Ares leads large £1.9bn unitranche financing for Ardonagh

The $149 billion Ares Management Corporation served as the lead arranger for one of the largest ever unitranche financing transactions ever, totaling £1.9 billion ($2.4 billion) and structured for independent insurance broker The Ardonagh Group. The deal was done through Ares’ global direct lending platform. The financing is comprised of a £1.575 billion unitranche loan and a £300 million committed capital expenditures facility. The combined £1.875 billion commitment represents the largest ever unitranche financing, according to Ares. The financing will be part of the company’s global refinancing to support its business expansion plans, officials said. In addition to Ares, other significant lenders include Caisse de dépôt et placement du Québec (“CDPQ”), HPS Investment Partners and KKR. Ardonagh is majority owned by HPS Investment Partners and Madison Dearborn Partners. “We believe this is the largest ever unitranche financing transaction globally, which is a testament to the quality of The Ardonagh Group, our long-standing relationships with HPS Investment Partners and Madison Dearborn Partners and the advantages created by our global and scaled platform,” said Blair Jacobson, partner and co-head of European credit and Mark Affolter, partner and co-head of U.S. direct lending. “We believe there is a significant need in the current market to serve as a partner to companies in need of scaled financial solutions and are excited to support Ardonagh in realizing its growth ambitions.” According to CDPQ, the transaction is a major one for the lending group in Europe. “Over the years, Ardonagh has developed an attractive business model by bringing together specialized insurance brokerages that are leaders in their respective niches, and we’re pleased to offer them a financial solution that meets their needs,” said Luis Mayans, partner and deputy head of private debt at the CDPQ.

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