Posts Tagged ‘Ivy Hill Asset Management’

Ares May Raise $1 B

March 22, 2010

Chidem Kurdas

Middle-market lending specialist Ares Capital looks ahead to equity and other offerings that could total $1 billion, to take advantage of opportunities as businesses have to refinance large amounts of debt coming due.

Ares, one of the largest business development companies, managed around $8 billion as of the end of 2009, including the debt funds of a portfolio company, Ivy Hill Asset Management. Ares’ manager, Ares Management LLC, runs a total of $33 billion in leveraged loans, private equity investments, mezzanine debt, high-yield-bonds and other investments.

Demand for refinancing leveraged loans is expected to rise in the coming years, peaking from 2011 to 2014, according to a recent report from Sapient. Meanwhile, banks have cut back on their lending and middle-market firms in particular have trouble getting loans. This means lenders like Ares can get attractive yields and terms. (more…)