OREANDA-NEWS.  The Senior Secured Loan Program (SSLP), jointly managed by an affiliate of Ares Capital Corporation and an affiliate of GE Capital, announced today that its total available capital has increased from USD 9 billion to USD 11 billion. In connection with this expansion, GE Capital and an affiliate agreed to make available to the SSLP up to approximately USD 8.7 billion and Ares Capital agreed to make available to the SSLP up to approximately USD 2.3 billion.
During the third quarter of 2013, the SSLP closed eight financing transactions, including refinancings of existing portfolio companies, totaling USD 1.4 billion. Since January 1, 2010, the SSLP has committed approximately USD 11.9 billion to middle market borrowers, including USD 2.8 billion year to date through September 30, 2013.

Below is a brief description of select third quarter SSLP transactions.

Nordco, Inc. / Greenbriar Equity Group LLC

GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a USD 230 million senior secured term loan provided by SSLP to support Greenbriar’s acquisition of Nordco, Inc., an existing portfolio company of the SSLP. Nordco provides an extensive selection of products and services that make it possible for rail-related industries to build, improve, maintain and inspect their track infrastructure and move rolling stock. Through its GE Antares Capital business, GE Capital also provided a USD 20 million senior secured revolving credit facility in support of the transaction.

Excelligence Learning Corporation / Sterling Investment Partners

GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a USD 174 million senior secured term loan provided by the SSLP to support the recapitalization of Excelligence Learning Corporation by Sterling Investment Partners. Excelligence is a leading developer, manufacturer, distributor and retailer of education products which are sold to child care programs, preschools, elementary schools and families. Through its GE Antares Capital subsidiary, GE Capital also provided a USD 30 million senior secured revolving facility in support of the transaction.


Universal Services of America / Partners Group

GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a (i) senior secured term loan and a (ii) senior secured delayed draw term loan provided by SSLP to support the investment in Universal Services of America by Partners Group. Universal Services is a growing security company in the U.S. with over 80 offices nationwide. Through its GE Antares Capital subsidiary, GE Capital also provided a senior secured revolving credit facility in support of the transaction.