DFX Intelligence
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Borrower
S••••••• G•••• B•••• I••
Paper & Packaging Rate S+6.50%, 0.75% Floorgroup grade Aon a schedule nowsponsor not established · possible relationship
Also written as: S••••••• Holdings III Corp
What matters now
- 84¢ → 96¢consensus mark
Consensus mark 96¢ on cost, up from 84¢ a year ago, 96¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal - $5.93Mprincipal outstanding
$5.93M principal held by 1 lender; matures May 2028.
Q2 2026 · Refinancing is due in 20 months at a 96¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
84¢ · 91¢ · 96¢ · 96¢ · 96¢Q2 2025 to Q2 2026
Principal held
at least $5.9M
sum of BDC pieces, a lower bound
Fair value
$5.6M
96c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
1 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
May 19, 2028
$5.9M inside 24 months
On the tape since
Jun 30, 2022
latest Jun 30, 2026
Events
9
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 |
|---|---|---|---|
| S••••• P•••• S•••••••• L•••••• F••• | $5.93M | 96¢ | 0 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S••••• P•••• S•••••••• L•••••• F••• | term loan first lien 1st L•••/S•••••• L•••• I••••••••• 1st L••• T••• L••• I••••••• P•••• & P•••••••• R••• S+6.5 | $5.9M | $5.6M 96c | SOFR+650 bp |
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 $5.9M | 96c | SOFR+650 bp | May 19, 2028 | 1 |
| second lien term loan second lien exited Jun 30, 2023 | at least $7.5M | 100c | S+700 bp | Jan 31, 2026 | 1 |
Equity pieces beside the debt: other ($7.5M fair value, 1 BDC)
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 | 1 | $5.9M | $5.6M | 96c | 0 |
| Mar 31, 2026 | 1 | $6.0M | $5.6M | 96c | 0 |
| Dec 31, 2025 | 1 | $6.4M | $6.0M | 96c | 0 |
| Sep 30, 2025 | 1 | $6.6M | $5.9M | 91c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $6.6M | $5.4M | 84c | 0 |
| Mar 31, 2025 | 1 | $19.7M | $15.1M | 78c | 0 |
| Dec 31, 2024 | 1 | $39.0M | $32.5M | 85c | 0 |
| Sep 30, 2024 | 1 | $19.3M | $15.2M | 80c | 0 |
| Jun 30, 2024 | 1 | $19.1M | $16.1M | 86c | 0 |
| Mar 31, 2024 | 2 | $18.9M | $15.4M | 83c | 0 |
| Dec 31, 2023 | 1 | $19.0M | $17.0M | 91c | 0 |
| Jun 30, 2023 | 1 | $7.5M | $7.5M | 100c | 0 |
| Mar 31, 2023 | 1 | $7.5M | $6.8M | 91c | 0 |
| Dec 31, 2022 | 2 | $27.0M | $25.1M | 94c | 0 |
| Sep 30, 2022 | 1 | $7.5M | $6.9M | 92c | 0 |
| Jun 30, 2022 | 1 | $7.5M | $7.0M | 93c | 0 |
What changed
- Maturity approachingMay 19, 2028
- Mark recoveredSep 30, 2025
- Mark recoveredJun 30, 2025
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
Full timeline · 14 eventsShow fewer
- Marked down across lendersSep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down across lendersMar 31, 2024
- Lender left a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- Marked down (one lender)Mar 31, 2024
- Facility left every BDC scheduleJun 30, 2023
- Mark recoveredJun 30, 2023
- New borrower on a BDC scheduleJun 30, 2022
Sponsor
Possible relationship, not established: O•• R••• C•••••• M••••••••• L••, because a company of this name is on the sponsor's portfolio page (confidence 0.6). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- O•• R••• C•••••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedoffroadcapitalpartners.com"••• Locked"
- G•••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedgraingp.com"••• Locked"
Identity
- Group key
- SPECTRUMderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 3 BDCsderived
- Industry
- Paper & Packaging Rate S+6.50%, 0.75% Floorreportedas one filer wrote it