The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.

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Borrower

A••••• H•••••• L••

Paper & Plastic Packaging Products & Materialsgroup grade Aon a schedule nowsponsor K•••• • C••••••• L••• inferred
Also written as: A••••• Acquisition Sub, LLC; A••••• US Bidco, Inc; LLC 2025; LLC Initial Refinancing; LLC Paper &; Novvia Group; ThermoSafe
Principal held
at least $479M
sum of BDC pieces, a lower bound
Fair value
$464M
100c on cost, debt pieces
Unfunded
$114M
commitments not yet drawn
BDC lenders
8
6 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Jan 1, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
17
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $454M100cSOFR+525 bpNov 1, 20327
first lien delayed draw term loan first lienat least $13.0M100cSOFR+450 bpNov 1, 20327
first lien revolver first lienat least $11.5M99cSOFR+525 bpNov 1, 20327
other lien unstatedunknownn/aunstated3
Lenders
every BDC piece at the latest quarter end
BDCInstrumentPrincipalFair valueRate
B••• O•• C•••••• C•••delayed draw term loan first lien
First lien senior secured delayed draw term loan | Non-Affiliated
$2.1M$2.0M
100c
S+450 bp
B••• O•• C•••••• C•••revolver first lien
First lien senior secured revolving loan
n/a$0
B••• O•• C•••••• C•••revolver first lien
First lien senior secured revolving loan | Non-Affiliated
$2.0M$1.9M
99c
S+525 bp
B••• O•• C•••••• C•••term loan first lien
First lien senior secured loan | Non-Affiliated
$103M$102M
100c
S+525 bp
B••• O•• C•••••• C•••delayed draw term loan first lien
First lien senior secured delayed draw term loan
n/a$0
B••• O•• C•••••• C•••term loan first lien
First lien senior secured loan | Non-Affiliated
$34.6M$34.5M
100c
S+452 bp
B••• O•• C•••••• C•••revolver first lien
First lien senior secured multi-currency revolving loan
n/a$0
B••• O•• C•••••• C••• I•revolver first lien
First lien senior secured revolving loan | Non-Affiliated
n/an/a
B••• O•• C•••••• C••• I•revolver first lien
First lien senior secured revolving loan | Non Affiliated
$16,000$16,000
100c
S+525 bp
B••• O•• C•••••• C••• I•term loan first lien
First lien senior secured loan | Non Affiliated
$825,000$819,000
99c
S+525 bp
B••• O•• C••••• I••••• C••••revolver first lien
First lien senior secured multi-currency revolving loan | Non-controlled/non-affiliated
n/an/a
B••• O•• C••••• I••••• C••••revolver first lien
First lien senior secured revolving loan | Non-Affiliated Issuer
$3.3M$3.2M
99c
S+525 bp
B••• O•• C••••• I••••• C••••delayed draw term loan first lien
First lien senior secured delayed draw term loan | Non-controlled/non-affiliated
n/an/a
B••• O•• C••••• I••••• C••••term loan first lien
First lien senior secured loan | Non-Affiliated Issuer
$171M$170M
100c
S+525 bp
B••• O•• C••••• I••••• C••••revolver first lien
First lien senior secured multi-currency revolving loan | Non-Affiliated Issuer
$4.9M$4.8M
100c
S+450 bp
B••• O•• C••••• I••••• C••••term loan first lien
First lien senior secured loan | Non-Affiliated Issuer
$81.8M$81.4M
100c
S+452 bp
B••• O•• C••••• I••••• C••••revolver first lien
First lien senior secured revolving loan | Non-controlled/non-affiliated
n/an/a
F••••••• B•• C•••••• C•••term loan first lien
Senior Secured First Lien Debt
n/an/a
F••••••• B•• C•••••• C•••term loan first lien$5.2M$5.2M
101c
S+525 bp
F••••••• B•• C•••••• C•••term loan first lien$984,000$984,000
103c
S+525 bp
F••••••• B•• C•••••• C•••term loan first lien$45.7M$45.7M
101c
S+525 bp
S•••••••• P•••••• C••••• F••• L••term loan first lien
Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 1/31/2032
$3.2M$3.2M
100c
SOFR+525 bp
S•••••••• P•••••• C••••• F••• L••revolver first lien
Revolving Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 1/31/2031
$69,000$66,000
99c
SOFR+525 bp
S•••••••• P•••••• C••••• F••• L••delayed draw term loan first lien
Delayed Draw Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 1/31/2032
$368,000$365,000
100c
SOFR+525 bp
T•• T••• B•••• C•••••• I••••• F•••unstated lien unstatedn/an/a
T•• T••• B•••• C•••••• I••••• F•••delayed draw term loan first lien
First lien senior secured delayed draw term loan
$10.6M$-78,000
100c
S+575 bp
T•• T••• B•••• C•••••• I••••• F•••term loan first lien
First lien senior secured term loan
$7.7M$7.6M
100c
S+575 bp
T•• T••• B•••• C•••••• I••••• F•••revolver first lien
First lien senior secured revolving loan
$1.2M$-18,000
100c
S+575 bp
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20266$479M$464M100c0
Mar 31, 20265$443M$440M100c0
Dec 31, 20256$448M$447M100c0
Sep 30, 20255$326M$326M101c0
Jun 30, 20255$333M$331M100c0
Mar 31, 20255$334M$331M100c0
Dec 31, 20245$287M$287M101c0
Sep 30, 20246$113M$113M101c0
Jun 30, 20246$97.3M$97.0M101c0
Mar 31, 20246$97.6M$96.8M101c0
Dec 31, 20234$29.1M$28.3M99c0
Sep 30, 20231$61.6M$60.7M100c0
Jun 30, 20231$61.3M$60.4M100c0
Mar 31, 20231$61.4M$60.5M100c0
Dec 31, 20225$63.1M$62.2M100c0
Dec 31, 20211$59.0M$58.1M100c0
What changed
Every change including routine ones
Identity
Group key
ARCTICderivedthe codename stem after legal suffixes and deal words
Spellings
3 across 8 BDCsderived
Industry
Paper & Plastic Packaging Products & Materialsreportedas one filer wrote it