NEW YORK--(BUSINESS WIRE)--
Ares Capital Corporation (NASDAQ:ARCC) is providing additional details
on five of its financing commitments closed during the fourth quarter of
2013, which were included in Ares Capital’s earnings announcement
released earlier today. Financing commitments made by Ares Capital
totaled more than $1.2 billion in the fourth quarter and approximately
$4.0 billion for the full year 2013.
“We had a strong finish to a really productive year, committing more
than $1.2 billion to new and existing clients during the fourth
quarter," said Kipp deVeer, President of Ares Capital Corporation. “We
are thrilled to continue to support the capital needs of high-quality
middle market companies and important project finance transactions.”
Below is a description of select transactions closed during the fourth
Moxie Patriot, LLC. / Panda Power Funds, LP
Ares Capital served as joint lead arranger, joint bookrunner, and
documentation agent in a $652.0 million senior secured credit facility
to support the construction of Moxie Patriot, an 828 Megawatt natural
gas-fired, combined cycle electric power generation facility in Lycoming
County, Pennsylvania. The Moxie Patriot project was developed by Moxie
Energy. As part of the transaction, Panda Power Funds acquired Patriot
and will provide operations and maintenance and asset management
services to the project.
Healthport® / ABRY Partners
Ares Capital served as joint lead arranger, joint bookrunner and joint
syndication agent for a $280.0 million first lien senior secured credit
facility to support the recapitalization of Healthport®, a portfolio
company of ABRY Partners. Healthport® is the nation’s largest provider
of release of information (ROI) services and audit management and
Ares Capital provided a $100.0 million subordinated debt investment to
support the recapitalization of MacLean-Fogg Company and to help
position the company to continue its strong growth trajectory.
MacLean-Fogg Company is a global manufacturer and supplier for the
transportation and power industries worldwide.
Garden Fresh Restaurant Corp. / Sun Capital Partners, Inc.
Ares Capital served as documentation agent for a $97.5 million senior
secured credit facility to support the recapitalization of Garden Fresh
Restaurant Corp., an existing portfolio company of Sun Capital. Garden
Fresh owns and operates salad, soup and bakery restaurants that offer
individualized, wholesome dining experiences that appeal to a broad
range of customers.
ADF Restaurant Group
Ares Capital served as administrative agent and lead arranger in a $70.5
million senior secured credit facility in support of the
recapitalization of ADF Restaurant Group. ADF and affiliates is the
largest franchisee of Pizza Hut Restaurants in the Northeast and the
second largest Pizza Hut franchisee in the United States
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 $74 billion of assets under management as of December 31,
2013. For more information, visit www.arescapitalcorp.
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, the Temple I, Temple II and
Sherman gas-fired projects in Texas, and the Liberty gas-fired project
in Pennsylvania. For more information, visit www.pandafunds.com.
HealthPort is the authority on the compliant exchange of protected
health information through release of information and audit management
technology. With affordable, quality health information solutions,
HealthPort serves more than 10,000 healthcare facilities, over 44,000
physicians, and millions of requesters nationwide. HealthPort’s
proactive, service, compliance and technology driven approach
streamlines the administrative and business processes of the healthcare
About ABRY Partners
Founded in 1989, ABRY is one of the most experienced and successful
healthcare services, media, communications, and business information
services sector-focused private equity investment firms in North
America. ABRY has completed over $42 billion of transactions,
representing investments in more than 450 properties. The firm is
currently managing over $3.5 billion of total capital and investing out
of a $1.6 billion private equity fund, $950 million senior
equity/mezzanine fund and a $1.2 billion senior debt fund.
About MacLean-Fogg Company
Founded in 1925, MacLean-Fogg Company is a group of global enterprises
which partner with key customers to engineer, manufacture and distribute
products for the transportation and power industries worldwide.
MacLean-Fogg operates 32 global manufacturing facilities and has a
worldwide workforce of more than 3,000 people. The company is a
privately held enterprise headquartered in Mundelein, IL. For more
information, visit www.macleanfogg.com.
About Garden Fresh Restaurant Corp.
Headquartered in San Diego, CA, Garden Fresh Restaurant Corp. operates
128 restaurants in 15 states under two brand names: Souplantation (only
in Southern CA) and Sweet Tomatoes. The restaurants provide a
one-of-a-kind dining experience where guests have the freedom to create
their own fresh and wholesome meal from an abundant salad bar paired
with a selection of eight craveable soups, hot pastas, fresh from the
oven baked goods and delectable desserts. Passionately serving families,
friends and their communities for more than 35 years, the restaurants
are known for their farm-fresh seasonal ingredients, made-from-scratch
recipes and hospitable service, all at an everyday value. For more
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a pioneer in private equity investing,
uniquely combining the financial skills and resources of a traditional
private equity firm with the insight and expertise of a world class
operating team. The firm focuses on market-leading companies that can
benefit from our in-house professionals, resources, and expertise in
their efforts to materially improve operating performance. Sun Capital
affiliates have invested in more than 330 companies worldwide with
combined sales in excess of $45 billion since our inception in 1995. Sun
Capital has offices in Boca Raton, Los Angeles and New York, and
affiliates in London, Frankfurt, Paris, Luxembourg, Shanghai and
Shenzhen. For more information, visit www.SunCapPart.com.
About ADF Restaurant Group and Affiliates
Incorporated in 1998, ADF Companies has grown from operating 20
restaurants to more than 300 today and it continues to grow and acquire
new assets. The strong leadership team has over 100 years of combined
multi-unit restaurant operational and developmental experience. Today,
ADF and affiliates owns and operates several hundred YUM restaurants in
eleven states and District of Columbia. For more information, visit www.adfcompanies.com.
Ares Capital Corporation
Carl Drake, 404-814-5204
Source: Ares Capital Corporation