Updated: Wednesday, 12 Jan 2011, 9:56 AM EST
Published : Wednesday, 12 Jan 2011, 9:56 AM EST
Norwalk, Conn. (AP) - Ares Capital Corp. and a GE Capital affiliate are boosting the available capital of their jointly managed Senior Secured Loan Program to $5.1 billion from $3.6 billion.
SSLP was created in December 2007 with approximately $3.6 billion of available capital to invest in the senior secured debt of middle-market companies.
"The increased size of the SSLP reflects the strong demand for large scale and flexible financing among sponsors and middle-market borrowers in today's marketplace," Kipp deVeer, senior partner at Ares Capital, said in a statement.
GE Capital will provide about $4.125 billion, while Ares Capital will provide $975 million. Other changes to the program allow SSLP to hold loans in a principal amount up to $300 million.
Last year SSLP completed 13 investments totaling about $2 billion.
GE Capital is a part of General Electric Co.