CHICAGO--(BUSINESS WIRE)--Antares today announced that it closed more than 300 transactions in 2018, issuing nearly $25 billion in financing commitments including approximately $1.5 billion in new unitranche program commitments, and syndicating approximately $15 billion of credit facilities. Also during the year, Antares closed $2.7 billion in collateralized loan obligations, brought on several new funds and separately managed accounts with approximately $3.7 billion in targeted loan commitments and executed its first unsecured debt placement.
“2018 was a banner year for Antares and the private debt market in general,” said David Brackett, managing partner and co-CEO of Antares. “Our team executed successfully on many levels driving growth for our borrowers, sponsors and investors. Antares’ volume increased 13 percent year-over-year, core assets grew approximately 18 percent and we were very pleased with the performance of our portfolio. We also continued to make great strides in diversifying our balance sheet, therefore expanding our ability to deliver for clients.”
Robust Deal Activity
In an increasingly competitive market, Antares closed more than 300 deals in 2018, issuing nearly $25 billion in financing commitments to borrowers and supporting more than 120 unique private equity sponsors.
“With one of the largest middle market portfolios in the industry, growth early in the year was primarily through opportunistic refinancing activity, followed by a meaningful uptick in M&A transactions,” said John Martin, managing partner and co-CEO of Antares. “As we move into 2019, providing a broad breadth of flexible financing structures and execution options for various market conditions will continue to fuel our success in supporting the growth of our sponsors and borrowers.”
In 2018 Antares was active across all industry sectors while growing its support of technology, software and communications and healthcare borrowers. Select 2018 transactions in which Antares served as administrative agent and lead arranger include:
- $1.4 billion of senior secured credit facilities to Superion, Tritech and Aptean (Bain Capital and Vista Equity Partners)
- $450 million 1st lien credit facility to Numotion (AEA Investors LP)
- $370 million 1st lien credit facility to Service Logic (Warburg Pincus)
- $205 million 1st lien credit facility to US Retirement and Benefit Partners (Kohlberg & Company)
In 2018, sponsors and borrowers utilized the certainty and speed provided by ABCS, a unitranche offering provided by Antares and Bain Capital Credit. ABCS closed on approximately $1.5 billion of new commitments in 2018, bringing total ABCS program commitments to more than $2.5 billion. After closing on nine new platforms in 2018, the ABCS program now consists of 21 borrowers.
ABCS is a joint venture between Antares and Bain Capital Credit, bringing together Antares’ leadership position and expertise in supporting the financing needs of middle market private equity sponsors and borrowers with Bain Capital’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.
Diversified Funding Sources and Asset Management Growth
Antares continued to build on its success as a CLO issuer closing three new CLOs in 2018 totaling $2.7 billion and bringing total CLO assets under management to $6 billion. Antares also brought on several new funds and separately managed accounts with approximately $3.7 billion in targeted loan commitments, and successfully closed its first unsecured debt placement.
With approximately $24 billion of capital under management and administration as of December 31, 2018, Antares is a private debt credit manager and leading provider of financing solutions for middle-market private equity-backed transactions. In 2018, Antares issued over $25 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 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 2018 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., collectively (“Antares”).