Daily News: January 12, 2012

Senior Secured Loan Program Closes Over $1.8 Billion During Q4


The Senior Secured Loan Program (SSLP), jointly managed by Ares Capital Corporation and an affiliate of GE Capital, announced that it completed 12 financing transactions totaling more than $1.8 billion during the fourth quarter. Including refinancing commitments, the SSLP completed approximately $3.9 billion in transactions to middle-market borrowers and private equity sponsors during 2011.

Four of the recent transactions include:

  • Implus Footcare/Trilantic Capital Partners

    GE Capital Markets along with Ares Capital served as joint lead arrangers and joint bookrunners in a $180 million senior secured term loan provided by SSLP to support the acquisition of Implus Footcare by Trilantic Capital Partners. Implus Footcare is a provider in the footwear, outdoor and fitness accessories markets. In addition, GE Capital, through its GE Antares Capital subsidiary, provided a $40 million revolving credit facility in support of the transaction.

  • Driven Brands,/Harvest Partners

    GE Capital Markets along with Ares Capital served as joint lead arrangers and joint bookrunners in a $170 million senior secured term loan provided by SSLP to support the acquisition of Driven Brands by Harvest Partners. Driven Brands is the franchisor in the automotive aftermarket services industry. In addition, GE Capital, through its GE Antares Capital subsidiary, provided a $15 million revolving credit facility in support of the transaction.

  • CIBT Holdings/ABRY Partners

    GE Capital Markets along with Ares Capital served as joint lead arrangers and joint bookrunners in a $158 million senior secured credit facility provided by SSLP to support the acquisition of CIBT Holdings by ABRY Partners. CIBT Holdings is the leading global provider of expedited travel document processing services, including visas, passports and other ancillary travel documents. In addition, GE Capital, through its GE Antares Capital subsidiary, provided a $30 million foreign currency loan and a $10 million revolving credit facility in support of the transaction.

  • Penn Power Group/NGP Energy Technology Partners and Juggernaut Capital Partners

    GE Capital Markets along with Ares Capital served as joint lead arrangers and joint bookrunners in a $66 million senior secured term loan provided by SSLP to support the acquisition of Penn Power Group by NGP Energy Technology Partners, Juggernaut Capital Partners and management from Ares Capital Corporation. Penn Power Group provides technology and services solutions to customers in On-Highway transportation and refrigeration, power generation, renewable energy, oil and gas, mining, construction and industrial markets. In addition, GE Capital, through its GE Antares Capital subsidiary, provided a $15 million revolving credit facility in support of the transaction.

    “SSLP’s ability to provide one loan to replace traditional senior and mezzanine debt financing allows for greater speed and simplicity. SSLP has become an instrumental tool for private equity sponsors and management teams seeking a full scale, flexible capital solution with no syndication requirement,” said Michael Arougheti, president of Ares Capital. “We look forward to continuing to fulfill the needs of the underserved middle market in the coming year.”

    “The expansion of the SSLP in the fourth quarter of last year brought our available capital to $7.7 billion,” said Stuart Aronson, president and CEO of GE Capital’s Sponsor Finance business. “In 2012, this capital allows us to provide smart financing to help our private equity sponsors acquire businesses despite market uncertainty.”