Ares Capital Corp. announced that it has acquired a diversified middle-market corporate loan portfolio managed by a banking institution for approximately $319 million . In a release on Dec. 20 , the Company said that the portfolio is primarily comprised of first lien senior loans, and to a lesser extent, second lien loans and small equity co-investments. The portfolio is comprised of 32 investments in 23 portfolio companies in industries that are generally similar to those in Ares Capital's portfolio. "As the banking industry faces increasing regulatory restrictions, we are seeing more opportunities such as this to purchase high-quality, middle-market loan portfolios from financial institutions where we see potential to create value," said Michael Arougheti , Chief Executive Officer of Ares Capital . "We were already familiar with many of the companies represented in this portfolio and, in addition to the financial merits of the transaction, we believe we can develop mutually beneficial long-term relationships with many of these companies and their sponsors." ((Comments on this story may be sent to email@example.com ))
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