DFX Intelligence
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Borrower
R••••• A••••••••• C•••
Food Distributorsgroup grade Bon a schedule nowsponsor unattributed
Also written as: Roland Corporation; Roland Foods
Principal held
at least $8.1M
sum of BDC pieces, a lower bound
Fair value
$8.1M
101c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
3
1 on the latest quarter
Facilities
5
2 equity pieces beside them
Next maturity
Jul 31, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
10
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 $7.6M | 101c | SOFR+500 bp | Jul 31, 2031 | 1 |
| first lien delayed draw term loan first lien | at least $308,000 | 99c | SOFR+500 bp | Jul 31, 2031 | 1 |
| first lien revolver first lien | at least $218,000 | 100c | SOFR+500 bp | Jul 31, 2031 | 1 |
| second lien term loan second lien exited Jun 30, 2024 | at least $52.0M | 100c | S+900 bp | Nov 15, 2024 | 2 |
| unsecured or subordinated subordinated debt unsecured or subordinated exited Jun 30, 2024 | at least $8.2M | 98c | S+1425 bp | Dec 21, 2024 | 1 |
Equity pieces beside the debt: preferred equity ($3.3M fair value, 1 BDC), warrants ($96,000 fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan (First Lien) | NCNA Debt Inv. | First Lien Senior Secured Loan | 07/31/2031 One | $3.3M | $3.3M 100c | SOFR+500 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan (First Lien) | NCNA Debt Inv. | First Lien Senior Secured Loan | $4.0M | $4.0M 101c | SOFR+500 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien Delayed Draw Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 07/31/2031 | $308,000 | $303,000 99c | SOFR+500 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien Revolving Credit | NCNA Debt Inv. | First Lien Senior Secured Loan | 07/31/2031 | $218,000 | $216,000 100c | SOFR+500 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan (First Lien) | NCNA Debt Inv. | First Lien Senior Secured Loan | 07/31/2031 | $319,000 | $319,000 100c | SOFR+500 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 | 1 | $8.1M | $8.1M | 101c | 0 |
| Mar 31, 2026 | 1 | $8.3M | $8.3M | 101c | 0 |
| Dec 31, 2025 | 1 | $16.5M | $16.5M | 101c | 0 |
| Sep 30, 2025 | 1 | $8.2M | $8.1M | 100c | 0 |
| Jun 30, 2025 | 1 | $8.2M | $8.1M | 99c | 0 |
| Mar 31, 2025 | 1 | $8.1M | $8.1M | 100c | 0 |
| Dec 31, 2024 | 1 | $15.9M | $15.6M | 99c | 0 |
| Sep 30, 2024 | 1 | $8.0M | $7.9M | 100c | 0 |
| Jun 30, 2024 | 2 | $60.2M | $60.0M | 100c | 0 |
| Mar 31, 2024 | 2 | $60.2M | $59.9M | 100c | 1 |
| Dec 31, 2023 | 2 | $88.3M | $87.7M | 100c | 2 |
| Sep 30, 2023 | 1 | $27.2M | $26.6M | 99c | 1 |
| Jun 30, 2023 | 2 | $59.2M | $31.8M | 99c | 1 |
| Mar 31, 2023 | 2 | $59.2M | $31.6M | 99c | 1 |
| Dec 31, 2022 | 2 | $59.2M | $58.3M | 99c | 1 |
| Sep 30, 2022 | 1 | $32.0M | $31.4M | 98c | 0 |
| Dec 31, 2021 | 1 | $32.0M | $30.1M | 94c | 0 |
What changed
- Mark recoveredSep 30, 2025
- Spread changed (observed)Dec 31, 2024
- Spread increasedDec 31, 2024
- Facility left every BDC scheduleJun 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- Maturity extended (observed)Dec 31, 2023
- Maturity extended (observed)Sep 30, 2023
- PIK interest increasedSep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- PIK interest increasedSep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- PIK interest appearsMar 31, 2023
- PIK interest appearsMar 31, 2023
- New lender joined a facilityDec 31, 2022
- Maturity extended (observed)Sep 30, 2022
- Maturity extended (observed)Sep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- RECIPEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Food Distributorsreportedas one filer wrote it