Ares Closes Lending Fund at $3.4B

Ares Management held the final close for its junior capital direct lending fund with $3.4 billion of total commitments, which exceeded the initial fundraising target of $2.5 billion.

Ares Management Names New Senior Executives

Ares Management appointed Michael J Arougheti CEO, Tony Ressler executive chairman, Michael McFerran COO and Ryan Berry chief marketing and strategy officer.

Ares Provides $30MM Refi Facility to Capstone Nutrition

Ares Commercial Finance provided a $30 million secured revolving line of credit to Cornerstone Research & Development, d/b/a Capstone Nutrition. The proceeds were used to refinance the company’s existing debt and support working capital.

Ares, Others Provide $73.8MM to Support Nuverra Bankruptcy Exit

Nuverra Environmental Solutions emerged from bankruptcy protection with more than $70 million in new financing provided by ACF Finco I, an entity managed by Ares Management, Ascribe Capital, and Gates Capital Management.

Ares Management Prices $1.1B CLO

Ares Management completed the pricing of Ares XLIV CLO, a $1.1 billion CLO and the second largest in the firm’s history. Ares XLIV was sponsored by Ares’ Credit Group and is the second largest broadly syndicated CLO in 2017.

Ares Adds Higgins as Credit Group Partner in London

Peter Higgins has joined Ares Management as a partner and portfolio manager in the Ares Credit Group.

Hudson’s Bay Taps EverCore Partners to Review Neiman Marcus Deal

Reuters reported that Canada’s Hudson’s Bay Co has engaged EverCore Partners to review potential options for combining its business with debt-laden U.S. department store operator Neiman Marcus Group.

RBC Capital Markets Supports KeyW Acquisition of Sotera

KeyW signed an agreement to acquire Sotera Defense Solutions in an all-cash transaction valued at approximately $235 million. RBC Capital Markets is providing a senior secured facility to support the acquisition.

Ares Provides New $250MM Facility to Gastar Exploration

Gastar Exploration closed refinancing transactions with funds managed by affiliates of Ares Management. The transactions include a $250 million secured term loan, the issuance of $125 million secured convertible notes and a $50 million purchase of Gastar common stock.

Former Oaktree Credit Head Joins Ares Management

Scott Graves, former head of Credit at Oaktree Capital Management, joined Areas Management as a partner.