Ivy Hill, a Wholly Owned Portfolio Company of
Ares Capital Corporation, Invests Primarily in Middle Market Loans
and has $3.6 Billion in AUM
Kevin Braddish Appointed as Chief Executive
Officer and a Director of American Capital Senior Floating,
Ltd.
American Capital Senior Floating, Ltd. (NASDAQ:ACSF) announced
today that the appointment of Ivy Hill Asset Management, L.P., a
wholly owned portfolio company of Ares Capital Corporation
(NASDAQ:ARCC), as ACSF’s new investment manager became effective on
January 3, 2017. In addition, Kevin Braddish, the President of Ivy
Hill, has been appointed as Chief Executive Officer and a Director
of ACSF.
On December 19, 2016, ACSF’s Board of Directors approved both
interim and regular investment management agreements with Ivy Hill,
as permitted under SEC rules, and an administration agreement with
Ares Operations LLC, a subsidiary of Ares Management, L.P.
(NYSE:ARES), subject to the completion of Ares Capital’s
acquisition of American Capital, Ltd. On January 3, 2017, upon
consummation of Ares Capital’s acquisition of American Capital,
Ltd., the interim investment management agreement became effective
and will remain in effect pending stockholder approval of the
regular investment management agreement. The regular investment
management agreement is expected to be submitted to ACSF
stockholders at a special stockholder meeting during the first half
of 2017.
Ivy Hill is an SEC-registered investment adviser with total
assets under management of approximately $3.6 billion across
approximately 20 vehicles as of September 30, 2016, including
collateralized loan obligations (CLOs) and separately managed
accounts. The experienced and dedicated team is focused on
investing in and managing primarily middle market senior secured
loans. Additionally, Ivy Hill leverages the experience, investment
expertise, market knowledge and back office infrastructure of Ares
Management, L.P., a global alternative asset manager with
approximately $100 billion in assets under management as of
September 30, 2016, pro forma for Ares Capital’s acquisition of
American Capital, Ltd.
As an experienced investment executive with more than 30 years
of experience, Mr. Braddish has been the President of Ivy Hill
Asset Management since 2010. Prior to joining Ivy Hill, Mr.
Braddish was a Founder and Chief Investment Officer of Emporia
Capital Management, LLC, an asset management subsidiary of Allied
Capital Corporation that focused on broadly syndicated and middle
market loans. Mr. Braddish was also a Managing Director and Group
Head for Commercial Lending at PB Capital and a Senior Originator
in the Commercial Finance Group of GE Capital. Mr. Braddish began
his career at the Bank of New York, where he focused in a variety
of commercial lending areas.
“We would like to thank the ACSF Board of Directors for its
support and confidence in us,” said Kevin Braddish, President of
Ivy Hill and Chief Executive Officer of ACSF. “We look forward to
managing the company’s investment portfolio in a manner consistent
with its existing investment strategy and in the best interests of
our stockholders.”
About American Capital Senior Floating, Ltd.
American Capital Senior Floating, Ltd. (NASDAQ:ACSF) is a
non-diversified closed-end investment management company that
invests primarily in senior first lien and second lien floating
rate loans to large-market U.S. based companies ("Senior Floating
Rate Loans") and in debt and equity tranches of collateralized loan
obligations collateralized by Senior Floating Rate Loans. The
Company has elected to be treated as a business development company
under the Investment Company Act of 1940, as amended. The Company
is externally managed by Ivy Hill Asset Management, L.P. For
further information, please refer to www.ACSF.com.
About Ivy Hill Asset Management L.P.
Ivy Hill Asset Management, L.P., a wholly owned portfolio
company of Ares Capital Corporation (NASDAQ:ARCC), is an
SEC-registered investment adviser, comprised of an experienced team
of investment professionals focused on investing in and managing
primarily middle market senior secured assets through structured
investment vehicles and managed accounts. As of September 30, 2016,
Ivy Hill had total assets under management of approximately $3.6
billion across approximately 20 vehicles.
Forward-Looking Statements
Statements included herein may constitute “forward-looking
statements,” which relate to future events or our future
performance or financial condition. These statements are not
guarantees of future performance, condition or results and involve
a number of risks and uncertainties. Actual results and conditions
may differ materially from those in the forward-looking statements
as a result of a number of factors, including those described from
time to time in our filings with the Securities and Exchange
Commission (“SEC”). American Capital Senior Floating, Ltd.
undertakes no duty to update any forward-looking statements made
herein.
Additional Information and Where to Find It
ACSF plans to file with the SEC and mail to its stockholders a
proxy statement on Schedule 14A (the “Proxy Statement”) soliciting
stockholder approval of the regular investment management
agreement. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE
PROXY STATEMENT, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS THERETO,
CAREFULLY AND IN THEIR ENTIRETY WHEN IT BECOMES AVAILABLE BECAUSE
IT WILL CONTAIN IMPORTANT INFORMATION. Investors and security
holders will be able to obtain the Proxy Statement and other
documents filed with the SEC by ACSF, free of charge, from the
SEC’s web site at www.sec.gov and from ACSF’s web site at
www.acsf.com. Investors and security
holders may also obtain free copies of the Proxy Statement and
other documents filed with the SEC from ACSF by contacting ACSF’s
Investor Relations Department at 888-818-5298.
Participants in the Solicitation
ACSF and its directors, executive officers, other members of its
management and employees may be deemed to be participants in the
solicitation of proxies. Information regarding ACSF’s directors and
executive officers is available in its definitive proxy statement
for its 2016 annual meeting of stockholders filed with the SEC on
November 7, 2016. To the extent holdings of securities by such
directors or executive officers have changed since the amounts
printed in ACSF’s 2016 proxy statement, such changes have been or
will be reflected on Statements of Change in Ownership on Form 4
filed by such directors or executive offices, as the case may be,
with the SEC. More detailed information regarding the identity of
potential participants, and their direct or indirect interests, by
security holdings or otherwise, will be set forth in the Proxy
Statement when it becomes available. These documents may be
obtained free of charge from the sources indicated above.
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version on businesswire.com: http://www.businesswire.com/news/home/20170104005365/en/
Media Relations:Mendel CommunicationsBill Mendel,
212-397-1030bill@mendelcommunications.comorInvestor
Relations:Ares Capital CorporationJana Markowicz,
888-818-5298markowicz@aresmgmt.comorCarl Drake,
888-818-5298cdrake@aresmgmt.comorVeronica Mendiola,
212-808-1150vmendiola@aresmgmt.com
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