Daily News: November 7, 2014

Ares Capital Closes 30 Transactions at $1.3B in Q3

Ares Capital announced financing commitments made by the company in the third quarter totaled more than $1.3 billion.

“In the third quarter, Ares Capital continued to be an active provider of financing to middle market companies with more than $1.3 billion invested in 30 different transactions across a variety of industries, including healthcare services, energy and aerospace and defense,” said Kipp deVeer, chief executive officer of Ares Capital. “We continue to utilize our distinct competitive advantages in scale and flexibility to originate growth capital and acquisition financings for a diverse group of borrowers.”

Below is a description of six of the transactions that closed during the third quarter.

Data Device Corporation / Behrman Capital

Ares Capital served as the joint lead arranger and joint book runner for a $330 million senior secured first lien credit facility and an $80 million second lien credit facility to support a refinancing of DDC’s existing first and second lien term loans. A Behrman Capital portfolio company, DDC is a supplier of aerospace and defense electronics products with entrenched positions on virtually all key military ground and air platforms in the U.S.

MyHealthDirect / Chrysalis Ventures & Arboretum Ventures

Ares Capital served as agent for a term loan to support general growth initiatives along with a revolving credit facility to MyHealthDirect, an existing portfolio company of Chrysalis Ventures and Arboretum Ventures. Nashville, TN-based MyHealthDirect provides web-based access management solutions to healthcare providers and payers.

North American Partners in Anesthesia / Moelis Capital Parnters

Ares Capital served as joint lead arranger, joint bookrunner, administrative agent and collateral agent for a $30 million incremental term loan to support the acquisition of Total Anesthesia by NAPA, an existing Moelis Capital Partners portfolio company. Founded in 1986, NAPA is the leading single specialty anesthesia and perioperative management company in the United States.

The Dwyer Group / Riverside Company

Ares Capital served as the agent for a $52.7 million senior subordinated loan to support the acquisition of Dwyer group by Riverside Company. Dwyer is one of the world’s largest franchising organizations with seven well-known concepts, 1,324 North American-based franchisees, and 282 franchisees operating through international master licenses.

U.S. Anesthesia Partners / WCAS

Ares Capital served as administrative agent, joint lead arranger, joint bookrunner and collateral agent in a $130 million second lien credit facility to support the recapitalization of U.S. Anesthesia Partners, a portfolio company of WCAS. U.S. Anesthesia is one of the largest pure-play anesthesia providers in the U.S. with dominant market share in the Houston, Dallas, Austin, and Orlando MSAs.

Vista Sand

Ares Capital served as administrative agent for a $75 million term loan to support a refinancing of Visa Sand’s existing debt and provide growth capital.
Vista Sand is a privately-held company that mines, processes and distributes silica sand to the oil and gas industry as well as other industrial end users.

To read the news release, click here.