Daily News: February 26, 2013

GE Antares Finances $15B in Senior Loan Transactions in 2012


GE Antares, a unit of GE Capital, said it closed more than 220 senior loan transactions, totaling $15.3 billion in financing, during 2012.

“Helping build and strengthen the middle market is central to our business,” said John Martin, president and CEO of GE Antares Capital. “In 2012, we provided many middle market companies with the financial capital they needed to grow their businesses and prepare for the future. We expect this level of lending to continue into 2013.”

During 2012, GE Antares also closed $2.9 billion in commitments through the Senior Secured Loan Program (SSLP), through which it co-invests with Ares Capital in first lien senior secured loans. Since January 2010, the SSLP has committed approximately $9.1 billion to middle-market borrowers.

“While 2012 saw the effects of events in Europe and the fiscal cliff, investors were still active and there was a normal, steady stream of activity in the market,” continued Martin. “We saw many of our long-term customers remaining active and turning to GE to support their growth.”

In May, GE Antares led a $555 million senior facility for TricorBraun, a portfolio company of CHS Capital. GE has been a lender to TricorBraun, a full-service provider of outsourced rigid packaging solutions in North America, for nearly 15 years. GE Antares has been able to increase deal sizes over this time period to meet the customer’s needs.

GE led a $405 million senior facility for Tank Holdings in July 2012 to support the acquisition of the business by Leonard Green & Partners. GE’s relationship with Tank goes back to the late 1980s. Tank Holdings is a manufacturer of proprietary rotational molded polyethylene and steel storage tanks and containers used in above-ground, below-ground and portable applications.