Daily News: August 7, 2013

GE, Ares Capital JV Closes $1.1B in Commitments in Q2/13


The Senior Secured Loan Program (SSLP), jointly managed by an affiliate of Ares Capital and an affiliate of GE Capital, announced that it closed seven financing transactions, including the refinancing of existing portfolio companies, totaling $1.1 billion during the second quarter of 2013.

Below is a brief description of select second quarter SSLP transactions:

  • Argon Medical Devices/RoundTable Healthcare Partners
  • GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a $241 million senior secured term loan provided by SSLP to support the acquisition of Angiotech Pharmaceutical’s Interventional Products Business by Argon Medical Devices, a portfolio company of RoundTable Healthcare Partners. Argon is a manufacturer and supplier of specialty single-use medical devices utilized in the interventional medicine, vascular surgery and critical care market segments. Through its GE Antares Capital subsidiary, GE Capital also provided a $15 million senior secured revolving credit facility in support of the transaction.

  • Restaurant Technologies/EQT
  • GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a $204 million senior secured term loan provided by the SSLP to support the recapitalization of Restaurant Technologies (RTI), a portfolio company of EQT Infrastructure I. RTI is a provider of bulk cooking oil management services, primarily to the restaurant and fast food service industries. Through its GE Antares Capital subsidiary, GE Capital also provided a $25 million senior secured revolving facility in support of the transaction.

  • Noranco/MidOcean Partners
  • GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a $137 million senior secured term loan provided by SSLP to support the acquisition of Noranco by MidOcean Partners. Noranco is a supplier of complex machined and sheet metal components, kits and assemblies for the aerospace industry. Through its GE Antares Capital subsidiary, GE Capital also provided a $30 million senior secured revolving credit facility in support of the transaction.

    The Senior Secured Loan Program was formed in December 2007 to invest in the senior secured debt of middle-market companies.