SSLP Closes $887MM in Commitments in Q3/14
The Senior Secured Loan Program (SSLP), jointly managed by an affiliate of Ares Capital and an affiliate of GE Capital, announced that during the third quarter it closed six financing transactions, including refinancings of existing portfolio companies, totaling $887.3 million.
Since January 1, 2010, the SSLP has committed approximately $16.8 billion to middle market borrowers, including $2.5 billion across 19 transactions year-to-date through September 30, 2014.
Below is a description of three of the transactions that closed during the third quarter.
Atlantic City Linen Supply / Alvarez & Marsal Capital Partners
GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a $92.6 million senior secured term loan and a $20 million delayed draw term loan provided by the SSLP to support the merger of Brady Linen Services with AC Linen, a portfolio company of Alvarez & Marsal Capital, and the associated recapitalization of the combined company. Brady Linen Services is a provider of outsourced linen and laundry services to the Las Vegas hotel and gaming industry. Brady and AC Linen combined to form the largest hospitality-focused laundry in the country, processing over one million pounds of laundry per day in 12 facilities across six states along both coasts and the Bahamas. The company has a leading market position in each of its core markets, including Las Vegas, Atlantic City, Boston, Philadelphia and Connecticut.
Caliber Collision / OMERS Private Equity
GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a $330 million senior secured term loan and a $50 million delayed draw term loan provided by the SSLP and Ares Capital to support the refinancing of existing debt and Caliber’s acquisition pipeline. Founded in 1997 and headquartered in Lewisville, Texas, Caliber Collision is one of the largest collision repair companies in the United States, operating primarily in the southwest.
Tectum Holdings / TA Associates
GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a senior secured term loan provided by the SSLP and Ares Capital to support the acquisition of Tectum Holdings by TA Associates. Tectum Holdings is a supplier of branded light duty truck accessories for pick-up truck applications.