Antares closed more than 220 transactions in 2020, issuing nearly $14 billion in financing commitments to middle market, private equity-backed companies. In Q4/20, the firm closed 120 transactions with commitments of $9.3 billion, supporting the refinancing, leveraged buyout and add-on acquisition activity of both new and existing borrowers.
“In a year of unforeseen challenges, we’re very pleased with how our borrowers and PE sponsors delivered,” David Brackett, CEO of Antares, said. “The quality and strength of our portfolio was tested and it performed very well. Weighted average EBITDA is up approximately 6% across the portfolio and defaults were less than 0.5% for the year, illustrating the resilience of the private debt space and the power behind solid credit discipline and PE sponsor support.”
Antares grew its portfolio to more than 485 borrowers in 2020, a 5% increase from 2019.
“Over 70% of our financings in 2020 were in support of our portfolio companies,” Brackett said. “When new market opportunities slowed significantly, we maintained a steady flow of activity as we continued to execute on behalf of our existing borrowers.”
Antares also grew its capital under management and administration to approximately $30.8 billion. Highlights from 2020 include launching and closing an inaugural senior loan fund two times over its initial target, closing Antares’ seventh and eighth CLOs, bringing the company’s total CLO assets under management to approximately $7.6 billion as well as bringing on a separately managed account.
“The private debt asset class has performed well to date during an unprecedented stress test,” Vivek Mathew, head of asset management and funding for Antares, said. “Antares is highly selective and committed to rigorous underwriting and portfolio diversity, which investors value. We made significant progress in diversifying our investor base during a challenging market environment and anticipate continued growth of our asset management platform in 2021.”
Select 2020 transactions in which Antares served as administrative agent and lead left arranger include:
- $1.67 billion first lien credit facility to ProAmpac (Pritzker Private Capital)
- $1.43 billion first lien credit facility to Galway Insurance (Harvest Partners, Oak Hill Capital Partners, The Carlyle Group)
- $300 million unitranche credit facility to St. Croix Hospice (H.I.G. Capital)
- $275 million senior credit facility to Tinuiti (New Mountain Capital)
- $177 million first lien credit facility to Integrated Power Services (Odyssey Investment Partners)
- First lien credit facility to 365 Retail (Providence Equity Partners)
- First lien credit facility to AWP (Kohlberg & Company)
- Unitranche facility to Kele (The Stephens Group)
- First lien credit facility to Solaris Health (Lee Equity Partners)
- First lien credit facility to Vessco (Gryphon Investors)
Antares is a private debt credit manager and provider of financing solutions for middle market private equity-backed transactions.