The Senior Secured Loan Program (SSLP), jointly managed by an affiliate of Ares Capital and an affiliate of GE Capital, announced that its total available capital increased from $7.7 billion to $9 billion.

In connection with this expansion, GE Capital and an affiliate agreed to make available to the SSLP up to approximately $7.25 billion and Ares Capital up to approximately $1.75 billion.

“We are excited about this new expansion of the SSLP which reflects the wide acceptance of our product and its significant advantages in today’s competitive marketplace,” commented Kipp deVeer, a senior partner of the Ares Management Private Debt Group.

“The SSLP continues to expand, allowing us to provide a compelling financing solution for private equity firms and management teams,” said Timothy Lyne, senior managing director of GE Antares Capital. “We look forward to using this additional capital to help our customers acquire and grow their businesses in 2013 and beyond.”

Additionally, during the fourth quarter of 2012 alone, SSLP closed eight financing commitments totaling approximately $1.3 billion, including four refinancing transactions of existing portfolio companies. SSLP’s commitments totaled approximately $3.2 billion for the whole year, including loans to ten new portfolio companies and 13 existing portfolio companies. Since January 1, 2010, the SSLP has committed approximately $9.1 billion to middle-market borrowers.

The Senior Secured Loan Program was formed in December 2007 to invest in the senior secured debt of middle-market companies. Its members are comprised of Ares Capital Corporation and GE Global Sponsor Finance.

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

GE Antares Capital, a unit of GE Capital, Sponsor Finance, is a lender to middle-market private equity sponsors.

To read the entire news release, click here.