GE, Ares increase senior secured loan program capital to $7.7 billion

By Tali David

Minneapolis, Oct. 18 - Ares Capital Corp. and an affiliate of GE Capital announced that they increased the total available capital for their joint senior secured loan program to $7.7 billion from $5.1 billion.

In connection with this expansion, GE Capital and an affiliate agreed to make up to about $6.2 billion available to the program and Ares Capital agreed to make up to about $1.5 billion available.

The program provides one loan to replace traditional senior and mezzanine debt financing, allowing for greater speed and simplicity, according to a news release.

"We are excited about the expansion of the SSLP [senior secured loan program], and the continued strong working relationship that we have with GE Capital," Kipp deVeer, senior partner at Ares Capital, said in the release.

"The increased size of the SSLP reflects the competitive advantages we jointly enjoy in providing one-stop, large scale solutions for middle market sponsors and borrowers, particularly in today's marketplace."

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