DFX Intelligence
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Borrower
A••••• B••••• L••
Also written as: 2025 4th Amendment; A•••••; Emerald JV LP; LLC (dba PPC Flexible; PPC Flexible; PPC Flexible Packaging
What matters now
- $316Mprincipal outstanding
$316M principal held by 10 lenders; matures Sep 2028.
Q2 2026 · Refinancing is due in 23 months at a 100¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
101¢ · 101¢ · 101¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
100¢100¢
Principal held
at least $316M
sum of BDC pieces, a lower bound
Fair value
$313M
100c on cost, debt pieces
Unfunded
$28.7M
commitments not yet drawn
BDC lenders
14
10 on the latest quarter
Facilities
7
0 equity pieces beside them
Next maturity
Sep 1, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
11
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••• O•• C••••• I••••• C•••• | $91.2M | 100¢ | 0 pts |
| B••••••••• P•••••• C••••• F••• | $86.6M | 100¢ | -1 pts |
| B••• O•• C•••••• C••• | $71.4M | 100¢ | 0 pts |
| C•••••• S•••••• L••••••• I••• | $28.7M | 100¢ | 0 pts |
| B••••••••• S•••••• L•••••• F••• | $22.2M | 100¢ | -1 pts |
View all 10 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| C•••••• C••••• S••••••••• I••• | $13.7M | 100¢ | -1 pts |
| A•••• C••••• B•• I••• | $1.35M | 99¢ | 0 pts |
| O•• S••••• P•••••• L•••••• F••• •• L•• | $535K | 101¢ | 0 pts |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | $535K | 101¢ | 0 pts |
| B••• O•• C•••••• C••• I• | $169K | 99¢ | 0 pts |
Every BDC piece · 28 positions across 10 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $91.2M | $90.2M 100c | S+525 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated | $72.9M | $72.5M 100c | S+525 bp |
| B••• O•• C•••••• C••• | term loan first lien F•••• lien senior secured loan | N••••••••• | $71.4M | $70.7M 100c | S+525 bp |
| C•••••• S•••••• L••••••• I••• | term loan first lien Investment | N••••••••• I••••• | F•••• L••• D••• | $28.7M | $28.6M 100c | S+525 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated N••••••••• I••••• | $20.6M | $20.4M 100c | S+525 bp |
View all 28 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••• C••••• S••••••••• I••• | term loan first lien Investment | N••••••••• I••••• | F•••• L••• D••• | $13.7M | $13.6M 100c | S+525 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $11.1M | $11.1M 101c | S+525 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated N••••••••• I••••• | $1.6M | $1.6M 100c | S+525 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $1.4M | $1.3M 100c | S+525 bp |
| A•••• C••••• B•• I••• | term loan first lien Investment T••• 1st L••• T••• L••• I•••• S+ S••••• 4.50% I••••••• R••• 8.23% A••••••••• D• | $1.3M | $1.3M 99c | SOFR+450 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $1.2M | $1.2M 101c | S+525 bp |
| O•• S••••• P•••••• L•••••• F••• •• L•• | term loan first lien F•••• L••• D••• | $358,000 | $50,000 102c | S+525 bp |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• | $358,000 | $50,000 102c | S+525 bp |
| O•• S••••• P•••••• L•••••• F••• •• L•• | term loan first lien F•••• L••• D••• | $177,000 | $177,000 101c | S+525 bp |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• | $177,000 | $177,000 101c | S+525 bp |
| B••• O•• C•••••• C••• I• | term loan first lien F•••• lien senior secured loan | Non A••••••••• | $169,000 | $167,000 99c | S+525 bp |
| A•••• C••••• B•• I••• | revolver first lien Investment T••• 1st L••• R••••••• I•••• S+ S••••• 4.50% I••••••• R••• 8.23% A••••••••• D•• | $0 | $0 0c | SOFR+450 bp |
| A•••• C••••• B•• I••• | delayed draw term loan first lien Investment T••• 1st L••• D••• I•••• S+ S••••• 4.50% I••••••• R••• 8.23% M••••••• 8/11/2031 | Not disclosed | Not disclosed | SOFR+450 bp |
| A•••• C••••• B•• I••• | revolver first lien Investment T••• S••••• S•••••• R•••••••• Credit L••• I•••• S+ S••••• 4.50% I••••••• R••• 8 | Not disclosed | Not disclosed | SOFR+500 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | S+525 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | S+525 bp |
| B••• O•• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | Not disclosed | $0 | S+525 bp |
| B••• O•• C•••••• C••• I• | revolver first lien F•••• lien senior secured revolving loan | N••••••••• | Not disclosed | Not disclosed | S+525 bp |
| B••• O•• C••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | N•••••••••/non-affiliated | Not disclosed | Not disclosed | S+525 bp |
| C•••••• C••••• S••••••••• I••• | revolver second lien Investments | N••••••••• I••••• | F•••• and S••••• L••• D••• | R••••••• | Not disclosed | Not disclosed | |
| C•••••• S•••••• L••••••• I••• | revolver second lien Investments | N••••••••• | F•••• and S••••• L••• D••• | R••••••• | Not disclosed | Not disclosed | |
| O•• S••••• P•••••• L•••••• F••• •• L•• | revolver lien unstated 2025 4th A•••••••• R••••••• | Not disclosed | Not disclosed | |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | revolver lien unstated 2025 4th A•••••••• R••••••• | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $208M | 100c | SOFR+525 bp | Aug 11, 2031 | 8 |
| revolver lien unstated | at least $109M | 100c | S+525 bp | Sep 30, 2028 | 4 |
| first lien revolver first lien | at least $0 | n/a | SOFR+525 bp | Aug 11, 2031 | 4 |
| first lien delayed draw term loan first lien | unknown | n/a | SOFR+450 bp | Aug 11, 2031 | 1 |
| second lien revolver second lien | unknown | n/a | unstated | 2 |
All 7 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated exited Sep 30, 2024 | at least $25.3M | n/a | S+450 bp | Aug 11, 2031 | 2 |
| other lien unstated exited Mar 31, 2026 | at least $1.1M | 101c | S+525 bp | Sep 29, 2028 | 2 |
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 | 10 | $316M | $313M | 100c | 0 |
| Mar 31, 2026 | 10 | $317M | $315M | 100c | 0 |
| Dec 31, 2025 | 10 | $321M | $320M | 101c | 0 |
| Sep 30, 2025 | 10 | $315M | $314M | 101c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 10 | $316M | $315M | 101c | 0 |
| Mar 31, 2025 | 10 | $316M | $316M | 101c | 0 |
| Dec 31, 2024 | 8 | $473M | $472M | 101c | 0 |
| Sep 30, 2024 | 11 | $350M | $325M | 101c | 0 |
| Jun 30, 2024 | 9 | $311M | $311M | 101c | 0 |
| Mar 31, 2024 | 9 | $312M | $309M | 100c | 0 |
| Dec 31, 2023 | 12 | $388M | $384M | 100c | 0 |
| Sep 30, 2023 | 8 | $300M | $299M | 101c | 0 |
| Jun 30, 2023 | 9 | $307M | $303M | 100c | 0 |
| Mar 31, 2023 | 9 | $232M | $230M | 101c | 0 |
| Dec 31, 2022 | 9 | $312M | $308M | 100c | 0 |
| Sep 30, 2022 | 4 | $56.4M | $55.7M | 101c | 0 |
| Dec 31, 2021 | 4 | $115M | $113M | 100c | 0 |
What changed
- Spread increasedJun 30, 2026
- Facility left every BDC scheduleMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Spread changed (observed)Dec 31, 2025
Full timeline · 30 eventsShow fewer
- Spread changed (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Maturity extended (observed)Dec 31, 2024
- Lender left a facilityDec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- Facility left every BDC scheduleSep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Jun 30, 2024
- Maturity extended (observed)Dec 31, 2023
- New lender joined a facilityDec 31, 2023
- Spread increasedMar 31, 2023
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
Sponsor
Possible relationship, not established: A••••• I••••••••, because Form D signer consensus, grade B (confidence 0.6). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- A••••• I••••••••
- Form D signer consensus, grade Bestimated"••• Locked"
Identity
- Group key
- ASCENDderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 14 BDCsderived
- Industry
- Packaging)reportedas one filer wrote it