White Oak Commercial Finance hired Garrick Tan, Fridolf Hanson and Bill Kearney as senior business development officers to its ABL and lender finance platform. In their roles, Tan, Hanson and Kearney will focus on sourcing transactions with committed capital needs ranging from $15 million to $250 million.
Credit funds managed by Ares Management provided North American alternative finance provider eCapital with financing for the company’s acquisition of Advantedge Commercial Finance, a UK-based, privately-owned invoice financing company.
California Resources Corporation will complete its financial restructuring and emerge from bankruptcy with a $540 million revolving credit facility, $300 million of secured notes and $200 million of second lien term loan from Ares.
Hornbeck Offshore Services emerged from Chapter 11. As part of its plan of reorganization, Hornbeck also closed on its common stock rights offering, which resulted in a $100 million cash infusion of new equity capital led by the special opportunities funds of Ares Management.
Bombardier closed a three-year $1 billion senior secured term loan facility with HPS Investment Partners, acting as administrative agent, collateral agent and the lead lender for a group including HPS Investment Partners, Apollo Capital Management and Ares Management.
Funds managed by Ares Management’s credit group closed approximately $1.7 billion in commitments across 24 transactions during Q2/20 and approximately $4.4 billion in commitments across 64 transactions in the year-to-date period.
SCM Topco, parent of Salt Creek Midstream, closed on a recapitalization with additional investments from both its existing lender groups and funds managed by Ares Management.
California Resources Corporation (CRC) entered into a restructuring support agreement with Ares Management along with holders of approximately 84% of CRC’s 2017 term loans and 51% of CRC’s 2016 term loans.
Ares Management’s subsidiary, Ares Holdings, completed its previously disclosed acquisition of a controlling interest in SSG Capital Holdings and its operating subsidiaries, an Asian alternative asset management firm.
An affiliate of H.I.G. Advantage, an investment affiliate of H.I.G. Capital, completed the acquisition of Supply Source Enterprises. Funds affiliated with Ares Management provided financing for the transaction.