Ares Capital Corporation Significantly Expands Middle Market Asset Management Platform.Ares Capital's Ivy Hill Expands Its Committed Capital Under Management to More Than $2 Billion Through Agreement to Manage Assets Previously Managed by Affiliates of Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. & Company and New Firstlight Management Contract NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Ares Capital Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ARCC ARCC Anoka Ramsey Community College ARCC Association for the Rights of Catholics in the Church ARCC Architectural Research Centers Consortium ARCC African Regional Centre for Computing ARCC AIM Research Conference Center ) announced today two transactions that will significantly expand its middle market asset management platform. Ivy Hill Asset Management LP ("Ivy Hill"), an affiliate of Ares Capital, has entered into agreements to manage approximately $770 million of middle market loan assets in three CLO CLO See: Collateralized Loan Obligation. vehicles managed by affiliates of Wells Fargo & Company. Ivy Hill has also acquired certain equity interests in these three CLOs. The management of these portfolios is expected to generate fee income and distributions during the life of the vehicles. Ares Capital also announced today that Ivy Hill has entered into an agreement to manage approximately $600 million of the remaining middle market bank loan assets previously managed by Firstlight Financial Corporation ("Firstlight"), an existing Ares Capital portfolio company that is focused on middle market lending. As part of the arrangement, Ivy Hill will receive a management fee for providing investment advisory and administrative services to Firstlight. Given the scale and middle market expertise of Ares Capital and Ivy Hill, Ivy Hill's management of Firstlight's assets is expected to enable Ares Capital to maximize the return on its existing investment in Firstlight through significant cost savings and more proactive portfolio management. Together, the two deals increase Ivy Hill's total committed capital under management to over $2.0 billion across 210 companies and increase Ares Capital's total committed capital under management (including committed capital managed by Ivy Hill), to over $4.4 billion across more than 250 companies. "These transactions support Ares Capital's strategy of building a leading middle market asset management business," commented Mitchell Goldstein, Partner of Ares Capital Management LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , Ares Capital's investment adviser. "In addition to incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. fee income, we believe these transactions will further strengthen Ares Capital's collective knowledge, experience and investment opportunities within the middle market sector as well as provide attractive returns on the incremental capital invested. We hope to continue to increase the value of this strategically important business segment over time both organically and through additional acquisitions." ABOUT ARES CAPITAL CORPORATION Ares Capital Corporation is a specialty finance company that provides integrated debt and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. solutions to U.S. middle market companies. Ares Capital Corporation invests primarily in first and second lien loans A Second Lien Loan is a simple loan with a subordinated security (finance) structure or no security at all (unsecured debt), meaning that the borrower grants another provider of a finance instrument (eg. and mezzanine mez·za·nine n. 1. A partial story between two main stories of a building. 2. The lowest balcony in a theater or the first few rows of that balcony. debt, which in some cases includes an equity component. To a lesser extent, Ares Capital Corporation also makes equity investments. Ares Capital Corporation is externally managed by Ares Capital Management LLC, an affiliate of Ares Management LLC, an SEC registered investment advisor Registered Investment Advisor (RIA) is a designation obtainable in the United States by an individual who has registered with the U.S. Securities and Exchange Commission or state regulatory agency (where the primary business is situated or multiple States in some cases) in and alternative asset investment management firm with approximately $27.5 billion of committed capital under management as of March 31, 2009. Ares Capital Corporation is a closed-end, non-diversified management investment company that has elected to be regulated as a Business Development Company under the Investment Company Act of 1940. FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Statements included herein may constitute "forward-looking statements," which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results and condition may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Ares Capital Corporation's filings with the Securities and Exchange Commission. Ares Capital Corporation undertakes no duty to update any forward-looking statements made herein. AVAILABLE INFORMATION Ares Capital Corporation's filings with the Securities and Exchange Commission, press releases, earnings releases and other financial information are available on its website at www.arescapitalcorp.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion