Ares Capital Corporation Highlights Select Financing Commitments Closed During The Third Quarter
Ares Capital Corporation (NASDAQ: ARCC) is providing additional details
on four of its financing commitments closed during the third quarter of
2013, which were included in this morning’s earnings announcement.
Ares Capital Corporation (NASDAQ: ARCC) is providing additional details on four of its financing commitments closed during the third quarter of 2013, which were included in this morning’s earnings announcement. Financing commitments by Ares Capital in the third quarter totaled $1.1 billion. “We continued to use our competitive advantages in scale and flexibility to originate financings for a broad group of borrowers, including a select group of highly attractive new borrowers,” said Kipp deVeer, President of Ares Capital Corporation. Below is a description of four selected transactions closed during the third quarter. Moxie Liberty, LLC. / Panda Power Funds, LPAres Capital served as joint syndication agent, documentation agent, joint lead arranger and joint bookrunner in a $627 million senior secured credit facility to support the construction of Liberty, an 829-megawatt natural gas-fired, combined cycle electric power generation facility in Bradford Country, Pennsylvania. Liberty was developed by Moxie Energy. As part of the transaction, Panda Power Funds acquired Liberty and will provide operations and maintenance as well as asset management services to the project. Keynote Systems, Inc./ Thoma Bravo, LLCAres Capital served as administrative agent, collateral agent, lead arranger and bookrunner in a $185 million senior secured credit facility in support of the public-to-private acquisition of Keynote Systems, Inc. by Thoma Bravo, LLC. Keynote is the global leader in Internet and mobile cloud testing and monitoring. K2 Pure Solutions / Centre PartnersAres Capital served as administrative agent, collateral agent and lead arranger for a $165 million senior secured credit facility to support the recapitalization of K2 Pure Solutions. K2 Pure Solutions helps provide an answer to eliminating the need to transport chlorine for water purification and disinfection, as well as other industries, by deploying and funding a North American-wide network of state-of-the-art facilities utilizing inherently safe technology. Eberle Design, Inc. / Brazos Private Equity Partners, LLCAres Capital served as administrative agent, revolver agent, collateral agent, lead arranger and sole bookrunner for a $58 million senior secured credit facility to support the acquisition of Eberle Design, Inc. by Brazos Private Equity Partners. EDI is a leading provider of transportation system products in the traffic, access and rail industries. About Ares Capital Corporation Ares Capital is a leading specialty finance company that provides one-stop financing solutions to U.S. middle market companies and private equity sponsors. The Company originates and invests in senior secured loans, mezzanine debt and, to a lesser extent, equity investments through its national direct origination platform. Ares Capital’s investment objective is to generate both current income and capital appreciation through debt and equity investments primarily in private companies. Ares Capital has elected to be regulated as a business development company, and is externally managed by a wholly owned subsidiary of Ares Management LLC. Ares Management is a global alternative asset manager and a SEC-registered investment adviser with approximately $68 billion of committed capital under management as of September 30, 2013. For more information, visit www.arescapitalcorp.com. About Moxie Energy Moxie Energy was formed in 2009 by former AES Corporation executives. Moxie was formed to develop, own, and operate clean energy infrastructure projects, and to provide consulting services to the energy industry. Moxie’s principals each average 26 years of experience in the power industry. Their experience and expertise also provide them with unique knowledge regarding the relationship between federal, state, and local regulatory processes. Their completed projects comprise over 10 gigawatts of generation. For more information, visit www.moxieenergy.com. About Panda Power Funds, LP Panda Power Funds was established in 2007 by former senior management members of Panda Energy International Inc., a Dallas-based independent power developer founded in 1982. Panda seeks to take advantage of the team’s prior experience in long-term capital appreciation through the development, acquisition and active management of power generation assets, with a primary focus on the development of natural gas-fueled power plants. Panda’s investments target areas in the U.S. that are experiencing, or expected to experience, power shortages and environmental challenges. Panda’s recent investments include the Pilesgrove solar project in New Jersey, and the Temple I, Temple II and Sherman gas-fired projects in Texas. For more information, visit www.pandafunds.com. About Keynote Systems, Inc. Keynote® is the global leader in internet and mobile cloud testing and monitoring. The company maintains the world’s largest on-demand performance monitoring and testing infrastructure for Web and mobile sites comprised of over 7,000 measurement computers and mobile devices in over 275 locations around the world that enable companies to continuously improve the online and mobile experience. Keynote currently collects over 700 million mobile and Web performance measurements daily and in 2012 was recognized by Forbes as “One of the Best 100 Companies in America” with under one billion in revenue. Known as ‘The Mobile and Internet Authority™,’ Keynote offers three market-leading product platforms: Keynote Perspective®, Keynote DeviceAnywhere® and Keynote SIGOS®. Keynote’s 4,000 customers represent top Internet and mobile companies and include AT&T, Disney, eBay, E*TRADE, Expedia, Google, Microsoft, Sony Mobile Communications AB, T-Mobile and Vodafone. Keynote Systems is headquartered in San Mateo, California. For more information, visit www.keynote.com. About Thoma Bravo, LLC Thoma Bravo is a leading private equity investment firm building on a 30+ year history of providing equity and strategic support to experienced management teams and growing companies. The firm applies its own industry consolidation investment strategy and process, which seeks to create value by partnering with a company’s management to improve business operations and make strategic acquisitions that will accelerate growth. Thoma Bravo invests across multiple industries, with a particular focus on application and infrastructure software and financial and business services. The firm currently manages a series of private equity funds representing more than $4 billion of equity commitments. For more information, visit www.thomabravo.com. About K2 Pure Solutions, Inc. K2 Pure Solutions manufactures products essential to modern life through environmentally sustainable and inherently safe technology. K2 Pure Solutions helps provide an answer to eliminating the need to transport chlorine for water purification and disinfection by deploying and funding a North America wide network of state-of-the-art facilities utilizing inherently safe technology. K2’s facilities will mitigate the potential environmental, security and operational risks associated with the transport of chlorine for water treatment by producing exceptionally pure bleach, caustic soda and other chlor-alkali products using only salt, water and electricity in the most economically viable manner. K2 Pure Solutions was founded by David Cynamon and Howard Brodie, the founders of KIK Custom Products, North America’s largest contract manufacturer of private label household bleach, personal care and household cleaning products. For more information, visit www.k2pure.com. About Centre Partners Centre Partners, founded in 1986, is a leading private equity firm with a middle market focus that seeks to make acquisitions and equity investments alongside management teams who have or desire to make a meaningful economic stake in the future success of their businesses. Centre Partners has invested over $2 billion in more than 70 transactions, partnering with management teams across a broad spectrum of industries. Centre Partners provides those teams with access to its unique resources, which include an extended network of experienced and proven operating executives. The firm is currently investing through its fifth fund. For more information, visit www.centrepartners.com. About Eberle Design, Inc. Eberle Design, Inc., headquartered in Phoenix, Arizona, is a leading manufacturer of electronic control products for the traffic, access, and rail industries. The Company’s broad array of products – including conflict monitors, inductive loop detectors, power supplies, flashers, load switches, and other critical infrastructure control parts – allows transportation and access control professionals to integrate, automate, and manage intersections, roads, and access points (e.g. gated entry, tolls and parking) easily, efficiently and safely. The Company designs, manufactures and sells under the Eberle and Reno brand names and is recognized as a provider of reliable, high-performance, specialty components. For more information, visit www.editraffic.com. About Brazos Private Equity Partners, LLC Brazos Private Equity Partners is a Dallas-based private equity firm that has managed investment funds with approximately $1.4 billion of equity capital since inception. Brazos focuses on investments in leading middle-market consumer, healthcare, commercial & industrial, and business services companies, and partners with outstanding management teams and/or owners of closely-held businesses to maximize growth and shareholder value. Brazos has been one of the most active middle-market private equity investment firms, having completed in excess of 80 transactions over the past decade. For more information, visit www.brazospartners.com.
Before you invest in business development companies (BDCs) holding loans with real estate or other hard assets and mortgage real estate investment trusts (mREITs), understand these differences between the two instruments.