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Ares Capital Corporation (NASDAQ:ARCC) is providing additional details on five of its financing commitments closed during the fourth quarter of 2013, which were included in Ares Capital’s earnings announcement released earlier today. Financing commitments made by Ares Capital totaled more than $1.2 billion in the fourth quarter and approximately $4.0 billion for the full year 2013.
“We had a strong finish to a really productive year, committing more than $1.2 billion to new and existing clients during the fourth quarter," said Kipp deVeer, President of Ares Capital Corporation. “We are thrilled to continue to support the capital needs of high-quality middle market companies and important project finance transactions.”
Below is a description of select transactions closed during the fourth quarter.
Moxie Patriot, LLC. / Panda Power Funds, LP
Ares Capital served as joint lead arranger, joint bookrunner, and documentation agent in a $652.0 million senior secured credit facility to support the construction of Moxie Patriot, an 828 Megawatt natural gas-fired, combined cycle electric power generation facility in Lycoming County, Pennsylvania. The Moxie Patriot project was developed by Moxie Energy. As part of the transaction, Panda Power Funds acquired Patriot and will provide operations and maintenance and asset management services to the project.
Healthport® / ABRY Partners
Ares Capital served as joint lead arranger, joint bookrunner and joint syndication agent for a $280.0 million first lien senior secured credit facility to support the recapitalization of Healthport®, a portfolio company of ABRY Partners. Healthport® is the nation’s largest provider of release of information (ROI) services and audit management and tracking technology.
Ares Capital provided a $100.0 million subordinated debt investment to support the recapitalization of MacLean-Fogg Company and to help position the company to continue its strong growth trajectory. MacLean-Fogg Company is a global manufacturer and supplier for the transportation and power industries worldwide.