This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Ares Capital Corporation to Partner with GE Capital in Senior Secured Loan Fund LLC 2009-11-04 19:07 ET - News Release
NEW YORK -- (Business Wire)
Ares Capital Corporation (NASDAQ: ARCC) announced last Friday the
closing of its acquisition of Allied Capital’s interests in the Senior
Secured Loan Fund LLC (formerly known as the Unitranche Fund) for $165
million in cash.
The Fund was formed in December 2007, with approximately $3.6 billion of
committed capital to invest in senior secured debt (including unitranche
loans) of middle-market companies through a partnership with GE Capital
Americas. Currently, the Fund holds loans to middle market borrowers
totaling approximately $900 million.
As a result of this transaction, Ares Capital and GE Capital will be
able to make new commitments of up to $270 million in a single
transaction for borrowers across a wide range of industry sectors to
fund new transactions with the remaining $2.7 billion of capital
available. The Fund expects to continue to retain all or a majority of
each loan.
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