Ares Capital, Varagon Capital announce joint venture lending program

By Lisa Kerner

Charlotte, N.C., June 17 – Ares Capital Corp. and Varagon Capital Partners established a new joint venture called the Senior Direct Lending Program (SDLP) to make senior secured loans to middle-market companies.

The SDLP will underwrite and hold first-lien loans, including stretch senior and unitranche loans, that are originated by Ares and Varagon, according to a news release.

The SDLP is expected to commit and hold individual loans of up to $300 million, and Ares Capital may also co-invest with the SDLP to accommodate larger transactions.

Ares Capital is a specialty finance company based in New York.

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