DFX Intelligence
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Borrower
K•••• P•• B•••• L••
Air Freight and Logisticsgroup grade Aon a schedule nowsponsor unattributed
Principal held
at least $69.8M
sum of BDC pieces, a lower bound
Fair value
$68.9M
100c on cost, debt pieces
Unfunded
$814,000
commitments not yet drawn
BDC lenders
6
5 on the latest quarter
Facilities
7
0 equity pieces beside them
Next maturity
Nov 15, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
9
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 term loan first lien | at least $61.4M | 100c | SOFR+425 bp | Nov 15, 2029 | 6 |
| first lien delayed draw term loan first lien | at least $7.0M | 100c | S+425 bp | Nov 15, 2029 | 4 |
| first lien revolver first lien | at least $1.3M | 101c | SOFR+425 bp | Nov 15, 2029 | 4 |
| other lien unstated exited Mar 31, 2025 | at least $59.6M | 100c | S+475 bp | Nov 15, 2029 | 2 |
| term loan lien unstated exited Dec 31, 2022 | at least $21.9M | 100c | SOFR+550 bp | Nov 15, 2029 | 1 |
| revolver lien unstated exited Sep 30, 2025 | unknown | n/a | unstated | 3 | |
| delayed draw term loan lien unstated exited Dec 31, 2024 | unknown | n/a | S+425 bp | unstated | 3 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 4.25% I••••••• R••• 8.00% M•• | $359,000 | $129,000 102c | SOFR+425 bp |
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.25% I••••••• R••• 8.00% M• | $5.3M | $5.3M 100c | SOFR+425 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 11/15/2029 | n/a | $0 | |
| A•••••• S•••••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 11/15/2029 | n/a | $0 | |
| A•••••• S•••••••• C••••• F••• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 4.25% I••••••• R••• 8.00% M•• | $837,000 | $301,000 101c | SOFR+425 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.25% I••••••• R••• 8.00% M• | $12.4M | $12.4M 100c | SOFR+425 bp |
| A•••••• S•••••••• C••••• F••• I• L•• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 11/15/2029 | n/a | $0 | |
| A•••••• S•••••••• C••••• F••• I• L•• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.25% I••••••• R••• 8.00% M• | $1.3M | $1.3M 100c | SOFR+425 bp |
| A•••••• S•••••••• C••••• F••• I• L•• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 4.25% I••••••• R••• 8.00% M•• | $74,000 | $27,000 100c | SOFR+425 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien F•••• L••• D••• | $21.5M | $21.5M 100c | S+425 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) | $3.6M | $3.6M 100c | S+425 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien D•••••• D••• L••• | n/a | n/a | |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) | $3.5M | $3.5M 100c | S+425 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien D•••••• D••• L••• | n/a | n/a | |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• | $20.8M | $20.8M 100c | S+425 bp |
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 | 5 | $69.8M | $68.9M | 100c | 0 |
| Mar 31, 2026 | 5 | $79.0M | $68.8M | 100c | 0 |
| Dec 31, 2025 | 5 | $84.5M | $73.9M | 100c | 0 |
| Sep 30, 2025 | 5 | $79.3M | $69.0M | 100c | 0 |
| Jun 30, 2025 | 4 | $78.1M | $67.3M | 100c | 0 |
| Mar 31, 2025 | 4 | $78.7M | $62.5M | 100c | 0 |
| Dec 31, 2024 | 2 | $119M | $87.1M | 102c | 0 |
| Mar 31, 2024 | 1 | $33.7M | $23.1M | 102c | 0 |
| Dec 31, 2023 | 3 | $91.1M | $65.0M | 102c | 0 |
| Sep 30, 2023 | 2 | $30.4M | $21.8M | 102c | 0 |
| Jun 30, 2023 | 2 | $30.5M | $21.8M | 102c | 0 |
| Mar 31, 2023 | 2 | $30.5M | $21.8M | 102c | 0 |
| Dec 31, 2022 | 2 | $61.2M | $42.8M | 100c | 0 |
What changed
- Lender left a facilityDec 31, 2025
- New lender joined a facilitySep 30, 2025
- Spread changed (observed)Sep 30, 2025
- Spread increasedSep 30, 2025
- Spread increasedSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Spread changed (observed)Jun 30, 2025
- Facility left every BDC scheduleMar 31, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- Spread increasedMar 31, 2025
- Spread increasedMar 31, 2025
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Lender left a facilityMar 31, 2024
- Lender left a facilityMar 31, 2024
- Lender left a facilityMar 31, 2024
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New borrower on a BDC scheduleDec 31, 2022
- Facility left every BDC scheduleDec 31, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- KENCO PPCderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- Air Freight and Logisticsreportedas one filer wrote it