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WFCF Agents $450MM to Ares for First Capital Acquisition

May 19, 2015, 07:39 AM
Filed Under: Lender Finance

Wells Fargo Capital Finance announced that its Lender Finance division was administrative agent and lead arranger for a $450 million senior revolver for Ares Commercial Finance LP (“ACF”), a fund managed by the commercial finance platform of Ares Management, L.P.

Ares is a leading global alternative asset manager with approximately $87 billion of assets under management as of March 31, 2015.  ACF recently acquired the asset-based lending portfolio of First Capital Holdings, Inc. (“First Capital”), a leading commercial finance company that provides asset-based loans and factoring to small and middle-market companies.  With this transaction, the Ares Commercial Finance platform, which is part of the firm’s Direct Lending Group, will have approximately $700 million of loan commitments. 

“Last year, we agented the initial credit facility that was used to finance the Ares Commercial Finance platform’s first acquisition, and this increase to the credit facility to finance the First Capital portfolio acquisition is a natural progression of our relationship,” said Andrea Petro, executive vice president and division manager for Lender Finance at Wells Fargo Capital Finance. “The Ares Management team is great to work with and we look forward to continuing to support Ares’ business endeavors.”

Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. 

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