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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Facility
S•••• D•••••• S••••••• L•• first lien revolver
first lienheld todayTelecommunications
Principal held
at least $7.0M
sum of BDC pieces, a lower bound
Fair value
$3.2M
98c on cost
Unfunded
n/a
pieces' unfunded commitments
Pricing
SOFR+625 bp
floor 1.00%
PIK
none stated
Maturity
Dec 20, 2027
tagged by the filer
Lenders
3 holding
0 exited · 0 named on a deal
On the tape
15 quarters
Sep 30, 2022 to Jun 30, 2026
Lender group
every BDC that holds or held a piece; each row is that lender's own figures
| Lender | Status | Principal | Fair value | Spread | Held |
|---|---|---|---|---|---|
| P••••••••• I••••••••• C••• P••••••••• INVESTMENT ADVISERS, LLC | held · 2 pieces | $3.7M | $1.7M 98c | 625 bp | Sep 30, 2022 to Jun 30, 2026 |
| P••••••••• F••••••• R••• C•••••• L••• P••••••••• INVESTMENT ADVISERS, LLC | held · 2 pieces | $3.3M | $1.5M 98c | 625 bp | Sep 30, 2022 to Jun 30, 2026 |
| S•••••••• P•••••• C••••• F••• L•• STEPSTONE GROUP PRIVATE DEBT LLC | held | $35,000 | $32,000 94c | 625 bp | Sep 30, 2024 to Jun 30, 2026 |
Facility through time
pieces summed per quarter end across the BDCs holding it
| Quarter end | BDCs | Principal held | On cost | Spread | PIK | Maturity |
|---|---|---|---|---|---|---|
| Jun 30, 2026 | 3 | $7.0M | 98c | 625 bp | Dec 20, 2027 | |
| Mar 31, 2026 | 3 | $7.0M | 96c | 640 bp | Dec 20, 2027 | |
| Dec 31, 2025 | 3 | $7.0M | n/a | 50 bp | Dec 20, 2027 | |
| Sep 30, 2025 | 3 | $10.3M | 100c | 690 bp | Dec 20, 2027 | |
| Jun 30, 2025 | 3 | $7.0M | 100c | 715 bp | Dec 20, 2027 | |
| Mar 31, 2025 | 3 | $11.8M | 100c | 690 bp | Dec 20, 2027 | |
| Dec 31, 2024 | 3 | $7.0M | n/a | 50 bp | Dec 18, 2027 | |
| Sep 30, 2024 | 3 | $14.0M | n/a | 50 bp | Dec 18, 2027 | |
| Jun 30, 2024 | 2 | $7.0M | 98c | 715 bp | Dec 18, 2027 | |
| Mar 31, 2024 | 2 | $5.6M | 98c | 715 bp | Dec 18, 2027 | |
| Dec 31, 2023 | 2 | $5.6M | 98c | 715 bp | Dec 18, 2027 | |
| Sep 30, 2023 | 2 | $10.7M | 98c | 865 bp | Dec 18, 2025 | |
| Jun 30, 2023 | 2 | $5.6M | 98c | 850 bp | Dec 18, 2025 | |
| Mar 31, 2023 | 2 | $5.6M | 98c | 850 bp | Dec 18, 2025 | |
| Sep 30, 2022 | 2 | $6.4M | 96c | 850 bp | Dec 18, 2025 |
What changed on this facility
position and facility grain, including routine
- Maturity approaching Dec 20, 2027S•••• D•••••• S••••••• L•• revolver (first lien) matures 2027-12-20 (inside 24 months; $3.7M held by 3 BDCs)
- Maturity approaching Dec 20, 2027S•••• D•••••• S••••••• L•• revolver (first lien) matures 2027-12-20 (inside 18 months; $3.7M held by 3 BDCs)
- Spread changed (observed) Mar 31, 2026S•••• D•••••• S••••••• L•• revolver: spread moved from 0.50% to 6.40%
- Spread changed (observed) Dec 31, 2025S•••• D•••••• S••••••• L•• revolver: spread moved from 6.90% to 0.50%
- Spread changed (observed) Mar 31, 2025S•••• D•••••• S••••••• L•• revolver: spread moved from 0.50% to 6.90%
- Spread changed (observed) Sep 30, 2024S•••• D•••••• S••••••• L•• revolver: spread moved from 7.15% to 0.50%
- New lender joined a facility Sep 30, 2024S•••••••• P•••••• C••••• F••• L•• joins S•••• D•••••• S••••••• L•• revolver (first lien) held by 2 other BDCs
- Spread changed (observed) Dec 31, 2023S•••• D•••••• S••••••• L•• revolver: spread moved from 8.65% to 7.15%
- Maturity extended (observed) Dec 31, 2023S•••• D•••••• S••••••• L•• revolver: maturity moved from 2025-12-18 to 2027-12-18
Other pieces of this borrower's structure
- at least $83.5M
- at least $0
- otherexited Mar 31, 2024at least $8.4M
How this facility is known
- Grain
- S•••• D•••••• S••••••• L•• x first lien revolverderivedborrower group x kind x lien; tranches with different maturities sit under it
- Size
- lower bound: sum of BDC piecesderived
- Status
- unknownsignalnon-accrual, default and restructuring are not on this tape and are never inferred from a mark
- Origin
- bdc tapereported