ARES CAPITAL CLOSES REVOLVING FACILITY
WITH SUMITOMO MITSUI BANKING
SPECIALT Y FINANCE COMPAN Y ARES CAPI TAL announced that its wholly owned subsidiary, Ares Capital JB
Funding, closed a new eight-year, $200 million revolving funding facility with Sumitomo Mitsui Banking Corp.
(SMBC), an affiliate of Sumitomo Mitsui Financial Group.
The facility has a three-year reinvestment period ending January 20, 2015 and a final maturity of January
20, 2020. The reinvestment period and final maturity are both subject to two one-year extensions by mutual
agreement. The facility will be secured by first lien assets and has a stated interest rate of LIBOR (with no
floor) plus 2.125%.
In addition to this new $200 million facility, Ares Capital has an $810 million revolving credit facility and
its wholly owned subsidiary, Ares Capital CP Funding, has a $500 million revolving funding facility, for total
revolving debt capacity of approximately $1.5 billion, subject to borrowing base and leverage restrictions. n
asset-based revolving
credit facility with a four-bank syndicate led by
JPMorgan Chase Bank.
tranche included $6.25
million in debt financing
from Oxford Finance and
GE Capital, Healthcare
Financial Services.
TAB Bank Provides $3MM
to Sky Business Credit
TAB Bank provided a $3
million facility for Sky
Business Credit, a provider
of A/R funding.
Middle-Market Borrowers
Meet Volatility
Amidst a reduced supply
of loan capital and rising
clearing rates, middle-
market borrowers are
increasingly dealing with
more volatile market
conditions akin to
traditional bond markets,
according to Morgan
Joseph TriArtisan. In
its latest Restructuring
Quarterly Newsletter,
the company said: “In
a post-Lehman world,
loan markets are day
by day becoming less
fueled by committed CLO
capital and more backed
by retail, hedge fund and
other institutional investors
common in the bond world.”
asset size, SNL showed
JPMorgan Chase as the
largest bank in the U.S.
with total assets at the
end of Q3 of $2.27 trillion
compared to #2 ranked
Bank of America with total
assets of $2.22 trillion.
Rounding out the top
five were Citigroup, Wells
Fargo and U.S. Bancorp,
respectively with total
assets of $1.94 trillion,
$1.30 trillion and $330.1
billion. GE Capital Retail
Bank, ranked #43, up
from #49 last year with
total assets and deposits
of $23.1 billion and $16.1
billion, respectively, at the
end of Q3/10.
Main Street Announces
New Portfolio Investment
Main Street Capital
completed a new lower
middle-market portfolio
investment in RMB
and Gault Financial, a
healthcare revenue cycle
management company,
totaling $10.5 million in
invested capital.
Harris Williams Advises
IBP on Recap, Refinancing
Harris Williams &
Co. advised Installed
Building Products
(IBP), a provider of
insulation, shelving
units and related
products, in a series
of recapitalization and
refinancing transactions.
Geoffrey Frankel, head
of Harris Williams &
Co.’s Restructuring
Advisory practice, led
the assignment.
GE Capital Retail Bank
Ranked 43rd Largest in U.S.
In its recent rankings of
the largest U.S. banks by
JPMorgan Chase Leads
$85MM ABL for Vitran
Canada’s Vitran Corp., a
transportation and supply
chain firm, closed a new,
three-year $85 million
Radius Closes Tranche
With GE HFS, Oxford
Drug therapy developer
Radius Health closed
the second of its three-tranche $91 million
financing round. The
$27.65 million second
NX T Capital Increases
Debt Capacity to $1.1B
NXT Capital increased
its total debt financing
capacity to $1.1 billion
and expanded its senior
secured revolving credit
facility from $450 million
to $650 million. It is
SET TING
THE PACE
