The Senior Secured Loan Program (SSLP), jointly managed by an affiliate
of Ares Capital Corporation and an affiliate of GE Capital, announced
today that it closed seven financing commitments totaling $751 million,
including refinancing transactions, during the first quarter of 2012.
Since January 1, 2010, the SSLP has committed approximately $6.7 billion
to middle market borrowers.
“The SSLP continues to be an attractive option for private equity
sponsors seeking larger and more flexible capital solutions without the
need for a broad syndication,” said Michael Arougheti, President of Ares
Capital.
“In the first quarter of 2012 the SSLP provided seven middle market
companies with efficient and timely financial capital to help them grow
their businesses,” said Stuart Aronson, President and CEO of GE
Capital’s Sponsor Finance business. “The middle market’s growth and
stability are fundamental to the U.S. economy and we look forward to
continuing to serve these companies through the SSLP.”
Below is a brief description of three recent transactions.
Nivel Parts & Manufacturing Company, LLC / Kelso & Company
GE Capital Markets and Ares Capital served as joint lead arrangers and
joint bookrunners in a $150 million senior secured credit facility
provided by the SSLP to support the acquisition of Nivel Parts &
Manufacturing Company, LLC by Kelso & Company. Nivel is a leading
provider of golf car aftermarket parts and accessories. In addition, GE
Capital, through its GE Antares Capital subsidiary, provided a $20
million senior secured revolving credit facility in support of the
transaction.
Pregis Corporation / AEA Investors LP
GE Capital Markets and Ares Capital served as joint lead arrangers and
joint bookrunners in a $142.5 million senior secured term loan led by
the SSLP to support the refinancing of Pregis Corporation by AEA
Investors LP. Pregis Corporation is a leading international
manufacturer, marketer and supplier of protective packaging solutions.
In addition, GE Capital, through its GE Antares Capital subsidiary,
provided a $35 million senior secured revolving credit facility in
support of the transaction.
Innovative Interfaces Inc. / Huntsman Gay Global Capital LLC and JMI
Equity
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 acquisition of Innovative Interfaces Inc. by Huntsman Gay
Global Capital, LLC and JMI Equity. Innovative Interfaces Inc. is a
provider of technology and services to over 4,500 public, private and
academic libraries. In addition, GE Capital, through its GE Antares
Capital subsidiary, provided a senior secured revolving credit facility
in support of the transaction.
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.