Common Equity - Membership Interests | n/a | $68.6M 116c | |
| M••••• F•••••••• I••••••••• C••• | revolver first lien Revolver | n/a | n/a | |
| M••••• F•••••••• I••••••••• C••• | equity equity Common Equity - Membership Interests | n/a | n/a | |
| M••••• F•••••••• I••••••••• C••• | revolver first lien First Lien Secured Debt - Revolver Interest Rate 10.0% Maturity Date 10/31/26 | n/a | n/a | 10.00% |
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 | 1 | $0 | $0 | n/a | 0 |
| Mar 31, 2026 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2025 | 1 | $18.6M | $37.2M | 200c | 0 |
| Sep 30, 2025 | 1 | $26.1M | $52.1M | 200c | 0 |
| Jun 30, 2025 | 1 | $51.1M | $102M | 200c | 0 |
| Mar 31, 2025 | 1 | $59.6M | $119M | 200c | 0 |
| Dec 31, 2024 | 1 | $0 | $59.6M | n/a | 0 |
| Sep 30, 2024 | 1 | $0 | $59.6M | n/a | 0 |
| Jun 30, 2024 | 1 | $0 | $67.1M | n/a | 0 |
| Mar 31, 2024 | 1 | $0 | $70.1M | n/a | 0 |
| Dec 31, 2023 | 1 | $0 | $74.1M | n/a | 0 |
| Sep 30, 2023 | 1 | $0 | $81.1M | n/a | 0 |
| Jun 30, 2023 | 1 | $0 | $81.1M | n/a | 0 |
| Mar 31, 2023 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2022 | 1 | $0 | $150M | n/a | 0 |
| Mar 31, 2022 | 1 | $0 | $275M | n/a | 0 |
What changed
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Facility left every BDC scheduleMar 31, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- MERX AVIATION FINANCEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 1 BDCderived
- Industry
- Passenger Airlinesreportedas one filer wrote it