Skip to main content Skip to main content
Private-Credit Borrower

Frontline Road Safety Operations, LLC

Frontline Road Safety is the largest provider of pavement-marking and related roadway-safety services in the United States, painting and installing road striping, markings, and signage that keep highways and streets visible and safe. Headquartered in Denver, Colorado, it was built by private-equity firm The Sterling Group, which launched the platform in 2020 by combining several regional pavement-marking companies. It was acquired by private-equity firm Bain Capital in March 2025.

Company profile compiled from public sources (company filings, rating-agency reports, and press releases) — distinct from the SEC Schedule-of-Investments pricing data below.

3
BDC Lenders
10
Debt Positions

Lenders

Frontline Road Safety Operations, LLC is held by 3 BDC lenders in our parsed SEC filings: AGTC, ARCC, GSBD.

Cross-lender loan pricing

Each row is one debt tranche at the BDC’s most recent filing that holds this borrower, widest spread first. Mark is the position’s fair value as a percent of par (100 = par). Spread is shown in basis points over the benchmark in the Rate column, normalized from each filing’s as-reported units — rows quoting different benchmarks are still not directly comparable. Compare like-for-like: a second-lien tranche, a different vintage, or an older filing should price wider even when the credit view is identical — check the Type and Filing columns before reading a gap as disagreement. Source: SEC EDGAR (public).

BDCTypeRateSpread (bps)Mark (% of par)Fair ValueMaturityFiling
AGTC1L Sr SecuredPIK50099.0$85M2032-032026-05-12
ARCC1L Sr SecuredPIK500100.0$4M2032-032026-04-28
ARCC1L Sr SecuredPIK500100.0$3M2032-032026-04-28
GSBD1L Sr SecuredPIK475—-$7K2032-03-042026-05-07
GSBD1L Sr SecuredPIK47598.8$2M2032-03-042026-05-07
GSBD1L Sr SecuredPIK47550.2$2M2032-03-042026-05-07
GSBD1L Sr SecuredPIK47598.7$1M2032-03-042026-05-07
GSBD1L Sr SecuredPIK47598.7$3M2032-03-042026-05-07
GSBD1L Sr SecuredPIK47598.8$9M2032-03-042026-05-07
AGTC1L Sr Secured———2032-032026-05-12

Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.

Ownership & deal activity

No acquisition, ownership-change, or refinancing headlines for Frontline Road Safety Operations, LLC are in our verified news index yet. Most BDC borrowers are private companies, so ownership events are not always public; absence reflects our indexing coverage, not the borrower’s deal activity.

Headlines mentioning Frontline Road Safety Operations, LLC

We haven’t indexed any headlines that name Frontline Road Safety Operations, LLC. That reflects our news-indexing coverage — not the borrower’s activity — so the absence is not a signal.

Reading this table

When two business development companies lend to the same borrower, comparing how each marks the loan is a starting question, not a verdict. In plain English: a wider spread (e.g. S+575 vs S+525) or a lower mark (e.g. 96 vs 100 cents on the dollar) can mean that lender is pricing in more risk — but marks can also differ for reasons other than a credit view: a different tranche (second lien should price wider than first lien on the same company), a different vintage or entry point, an older filing date, or each manager’s own fair-value methodology. Compare like-for-like — check the Type and Filing columns before reading a gap as disagreement. Each row is one debt position at one BDC’s most recent filing. Source: SEC EDGAR Schedule of Investments (public).

Want to read these numbers like an analyst? Free Oxford Ledge lessons: reading a BDC’s Schedule of Investments, key credit metrics, and the Five Cs of credit analysis.