Senior Secured Loan Program Closes $2.2 Billion in Commitments in 4Q 2013

The Senior Secured Loan Program (SSLP), jointly managed by an affiliate of Ares Capital Corp. and an affiliate of GE Capital, said that during the fourth quarter it closed 13 financing transactions, including refinancings of existing portfolio companies, totaling $2.2 billion.

In a release, the SSLP said that since January 1, 2010, it has committed approximately $14.2 billion to middle market borrowers, including $5.1 billion during 2013.

As described by the program, below is a brief description of select fourth quarter SSLP transactions.

PODS, Inc. / Arcapita

GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a $350 million senior secured term loan and a $40 million senior secured delayed draw term loan provided by SSLP to support the refinancing of PODS, Inc., a portfolio company of Arcapita. PODS is a leading provider of portable storage and moving solutions specializing in residential markets.

Caliber Collision Centers / OMERS Private Equity

GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a $270 million senior secured term loan provided by the SSLP to support the acquisition of Caliber Collision Centers by OMERS Private Equity. Caliber Collision Centers is the largest independently-owned, multi-site collision repair operator in the U.S. Through its GE Antares Capital subsidiary, GE Capital also provided a $75 million senior secured revolving facility in support of the transaction.

Zywave Insurance Solutions / Aurora Capital Group

GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a $175 million senior secured term loan and a $15 million senior secured delayed draw term loan provided by SSLP to support the acquisition of Zywave Insurance Solutions by Aurora Capital Group. Zywave Insurance Solutions is a leading provider of software and technology-enabled content and analytical solutions on a software-as-a-service basis to insurance brokers in the U.S., Canada and the U.K.

Caplugs / Windjammer Capital Investors

GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a senior secured term loan provided by SSLP to support the acquisition of Tri-Star Protector Service Company by Caplugs, a portfolio company of Windjammer Capital Investors. Caplugs is a premier North American manufacturer of plastic protection products. Through its GE Antares Capital subsidiary, GE Capital also provided a senior secured revolving credit facility in support of the transaction.

Engineered Controls International / Windjammer Capital Investors

GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a senior secured term loan and a senior secured delayed draw term loan provided by SSLP to support the acquisition of Engineered Controls International by Windjammer Capital Investors. ECI is a leading manufacturer of a complete line of regulators, valves and other flow control equipment used by safety control pressurized gases in a variety of residential, commercial and industrial end-market applications. Through its GE Antares Capital subsidiary, GE Capital also provided a senior secured revolving credit facility in support of the transaction.

U.S. Anesthesia Partners / Welsh, Carson, Anderson & Stowe

GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a senior secured credit facility (provided by SSLP, Ares Capital and GE Capital Markets) to support the addition of JLR Medical Group, and Pinnacle Anesthesia Consultants, as founding partners with Greater Houston Anesthesiology in U.S. Anesthesia Partners, bringing together three of the largest anesthesia groups in the country. U.S. Anesthesia Partners, one of the largest pure-play anesthesia providers in the U.S., is a portfolio company of Welsh, Carson, Anderson, & Stowe.

The Senior Secured Loan Program was formed in December 2007 to invest in the senior secured debt of middle-market companies. Its members are comprised of Ares Capital Corp. and GE Global Sponsor Finance.

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