CHICAGO--(BUSINESS WIRE)--Antares today announced that it closed more than 250 transactions in 2017, issuing over $21 billion in financing commitments and acting as lead left arranger for approximately $17 billion of 1st lien and 2nd lien credit facilities. Also during the year, Antares closed $3.3 billion in collateralized loan obligations, launched a new unitranche program, brought on several separately managed accounts with more than $3 billion of targeted loan commitments and continued growth in its secondary trading activities.
“We head into 2018 with the momentum gained from a year of accomplishments that will enable us to better serve our sponsors, borrowers and investors,” said David Brackett, managing partner and co-CEO of Antares. “Our ability to meaningfully broaden our product offerings and diversify our funding sources translates directly into greater flexibility, increased certainty and more attractive opportunities for our borrowers and investors alike.”
Diversified Funding Sources
Antares closed its first CLO of $2.1 billion in May 2017. This represented the largest CLO issued in the U.S. since 2006 and the third largest in history. Building on the success of its initial CLO, the firm closed a second CLO of $1.2 billion in December, one of the largest to date in the middle market.
Robust Deal Activity
In a loan market continuing to see aggressive pricing and terms, Antares closed more than 250 deals, issuing more than $21 billion in financing commitments supporting more than 100 unique private equity sponsors.
“The breadth and depth of our relationships with private equity sponsors, along with our unique execution and product capabilities, have enabled us to grow our portfolio to over 430 middle market borrowers,” said John Martin, managing partner and co-CEO of Antares. “During 2017, 70 percent of our financings were related to supporting strategic acquisitions, refinancings and recapitalizations from within our portfolio. As the lead agent in the majority of these transactions, we were pleased to assist our borrowers as they executed meaningful initiatives in support of their growth plans.”
Select 2017 transactions in which Antares served as administrative agent and lead-left arranger include:
- $1 billion+ of 1st and 2nd lien credit facilities to Boyd Corporation (Genstar Capital)
- $545 million of 1st lien credit facilities to Epic Insurance Brokers and Consultants (Oak Hill Capital Partners)
- $515 million in 1st and 2nd lien credit facilities to CIBT (Kohlberg & Company)
- $262.5 million 1st lien credit facility to Petmate (Olympus Partners)
- $255 million 1st lien credit facility to MarketTrack (Vista Equity Partners)
- $148.5 million credit facility to North American Dental Group (ABRY Partners)
Expanded Product Suite
Antares’ unitranche financing solution, ABCS, launched as a joint venture with Bain Capital, brings together Antares’ leadership position and expertise in supporting the financing needs of middle market private equity sponsors and borrowers with Bain’s 20-year track record of investing in middle market private debt. ABCS provides clients with access to first-lien unitranche loans of up to $350 million in a single transaction, greatly expediting and simplifying the borrowing process.
With more than $20 billion of capital under management and administration, Antares Capital is a private debt credit manager and leading provider of financing solutions for middle-market private equity-backed transactions. In 2017, Antares issued over $21 billion in financing commitments to borrowers through its robust suite of products including first lien revolvers, term loans and delayed draw term loans, 2nd lien term loans, unitranche facilities and equity investments. Antares was the lead left arranger for approximately $17 billion of 1st lien and 2nd lien credit facilities during 2017, and the Company’s world-class capital markets experts hold relationships with over 400 banks and institutional investors allowing the firm to structure, distribute and trade syndicated loans on behalf of its customers. Since its founding in 1996, Antares has been recognized by industry organizations as a leading provider of middle market private debt, most recently being named the 2017 Lender of the Year by ACG New York. The company maintains offices in Atlanta, Chicago, Los Angeles, New York, Norwalk, CT and Toronto. Visit Antares at www.antares.com or follow the company on Twitter at www.twitter.com/antarescapital. Antares Capital is a subsidiary of Antares Holdings LP.