Barclays, Ares to provide financing for U.K, mid-market leveraged loans

By Wendy Van Sickle

Columbus, Ohio, Dec. 21 – Barclays Corporate Banking and Ares Management, LP formed a non-exclusive bank and asset manager partnership that offers financing solutions including senior and uni-tranche term debt, revolving credit facilities and capex facilities to financial sponsor-owned U.K. mid-market companies, according to a press release.

To underpin the partnership, the release states, “funds managed by Ares will purchase a portfolio of performing U.K. middle-market financial sponsor-backed term loans with a book value of around £500 million from Barclays Corporate Banking as part of the overall agreement.”

Barclays will continue to provide debt and wider banking services to these clients.

“This partnership enhances our ability to meet the credit needs of our clients, which continue to expand in a changing market and regulatory environment,” Michael Dennis, partner in the Ares Direct Lending Group, said in the release.

London-based Barclays is an international financial services provider engaged in personal, corporate and investment banking, credit cards and wealth management.

Ares Management is an alternative asset management firm is based in Los Angeles.

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