Daily News: February 3, 2012

SSLP Provides Financing for Greenbriar’s PetroChoice Acquisition


The Senior Secured Loan Program (SSLP), jointly managed by Ares Capital Corporation and an affiliate of GE Capital, announced the closing of a $130 million senior secured term loan to support the acquisition of PetroChoice by Greenbriar Equity Group LLC. PetroChoice, headquartered in Riddlesburg, PA, is a distributor of consumable commercial, industrial and passenger vehicle lubricants in the Mid-Atlantic and Upper Midwest regions of the United States.

GE Capital Markets and Ares Capital served as joint arrangers and joint bookrunners in the senior secured term loan provided by the SSLP. In addition, GE Capital, through its GE Antares Capital subsidiary, provided a $15 million senior secured revolving credit facility in support of the transaction.

“The Senior Secured Loan Program provided us with an efficient, timely and reliable financing solution,” said Jill Raker, managing director at Greenbriar. “This client-focused source of capital allowed us to move quickly to closing.”

“We’re thrilled to work with Greenbriar and PetroChoice on this transaction,” said Doug Cannaliato, managing director at GE Antares Capital. “As a market leader, PetroChoice has generated substantial growth over the past few years and is well positioned to continue growing with Greenbriar as a sponsor.”

“This has been another exciting opportunity for us to support Greenbriar, one of our valued sponsor relationships,” said Eric Beckman, senior partner in the Private Debt Group of Ares Management LLC. “We look forward to supporting the PetroChoice management team with the company’s ongoing expansion.”

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

Ares Capital is a specialty finance company that provides one-stop financing solutions to U.S. middle market companies and private equity sponsors.

Greenbriar Equity Group focuses on the global transportation industry and transportation related manufacturing, including companies in freight and passenger transport, aerospace and defense, automotive, logistics and distribution, and related sectors.