NEW YORK & NORWALK, Conn.--(BUSINESS WIRE)--Headline of release dated March 05, 2015, should read: Senior Secured Loan Program Closes $1.4 Billion in Commitments During the Fourth Quarter of 2014 (instead of Senior Secured Loan Program Closes $1.4 Million in Commitments During the Fourth Quarter of 2014).
The corrected release reads:
SENIOR SECURED LOAN PROGRAM CLOSES $1.4 BILLION IN COMMITMENTS DURING THE FOURTH QUARTER OF 2014
The Senior Secured Loan Program (SSLP), jointly managed by an affiliate of Ares Capital Corporation (“Ares Capital”) and an affiliate of GE Capital, announced that during the fourth quarter of 2014 it closed 12 financing transactions, including refinancings of existing portfolio companies, totaling $1.4 billion. Since January 1, 2010, the SSLP has committed approximately $18.2 billion to middle market borrowers, including $4.0 billion across 31 transactions in the fiscal year ended December 31, 2014.
Below is a description of seven of the transactions that closed during the fourth quarter.
Athletico Physical Therapy / Harvest Partners
GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a $420.0 million senior secured term loan provided by the SSLP and Ares Capital to support the acquisition of Accelerated Rehabilitation Centers by Athletico Physical Therapy, an existing Harvest Partners portfolio company. Accelerated Rehabilitation Centers is a premier provider of outpatient rehabilitation services.
Excelligence Learning Corporation / Brentwood Associates
GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a $180.0 million senior secured term loan provided by the SSLP to support the acquisition of Excelligence Learning Corporation by Brentwood Associates. Excelligence is a leading full-line producer and distributor of high-volume, consumable and non-consumable education products.
Argotec / Wind Point Partners
GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a $93.0 million senior secured term loan provided by the SSLP to support a dividend recapitalization of Argotec, an existing Wind Point Partners portfolio company. Argotec is a supplier of custom engineered, high-performance, polyurethane film and sheet for a wide variety of critical applications.
Flinn Scientific / Windjammer Capital Investors
GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a senior secured term loan provided by the SSLP and Ares Capital to support the acquisition of Flinn Scientific by Windjammer Capital Investors. Flinn Scientific is a leading value-added provider of science products, services and resources serving the primary, secondary and higher education markets.
Mavis Discount Tire / ONCAP
Ares Capital and GE Capital Markets served as joint lead arrangers and joint bookrunners in a senior secured term loan and delayed draw term loan provided by the SSLP to support the acquisition of Mavis Discount Tire by ONCAP Management Partners. Mavis is the largest independent tire retailer in New York State and the sixth largest in the United States.
PetroChoice / Greenbriar Equity Group
GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a senior secured term loan provided by the SSLP to support the acquisitions of LubriCorp, LLC and PetroLiance, LLC by PetroChoice, an existing Greenbriar Equity Group portfolio company. LubriCorp provides a broad range of lubricants and specialty products for the passenger vehicle, commercial and industrial segments. PetroLiance is a leading distributor of petroleum products in Florida, Illinois, North Carolina, Georgia, Ohio and South Carolina.
TriTech Holdings / Insight Venture Partners
GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a senior secured term loan and delayed draw term loan provided by the SSLP to support the acquisition of TriTech Holdings by Insight Venture Partners. TriTech provides products and services to public safety agencies of all sizes and types, with an end-to-end product suite designed to meet the needs of any agency.
About Senior Secured Loan Program
The Senior Secured Loan Program was formed in December 2007 to invest in the senior secured debt of middle-market companies. Its members are comprised of Ares Capital Corporation and GE Global Sponsor Finance LLC. The program is co-managed by GE Commercial Finance Investment Advisory Services LLC and Ares Capital Management LLC and transactions require approval by the individuals appointed by the members of the SSLP. The SSLP has $11 billion of available capital and can hold up to $350 million in a single transaction for borrowers across a wide range of industry sectors. The SSLP benefits borrowers by virtue of greater speed, simplicity and certainty, with proven partners.
About Ares Capital Corporation
Ares Capital is a leading specialty finance company that provides one-stop debt and equity financing solutions to U.S. middle market companies, venture capital backed businesses, oil and gas related businesses and power generation projects. Ares Capital originates and invests in senior secured loans, mezzanine debt and, to a lesser extent, equity investments through its national direct origination platform. Ares Capital’s investment objective is to generate both current income and capital appreciation through debt and equity investments primarily in private companies. Ares Capital has elected to be regulated as a business development company, and is externally managed by a subsidiary of Ares Management, L.P. (“Ares Management”) (NYSE:ARES). Ares Management is a publicly traded, leading global alternative asset manager with approximately $86 billion of assets under management as of December 31, 2014, pro forma for the acquisition of Energy Investors Funds, which closed on January 1, 2015. For more information, visit www.arescapitalcorp.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein.
GE (NYSE:GE) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world. For more information, visit www.ge.com
About GE Capital
GE Capital offers customers around the globe an array of financial products, services and insights to help them grow their businesses. For more information, visit www.gecapital.com or follow company news via Twitter (@GECapital).
About GE Antares Capital
GE Antares is a unit of GE Capital. With offices in Atlanta, Chicago, Los Angeles, Toronto, New York, and San Francisco, GE Antares is a leading middle market lender, offering a “one-stop” source for GE’s lending and other services offered to middle market private equity sponsors. GE Antares was recognized by Private Debt Investor and Private Equity International as 2013 Lender of the Year, North America and Mid-Cap Lender of the Year, North America, respectively. For more information, visit www.geantares.com.