Jul. 19, 2011 (Business Wire) -- Senior Secured Loan Program, jointly managed by Ares Capital Corporation and an affiliate of GE Capital, announced today the closing of two financing transactions to new borrowers totaling approximately $415 million during the second quarter of 2011. With these recent transactions, the Senior Secured Loan Program has funded approximately $3 billion to middle-market borrowers and private equity sponsors since January 1, 2010.
Below is a brief description of the two transactions.
MW Industries, Inc. / Genstar Capital LLC
GE Capital Markets and Ares Capital served as joint bookrunners in a $255 million senior secured term loan to support the acquisition of MW Industries, Inc. by Genstar Capital, LLC. MW Industries designs and manufactures precision components for diverse end markets and is the second largest manufacturer of springs and fasteners in North America.
Packers Sanitation Services, Inc. / Harvest Partners
GE Capital Markets and Ares Capital served as joint lead arrangers in a $160 million senior secured term loan to support the acquisition of Packers Sanitation Services, Inc. ("PSSI") by Harvest Partners. PSSI provides cleaning and sanitation services to the food processing industry with a particular expertise in beef, pork and poultry processing facilities.
About Senior Secured Loan Program
Senior Secured Loan Program was formed in December 2007 with approximately $3.6 billion of available capital to invest in the senior secured debt of middle-market companies. The program is co-managed by GE Commercial Finance Investment Advisory Services LLC and Ares Capital Corporation and transactions require approval by both managers. Senior Secured Loan Program now has $5.1 billion of available capital and can hold up to $300 million in a single transaction for borrowers across a wide range of industry sectors. Senior Secured Loan Program benefits borrowers by virtue of greater speed, simplicity and certainty, with proven partners.
About Ares Capital Corporation
Ares Capital (NASDAQ: ARCC) is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. With offices in Atlanta, Chicago, Los Angeles, New York and Washington, D.C., Ares Capital is a specialty finance company that provides integrated debt and equity financing solutions to U.S. middle market companies. Ares Capital invests primarily in first-lien and second-lien loans and mezzanine debt, which in some cases includes an equity component. To a lesser extent, Ares Capital also makes equity investments. Ares Capital is externally managed by Ares Capital Management LLC, an affiliate of Ares Management LLC, a global alternative asset manager and a Securities and Exchange Commission registered investment adviser.