Gastar Exploration entered into a restructuring support agreement with its largest funded-debt creditors. Ares Management agreed to provide $100 million in committed financing to support the restructuring process.
Ares Management closed its fourth European direct lending fund, Ares Capital Europe IV. Within six months of its launch, ACE IV was significantly oversubscribed, closing at a hard cap of €6.5 billion ($7.609 billion) in total commitments.
Fintech company FinFit Ops closed a $35 million senior credit facility with Ares Management. The facility includes the option to increase its capacity to $70 million.
BFS Capital, a small business financing platform, received a $175 million revolving credit line from Ares Management.
During Q4/17, the Ares Management Credit Group closed new financing commitments in its U.S. direct lending strategies that totaled approximately $2.8 billion across 53 transactions.
Ares Management held the final close for its junior capital direct lending fund with $3.4 billion of total commitments, which exceeded the initial fundraising target of $2.5 billion.
Ares Management appointed Michael J Arougheti CEO, Tony Ressler executive chairman, Michael McFerran COO and Ryan Berry chief marketing and strategy officer.
Ares Commercial Finance provided a $30 million secured revolving line of credit to Cornerstone Research & Development, d/b/a Capstone Nutrition. The proceeds were used to refinance the company’s existing debt and support working capital.
Nuverra Environmental Solutions emerged from bankruptcy protection with more than $70 million in new financing provided by ACF Finco I, an entity managed by Ares Management, Ascribe Capital, and Gates Capital Management.
Ares Management completed the pricing of Ares XLIV CLO, a $1.1 billion CLO and the second largest in the firm’s history. Ares XLIV was sponsored by Ares’ Credit Group and is the second largest broadly syndicated CLO in 2017.