DFX Intelligence
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Borrower
N•••••• H•••••• C••••••
Containers and Packaginggroup grade Aon a schedule nowsponsor unattributed
Also written as: Drawn; KNPAK Holdings, LP; N•••••• European Holdings Cooperatief U.A; PAKNK Netherlands Treasury B.V; Undrawn
Principal held
at least $207M
sum of BDC pieces, a lower bound
Fair value
$199M
101c on cost, debt pieces
Unfunded
$53.7M
commitments not yet drawn
BDC lenders
9
7 on the latest quarter
Facilities
6
3 equity pieces beside them
Next maturity
Mar 1, 2027
$8.7M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
13
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 $204M | 101c | SOFR+550 bp | Mar 1, 2032 | 9 |
| first lien revolver first lien | at least $1.9M | n/a | SOFR+550 bp | Mar 26, 2031 | 7 |
| first lien delayed draw term loan first lien | at least $946,000 | n/a | SOFR+550 bp | Mar 26, 2031 | 6 |
| second lien term loan second lien exited Dec 31, 2023 | at least $142M | 100c | S+850 bp | Jul 1, 2027 | 2 |
| delayed draw term loan lien unstated exited Mar 31, 2026 | at least $7.4M | n/a | unstated | 2 | |
| revolver lien unstated exited Mar 31, 2026 | at least $1.4M | n/a | unstated | 2 |
Equity pieces beside the debt: equity ($9.1M fair value, 1 BDC), other (n/a fair value, 2 BDCs), preferred equity ($8.4M fair value, 1 BDC)
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 + 5.50% I••••••• R••• 9.25% M•• | $1.9M | $-28,000 | SOFR+550 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 3/26/2031 | n/a | $-28,000 | |
| A•••••• P•••••• C••••• F••• | delayed draw term loan first lien C••••••••• T••• D•••••• D••• T••• L••• C••••••••• E••••••••• D••• 3/29/2027 | n/a | $-14,000 | |
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 5.50% I••••••• R••• 9.25% M• | $7.8M | $7.7M 99c | SOFR+550 bp |
| A•••••• P•••••• C••••• F••• | delayed draw term loan first lien Asset T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 5.50% I••••••• | $946,000 | $-14,000 350c | SOFR+550 bp |
| A••• C•••••• C••• | unstated lien unstated | n/a | n/a | |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 1 | $1.4M | $1.4M 100c | S+550 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $24.8M | $24.8M 100c | S+550 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 3 | $37.3M | $37.3M 105c | S+550 bp |
| A••• C•••••• C••• | equity equity C•••• A units | n/a | $9.1M 134c | |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 2 | $3.3M | $3.3M 100c | S+550 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan 1 | $3.9M | $3.9M 101c | S+550 bp |
| A••• S•••••••• I••••• F••• | unstated lien unstated | n/a | n/a | |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan 3 | $2.1M | $2.1M 99c | S+550 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan 2 | $1.2M | $1.2M 101c | S+550 bp |
| B••• O•• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | n/a | $-87,000 | S+550 bp |
| B••• O•• C•••••• C••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan | n/a | $-18,000 | S+550 bp |
| B••• O•• C•••••• C••• | term loan first lien F•••• lien senior secured loan | N••••••••• | $29.6M | $29.2M 100c | S+550 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $48.6M | $48.0M 100c | S+550 bp |
| B••• O•• C••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | N•••••••••/non-affiliated | n/a | n/a | S+550 bp |
| B••• O•• C••••• I••••• C•••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan | N•••••••••/non-affiliated | n/a | n/a | S+550 bp |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• lien 3 | $2.2M | $2.2M 101c | S+550 bp |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• lien 1 | $18.6M | $18.6M 106c | S+550 bp |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• lien 2 | $8.9M | $8.9M 101c | S+550 bp |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• lien - U•••••• 4 | $2.6M | $0 0c | S+550 bp |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• lien - U•••••• 3 | $1.4M | $0 0c | S+550 bp |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• lien - U•••••• 2 | $7.3M | $0 | S+550 bp |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• lien - U•••••• 1 | $1.3M | $0 | S+550 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien F•••• lien | $1.6M | $1.6M 101c | S+550 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 | 7 | $207M | $190M | 101c | 0 |
| Mar 31, 2026 | 6 | $204M | $180M | 101c | 0 |
| Dec 31, 2025 | 6 | $204M | $185M | 102c | 0 |
| Sep 30, 2025 | 6 | $234M | $215M | 105c | 0 |
| Jun 30, 2025 | 6 | $186M | $159M | 102c | 0 |
| Mar 31, 2025 | 6 | $179M | $153M | 99c | 0 |
| Dec 31, 2024 | 6 | $310M | $229M | 98c | 0 |
| Sep 30, 2024 | 6 | $185M | $145M | 100c | 0 |
| Jun 30, 2024 | 6 | $183M | $144M | 99c | 0 |
| Mar 31, 2024 | 6 | $179M | $141M | 99c | 0 |
| Dec 31, 2023 | 5 | $174M | $181M | 100c | 0 |
| Sep 30, 2023 | 2 | $36.5M | $36.9M | 98c | 0 |
| Jun 30, 2023 | 3 | $176M | $175M | 99c | 0 |
| Mar 31, 2023 | 3 | $177M | $176M | 99c | 0 |
| Dec 31, 2022 | 3 | $192M | $190M | 98c | 0 |
| Sep 30, 2022 | 2 | $150M | $149M | 94c | 0 |
| Dec 31, 2021 | 2 | $208M | $206M | 101c | 0 |
What changed
- Maturity extended (observed)Jun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Facility left every BDC scheduleMar 31, 2026
- Lender left a facilityMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Marked down (one lender)Dec 31, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Maturity extended (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Spread changed (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Spread changed (observed)Mar 31, 2024
- Marked down (one lender)Mar 31, 2024
- Spread increasedMar 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- NELIPAKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 9 BDCsderived
- Industry
- Containers and Packagingreportedas one filer wrote it