DFX Intelligence
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Borrower
S•••• P•• B•••• L••
Food Productsgroup grade Aon a schedule nowsponsor unattributed
Also written as: S•••• PPC Holdings LLC
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 101¢ · 101¢ · 101¢ · 101¢Q2 2025 to Q2 2026
Where each lender marks it, 3 points apart
98¢101¢
Principal held
at least $158M
sum of BDC pieces, a lower bound
Fair value
$135M
101c on cost, debt pieces
Unfunded
$26.4M
commitments not yet drawn
BDC lenders
6
6 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Oct 2, 2030
no dated debt inside 24 months
On the tape since
Sep 30, 2023
latest Jun 30, 2026
Events
6
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 |
|---|---|---|---|
| H•• C•••••••• L•••••• F••• | $88.8M | 101¢ | -1 pts |
| A••• S•••••••• I••••• F••• | $26M | 101¢ | 0 pts |
| A••• C•••••• C••• | $15.5M | 100¢ | 0 pts |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | $13.7M | 100¢ | 0 pts |
| A•••••• S•••••••• C••••• F••• | $7.02M | 98¢ | 0 pts |
View all 6 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A•••••• P•••••• C••••• F••• | $6.78M | 98¢ | 0 pts |
Every BDC piece · 16 positions across 6 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien N••••••••• I••••• | $58.2M | $58.2M 101c | S+475 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $26.0M | $26.0M 101c | S+475 bp |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien N••••••••• I••••• | $16.2M | $16.2M 101c | S+475 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $15.5M | $15.5M 100c | S+475 bp |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien N••••••••• I••••• | $14.4M | $4.3M 103c | S+475 bp |
View all 16 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• | $6.9M | $6.9M 101c | S+475 bp |
| A•••••• P•••••• C••••• F••• | delayed draw term loan first lien Asset T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 4.75% I••••••• | $6.8M | $2.0M 98c | SOFR+475 bp |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Asset T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 4.75% I••••••• | $6.8M | $2.0M 97c | SOFR+475 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) 1 | $4.3M | $1.3M 100c | S+475 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) 2 | $2.4M | $2.4M 100c | S+475 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.62% M• | $244,000 | $242,000 100c | SOFR+475 bp |
| A•••••• P•••••• C••••• F••• | delayed draw term loan first lien C••••••••• T••• D•••••• D••• T••• L••• C••••••••• E••••••••• D••• 7/10/2026 | Not disclosed | $-48,000 | |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien C••••••••• T••• D•••••• D••• T••• L••• C••••••••• E••••••••• D••• 7/10/2026 | Not disclosed | $-48,000 | |
| A••• S•••••••• I••••• F••• | unstated lien unstated | Not disclosed | Not disclosed | |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien 1st L••• S••••• S•••••• D•••••• D••• L••• | Not disclosed | Not disclosed | |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien D•••••• D••• L••• | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien delayed draw term loan first lien | at least $109M | 101c | SOFR+475 bp | Oct 2, 2031 | 4 |
| first lien term loan first lien | at least $48.7M | 101c | SOFR+475 bp | Oct 2, 2031 | 4 |
| other lien unstated | unknown | n/a | unstated | 4 | |
| delayed draw term loan lien unstated exited Dec 31, 2024 | unknown | n/a | S+525 bp | unstated | 3 |
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 | 6 | $158M | $135M | 101c | 0 |
| Mar 31, 2026 | 6 | $70.3M | $57.4M | 100c | 0 |
| Dec 31, 2025 | 6 | $160M | $137M | 101c | 0 |
| Sep 30, 2025 | 6 | $160M | $137M | 101c | 0 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 6 | $160M | $138M | 101c | 0 |
| Mar 31, 2025 | 6 | $158M | $126M | 102c | 0 |
| Dec 31, 2024 | 6 | $269M | $213M | 103c | 0 |
| Sep 30, 2024 | 4 | $138M | $116M | 102c | 0 |
| Jun 30, 2024 | 5 | $117M | $118M | 102c | 0 |
| Mar 31, 2024 | 5 | $117M | $116M | 101c | 0 |
| Dec 31, 2023 | 4 | $108M | $89.1M | 100c | 0 |
| Sep 30, 2023 | 1 | $0 | $0 | n/a | 0 |
What changed
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
Full timeline · 22 eventsShow fewer
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Lender left a facilityMar 31, 2025
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Sep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New borrower on a BDC scheduleSep 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SUGAR PPCderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 6 BDCsderived
- Industry
- Food Productsreportedas one filer wrote it