DFX Intelligence
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Borrower
C••••••••• A••••••••• H•••••••• I••
Containers & Packaginggroup grade Aon a schedule nowsponsor unattributed
Also written as: C••••••••• Holdings, LLC; Commercial &; Emerald JV LP; Financials Services; Inc. 1; Inc. 2; Inc. 3; Inc. Asset Type
Principal held
at least $232M
sum of BDC pieces, a lower bound
Fair value
$231M
98c on cost, debt pieces
Unfunded
$4.5M
commitments not yet drawn
BDC lenders
25
16 on the latest quarter
Facilities
8
0 equity pieces beside them
Next maturity
Jun 23, 2028
$57.5M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
16
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 $162M | 98c | SOFR+318 bp | Apr 30, 2032 | 15 |
| delayed draw term loan lien unstated | at least $51.8M | 98c | S+325 bp | Apr 1, 2032 | 4 |
| other lien unstated | at least $14.0M | 99c | S+318 bp | Apr 1, 2032 | 7 |
| first lien revolver first lien | at least $4.5M | n/a | S+590 bp | Jun 23, 2028 | 1 |
| revolver lien unstated exited Dec 31, 2022 | at least $4.5M | n/a | SOFR+550 bp | Jun 23, 2028 | 1 |
| second lien term loan second lien exited Jun 30, 2025 | at least $1.0M | 101c | SOFR+325 bp | Apr 1, 2032 | 1 |
| first lien delayed draw term loan first lien exited Dec 31, 2025 | at least $17,881 | n/a | SOFR+325 bp | Apr 13, 2029 | 7 |
| term loan lien unstated exited Mar 31, 2025 | unknown | n/a | unstated | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A• P•••••• L•••••• F••• | term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 6.82% (S + 3.17%; 0.50% F•• | $1.0M | $981,130 98c | SOFR+317 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $2.0M | $1.9M 97c | S+325 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(M) F•••• —% S••••• 3.25% T•••• C••••• 6.89% M•••• | $987,117 | $950,510 96c | SOFR+325 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $8.2M | $8.1M 100c | S+318 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $21.3M | $21.0M 98c | S+318 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $1.6M | $1.6M 99c | S+318 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $9.7M | $9.4M 97c | S+325 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $10.8M | $10.4M 97c | S+325 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $71.9M | $69.0M 97c | S+325 bp |
| C••••••• P•••••• C••••• I••••• C••• | term loan first lien Investment T••• S••••• S•••••• F•••• L••• T••• L••• I••••••• T••• S + 325 I••••••• R••• 6. | $1.9M | $1.8M 96c | SOFR+325 bp |
| F••••••• P•••••• L•••••• F••• | term loan first lien Investment F•••• L••• - T••• L••• R•••••••• R••• and S••••• S•••+318 I••••••• R••• 6.8% M• | $9,000 | $8.8M 98c | SOFR+318 bp |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $4.0M | $3.8M 102c | S+325 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• C••••••••• & P•••••••• I••••••• R••• 6.82% R•••••••• | $18.7M | $18.4M 98c | SOFR+318 bp |
| H•• C•••••••• C•••••• S•••••••• F••• | unstated lien unstated N••••••••• I••••• | $2.4M | $2.4M 99c | S+318 bp |
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $7.6M | $7.5M 99c | S+318 bp |
| M••••• C•••••• E••••••• C•••••••• L•••••• F••• | term loan first lien S••••• S•••••• L•••• | N••••••••• I••••• | $2.0M | $2.0M 100c | S+590 bp |
| M••••• C•••••• E••••••• C•••••••• L•••••• F••• | term loan first lien S••••• S•••••• L•••• | N••••••••• I••••• | $1.4M | $1.4M 100c | S+590 bp |
| M••••• C•••••• E••••••• C•••••••• L•••••• F••• | term loan first lien S••••• S•••••• L•••• | N••••••••• I••••• | $1.6M | $1.6M 100c | S+640 bp |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $14.4M | $14.4M 100c | S+590 bp |
| M••••• C•••••• I••••• P••• C••• | revolver first lien R•••••••) | n/a | n/a | |
| M••••• C•••••• I••••• P••• C••• | revolver first lien R•••••••) | S••••• S•••••• L•••• | $4.5M | $0 | S+590 bp |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $20.5M | $20.4M 99c | S+590 bp |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $4.9M | $4.9M 101c | S+640 bp |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $8.2M | $8.2M 99c | S+590 bp |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $4.9M | $4.9M 101c | S+640 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 3.18% I••••••• R••• 6.82% M••••••• | $4.3M | $4.2M 98c | SOFR+318 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• | $1.6M | $1.6M 98c | S+318 bp |
| P•••• C•••••• S•••••••• B•• C•••• | term loan first lien T••• L••• | D••• Investments | F•••• L••• S••••• S•••••• | S••• + 3.175% | 6.819% | 04/13/ | $1.8M | $1.8M 101c | SOFR+318 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 | 16 | $232M | $231M | 98c | 0 |
| Mar 31, 2026 | 16 | $248M | $233M | 96c | 0 |
| Dec 31, 2025 | 16 | $316M | $311M | 100c | 0 |
| Sep 30, 2025 | 14 | $292M | $286M | 100c | 0 |
| Jun 30, 2025 | 15 | $281M | $271M | 100c | 0 |
| Mar 31, 2025 | 11 | $278M | $266M | 100c | 0 |
| Dec 31, 2024 | 6 | $232M | $211M | 101c | 0 |
| Sep 30, 2024 | 6 | $96.1M | $84.6M | 100c | 0 |
| Jun 30, 2024 | 7 | $118M | $106M | 101c | 0 |
| Mar 31, 2024 | 5 | $77.8M | $70.9M | 101c | 0 |
| Dec 31, 2023 | 5 | $202M | $176M | 101c | 0 |
| Sep 30, 2023 | 4 | $53.7M | $44.7M | 99c | 0 |
| Jun 30, 2023 | 4 | $46.6M | $40.3M | 101c | 0 |
| Mar 31, 2023 | 3 | $46.2M | $36.4M | 100c | 0 |
| Dec 31, 2022 | 4 | $94.0M | $65.0M | 100c | 0 |
What changed
- Maturity approachingJun 23, 2028
- Spread changed (observed)Jun 30, 2026
- New lender joined a facilityJun 30, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- New lender joined a facilitySep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Lender left a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Spread changed (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- New lender joined a facilityMar 31, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- CLYDESDALEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 25 BDCsderived
- Industry
- Containers & Packagingreportedas one filer wrote it