DFX Intelligence
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Borrower
F••• L••
Containers & packaginggroup grade Aon a schedule nowsponsor unattributed
Also written as: LLC - M2S Group Intermediate Holdings, Inc
Principal held
at least $21.5M
sum of BDC pieces, a lower bound
Fair value
$21.4M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jul 18, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2024
latest Jun 30, 2026
Events
3
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 $21.5M | 100c | SOFR+575 bp | Jul 18, 2028 | 2 |
| first lien revolver first lien exited Sep 30, 2025 | unknown | n/a | S+575 bp | Jul 18, 2028 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| K•••• A••••••• B••• I••• | term loan first lien F•••• lien senior secured loan -I••••••• R••• 8.63% - S••••• 5.00% - R•••••••• S•••(S) - M | $18.7M | $18.6M 100c | SOFR+500 bp |
| K•••• A••••••• B••• I••• | term loan first lien F•••• lien senior secured loan - I••••••• R••• 9.39% - S••••• 5.75% - R•••••••• S•••(M) - | $740,000 | $740,000 101c | SOFR+575 bp |
| K•••• D• 2•••• I••• | term loan first lien F•••• lien senior secured loan - I••••••• R••• 9.39% - S••••• 5.75% - R•••••••• S•••(M) - | $124,000 | $124,000 102c | SOFR+575 bp |
| K•••• D• 2•••• I••• | term loan first lien F•••• lien senior secured loan - I••••••• R••• 8.63% - S••••• 5.00% - R•••••••• S•••(S) - | $2.0M | $2.0M 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 | 2 | $21.5M | $21.4M | 100c | 0 |
| Mar 31, 2026 | 2 | $21.5M | $21.5M | 101c | 0 |
| Dec 31, 2025 | 2 | $78.4M | $77.5M | 102c | 0 |
| Sep 30, 2025 | 1 | $20.4M | $20.4M | 101c | 0 |
| Jun 30, 2025 | 1 | $20.4M | $20.4M | 101c | 0 |
| Dec 31, 2024 | 1 | $20.4M | $20.4M | 101c | 0 |
What changed
- Spread changed (observed)Mar 31, 2026
- Maturity shortened (observed)Mar 31, 2026
- Maturity extended (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Facility left every BDC scheduleSep 30, 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
- FCAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Containers & packagingreportedas one filer wrote it