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Senior Secured Loan Program Closes $1.1 Billion In Commitments During The Second Quarter 2013

Stocks in this article: ARCC

The Senior Secured Loan Program (SSLP), jointly managed by an affiliate of Ares Capital Corporation and an affiliate of GE Capital, announced today that it closed seven financing transactions, including refinancings of existing portfolio companies, totaling $1.1 billion during the second quarter of 2013. Since January 1, 2010, the SSLP has committed approximately $10.6 billion to middle market borrowers, including $1.4 billion across 12 transactions year-to-date.

Below is a brief description of select second quarter SSLP transactions.

Argon Medical Devices, Inc. / RoundTable Healthcare Partners

GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a $241 million senior secured term loan provided by SSLP to support the acquisition of Angiotech Pharmaceutical’s Interventional Products Business by Argon Medical Devices, Inc., (“Argon”) a current portfolio company of RoundTable Healthcare Partners (“RoundTable”). Argon is a leading manufacturer and supplier of specialty single-use medical devices utilized in the interventional medicine, vascular surgery and critical care market segments. Through its GE Antares Capital subsidiary, GE Capital also provided a $15 million senior secured revolving credit facility in support of the transaction.

Restaurant Technologies, Inc. / EQT

GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a $204 million senior secured term loan provided by the SSLP to support the recapitalization of Restaurant Technologies, Inc., a portfolio company of EQT Infrastructure I. RTI is a provider of bulk cooking oil management services, primarily to the restaurant and fast food service industries. Through its GE Antares Capital subsidiary, GE Capital also provided a $25 million senior secured revolving facility in support of the transaction.

Noranco, Inc. / MidOcean Partners

GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a $137 million senior secured term loan provided by SSLP to support the acquisition of Noranco, Inc. by MidOcean Partners. Noranco is a supplier of complex machined and sheet metal components, kits and assemblies for the aerospace industry. Through its GE Antares Capital subsidiary, GE Capital also provided a $30 million senior secured revolving credit facility in support of the transaction.

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