Ares Capital Highlights Financing Commitments Closed During Q2
Ares Capital Corporation announced that it is providing additional details on five of its financing commitments closed during the second quarter of 2012, which were included in its earnings announcement.
“During the second quarter, we continued to execute on our strategy of leveraging our scale, flexible offerings and strong relationships to support the financing needs of middle-market companies,” said Michael Arougheti, president of Ares Capital. “We capitalized on incumbent relationships to provide financing to some of our highest quality portfolio companies and also invested in several new portfolio companies with attractive growth dynamics.”
The five select transactions are:
Ares Capital served as administrative agent in a $151 million senior secured credit facility to support the recapitalization of Midwest Dental, a Friedman Fleischer & Lowe portfolio company. Through this transaction, Ares Capital increased its commitment to Midwest Dental by approximately $37 million. Midwest Dental is a dental practice management company with approximately 100 practices across seven states in the Midwest and Rocky Mountain regions.
Ares Capital committed $108 million to a $526 million senior secured credit facility to support the refinancing of Bushnell, Inc., a portfolio company of MidOcean Partners. Ares Capital’s commitment included financing to support Bushnell’s subsequent acquisition of Primos. Through this transaction, Ares Capital’s aggregate commitment to Bushnell increased to approximately $150 million. Bushnell, Inc. is a designer, distributor and marketer of branded products targeting consumers with active, outdoor lifestyles.
Ares Capital served as administrative agent and sole lead arranger in a $70 million second lien term loan to support the acquisition of PRV Aerospace, LLC by Court Square Capital Partners. Ares Capital also invested $8.5 million in a first lien senior credit facility. PRV Aerospace supplies components, performs subassemblies and assemblies as well as repair and overhaul services to the world’s leading manufacturers of aircraft, aero-structures, aero-equipment and other defense platforms.
Ares Capital invested $45 million in a second lien term loan to support the refinancing of Press Ganey Associates, Inc., a portfolio company of Vestar Capital Partners, which represents an increase of approximately $32 million from Ares Capital’s previous investment. Press Ganey is a provider of patient-centric quality and performance improvement information and solutions to healthcare providers.
Ares Capital served as administrative agent and sole lead arranger in a senior secured credit facility to support the recapitalization of Cast & Crew Entertainment Services, LLC by ABRY Partners, LLC. Cast & Crew is a provider of payroll services to the entertainment industry.
Ares Capital is a specialty finance company that provides one-stop financing solutions to U.S. middle-market companies and private equity sponsors.