Antares Capital closed more than 300 transactions in 2018 and issued nearly $25 billion in financing commitments, including approximately $1.5 billion in new unitranche program commitments and approximately $15 billion in syndicated credit facilities.
Additionally, Antares closed $2.7 billion in collateralized loan obligations, brought on several new funds and separately managed accounts with approximately $3.7 billion in targeted loan commitments and executed its first unsecured debt placement.
“2018 was a banner year for Antares and the private debt market in general,” said David Brackett, managing partner and co-CEO of Antares. “Our team executed successfully on many levels driving growth for our borrowers, sponsors and investors. Antares’ volume increased 13 percent year-over-year, core assets grew approximately 18 percent and we were very pleased with the performance of our portfolio. We also continued to make great strides in diversifying our balance sheet, therefore expanding our ability to deliver for clients.”
“With one of the largest middle market portfolios in the industry, growth early in the year was primarily through opportunistic refinancing activity, followed by a meaningful uptick in M&A transactions,” said John Martin, managing partner and co-CEO of Antares. “As we move into 2019, providing a broad breadth of flexible financing structures and execution options for various market conditions will continue to fuel our success in supporting the growth of our sponsors and borrowers.”
Over the last year, Antares was active across all industry sectors. Select 2018 transactions in which Antares served as administrative agent and lead arranger included:
- $1.4 billion of senior secured credit facilities to Superion, Tritech and Aptean (Bain Capital and Vista Equity Partners)
- $450 million 1st lien credit facility to Numotion (AEA Investors LP)
- $370 million 1st lien credit facility to Service Logic (Warburg Pincus)
- $205 million 1st lien credit facility to US Retirement and Benefit Partners (Kohlberg & Company)
Sponsors and borrowers also utilized ABCS, a unitranche offering and joint venture between Antares and Bain Capital Credit. ABCS closed on approximately $1.5 billion of new commitments in 2018, bringing total ABCS program commitments to more than $2.5 billion. After closing on nine new platforms in 2018, the ABCS program now consists of 21 borrowers.