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 term loan

first lienheld todayTelecommunications
Principal held
at least $83.5M
sum of BDC pieces, a lower bound
Fair value
$73.4M
100c on cost
Unfunded
n/a
pieces' unfunded commitments
Pricing
SOFR+640 bp
pieces from 625 bp to 640 bp
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
LenderStatusPrincipalFair valueSpreadHeld
P••••••••• F••••••• R••• C•••••• L•••
P••••••••• INVESTMENT ADVISERS, LLC
held · 3 pieces$43.4M$38.0M
100c
640 bpSep 30, 2022 to Jun 30, 2026
P••••••••• I••••••••• C•••
P••••••••• INVESTMENT ADVISERS, LLC
held · 3 pieces$37.9M$33.3M
99c
640 bpSep 30, 2022 to Jun 30, 2026
S•••••••• P•••••• C••••• F••• L••
STEPSTONE GROUP PRIVATE DEBT LLC
held$2.2M$2.1M
97c
625 bpSep 30, 2024 to Jun 30, 2026
Facility through time
pieces summed per quarter end across the BDCs holding it
Quarter endBDCsPrincipal heldOn costSpreadPIKMaturity
Jun 30, 20263$83.5M100c640 bpDec 20, 2027
Mar 31, 20263$94.3M100c640 bpDec 20, 2027
Dec 31, 20253$101M100c690 bpDec 20, 2027
Sep 30, 20253$131M101c615 bpDec 20, 2027
Jun 30, 20253$74.6M101c715 bpDec 20, 2027
Mar 31, 20253$75.8M101c690 bpDec 20, 2027
Dec 31, 20243$84.7M101c690 bpDec 18, 2027
Sep 30, 20243$201M100c690 bpDec 18, 2027
Jun 30, 20242$80.1M101c715 bpDec 18, 2027
Mar 31, 20242$59.5M101c715 bpDec 18, 2027
Dec 31, 20232$64.7M101c715 bpDec 18, 2027
Sep 30, 20232$113M100c865 bpDec 18, 2025
Jun 30, 20232$56.3M100c850 bpDec 18, 2025
Mar 31, 20232$56.6M100c850 bpDec 18, 2025
Sep 30, 20222$84.9M100c850 bpDec 18, 2025
What changed on this facility
position and facility grain, including routine
  • Maturity approaching Dec 20, 2027
    S•••• D•••••• S••••••• L•• term loan (first lien) matures 2027-12-20 (inside 18 months; $58.2M held by 3 BDCs)
  • Maturity approaching Dec 20, 2027
    S•••• D•••••• S••••••• L•• term loan (first lien) matures 2027-12-20 (inside 24 months; $58.2M held by 3 BDCs)
  • Spread changed (observed) Jun 30, 2026
    S•••• D•••••• S••••••• L•• term loan: spread moved from 6.90% to 6.40%
  • Spread changed (observed) Mar 31, 2026
    S•••• D•••••• S••••••• L•• term loan: spread moved from 6.90% to 6.40%
  • Spread changed (observed) Dec 31, 2025
    S•••• D•••••• S••••••• L•• term loan: spread moved from 6.15% to 6.90%
  • Spread changed (observed) Sep 30, 2025
    S•••• D•••••• S••••••• L•• term loan: spread moved from 7.15% to 6.15%
  • New lender joined a facility Sep 30, 2024
    S•••••••• P•••••• C••••• F••• L•• joins S•••• D•••••• S••••••• L•• term loan (first lien) held by 2 other BDCs
  • Spread changed (observed) Dec 31, 2023
    S•••• D•••••• S••••••• L•• term loan: spread moved from 8.65% to 7.15%
  • Maturity extended (observed) Dec 31, 2023
    S•••• D•••••• S••••••• L•• term loan: maturity moved from 2025-12-18 to 2027-12-18
Other pieces of this borrower's structure
How this facility is known
Grain
S•••• D•••••• S••••••• L•• x first lien term loanderivedborrower 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