Varagon Capital Partners served as joint lead arranger and joint bookrunner on financing to support Freeman Spogli & Company’s acquisition of a majority interest in Five Star Food Service. Ares Capital also provided financing.
Ares Capital reported GAAP new income of $153 million, net investment income of $203 million and net realized and unrealized losses of $50 million for the fourth quarter of 2018.
Pharmaceutical company Teligent entered into a new senior-secured asset-based first lien revolver with ACF Finco I as administrative agent and a definitive second lien credit agreement with Ares Capital as administrative agent.
Ares Capital completed all necessary amendments to its $2.1 billion revolving credit facility led by Bank of America, J.P. Morgan and SunTrust Robinson Humphrey. It also amended its $1 billion revolver led by Wells Fargo.
Antares Capital, Madison Capital and Ares Capital provided debt financing to support MarketCast Group’s acquisition of Turnkey Intelligence, a sports research and advisory firm.
Ares Capital amended its senior secured credit facility, extending the expiration period of the $1.6 billion revolver to March 30, 2022 and increasing the total size of facility by $25 million to $2.1 billion.
Barings was joint lead arranger and administrative agent on first lien senior secured credit facilities to support Genstar Capital’s investment in Professional Datasolutions. Ares Capital was joint lead arranger and administrative agent on the second lien credit facilities.
Ares Capital purchased the remaining loans of the Senior Secured Loan Fund, effectively concluding the joint venture with GE.
Ares Capital provided more than $850 million in new financing commitments during Q1/17.
Reuters reported that regulatory scrutiny hasn’t slowed banks and alternative lenders from underwriting highly leveraged U.S. loans, with one third of buyout loans in Q1/17 having leverage of more than 7.0 times.