Tag Archives: Private Credit

Antares Private Credit Fund Launches with More Than $1.4 Billion in Investable Capital

Antares

Antares Launches Flagship Public, Non-Traded Private Credit BDC, Bringing Nearly Three Decades of Institutional Solutions to Private Wealth Investors

CHICAGO – Antares Capital (“Antares Capital”), an alternative credit manager with approximately $80 billion* in capital under management and administration, today announced that Antares Private Credit Fund (“ABDC” or the “Fund”), a public, non-traded business development company (BDC), has launched with more than $1.4 billion in investable capital. New and existing global investors in the Fund include insurance companies, banks, family offices and pension plans, and Antares’ majority owner, Canada Pension Plan Investment Board (CPP Investments).

ABDC seeks to offer investors an opportunity to generate current income and attractive risk-adjusted returns. The Fund invests primarily in senior secured floating rate loans to private-equity owned, U.S. middle-market companies. ABDC is managed by Antares Capital Credit Advisers LLC and will be available through financial advisors across the United States, once all state registrations are complete.

Vivek Mathew, Chief Executive Officer and President of ABDC, said, “High-net-worth investors are seeking better diversification and attractive risk-adjusted returns, and we’re thrilled to expand access to our cycle-tested credit platform. By leveraging our expertise from origination to portfolio management, we aim to deliver tailored solutions that create lasting value for the private wealth community.”

“Expanding access to private credit is a natural evolution of our business strategy,” said Timothy Lyne, Chief Executive Officer of Antares Capital. “For nearly three decades, our leadership in the market and unwavering focus on credit quality and proactive risk management have set our platform apart, and we are excited to bring these strengths to a broader audience.”

Antares Capital’s wealth solutions business has grown significantly in recent months illustrating the firm’s commitment to making its alternative products more accessible to private wealth clients. To learn more about the Fund, and read important disclosures, please visit: www.AntaresBDC.com.

About Antares Capital
Founded in 1996, Antares has been a leader in private credit for nearly three decades. Today with approximately $80 billion* of capital under management and administration as of December 31, 2024, Antares is an experienced and cycle-tested alternative credit manager. With one of the most seasoned teams in the industry, Antares is focused on delivering attractive risk-adjusted returns for investors and creating long term value for all of its partners. The firm maintains offices in Atlanta, Chicago, Los Angeles, New York, Toronto and London.

Visit Antares at www.antares.com or follow the company on LinkedIn at www.linkedin.com/company/antares-capital-lp.

Antares Capital is a subsidiary of Antares Holdings LP, (collectively, “Antares”). Antares Capital London Limited is an appointed representative of Langham Hall Fund Management LLP, an entity which is authorized and regulated by the Financial Conduct Authority of the UK.

*As of December 31, 2024, all figures are estimates and subject to change upon finalization.

Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results 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 filings with the U.S. Securities and Exchange Commission. The Fund undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this letter.

Contacts
For Investors:
investorrelations@antares.com

For Media:
Allison Perkins
475-266-8039
allison.perkins@antares.com

Important Disclosure Information
An investment in Antares Private Credit Fund involves a high degree of risk. You should purchase these securities only if you can afford the complete loss of your investment. Prior to making an investment, you should read the prospectus carefully for a description of the risks associated with an investment in Antares Private Credit Fund. These risks include, but are not limited to, the following:
• We have no prior operating history and there is no assurance that we will achieve our investment objective.
• You should not expect to be able to sell your shares regardless of how we perform.
• You should consider that you may not have access to the money you invest for an extended period of time.
• We do not intend to list our shares on any securities exchange, and we do not expect a secondary market in our shares to develop prior to any listing. Thus, an investment in Antares Private Credit Fund may not be suitable for investors who may need the money they invest in a specified timeframe.
• Because you may be unable to sell your shares, you will be unable to reduce your exposure in any market downturn.
• We intend to implement a share repurchase program, but only a limited number of shares will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions.
• You will bear substantial fees and expenses in connection with your investment. See “Fees and Expenses” in the prospectus.
• An investment in our shares is not suitable for you if you need access to the money you invest. See “Suitability Standards” and “Share Repurchase Program” in the prospectus.
• We cannot guarantee that we will make distributions, and if we do we may fund such distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, or return of capital, and we have no limits on the amounts we may pay from such sources.
• Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by Antares Private Credit Fund’s investment adviser or its affiliates, that may be subject to reimbursement to the investment adviser or its affiliates. The repayment of any amounts owed to the investment adviser or its affiliates will reduce future distributions to which you would otherwise be entitled.
• We expect to use leverage, which will magnify the potential for loss on amounts invested in us and may increase the risk of investing in us. The risks of investment in a highly leveraged fund include volatility and possible distribution restrictions.
• We qualify as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our shares less attractive to investors.
• We intend to invest primarily in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value.
• We intend to invest primarily in the securities of privately-held companies for which very little public information exists. Such companies are also generally more vulnerable to economic downturns and may experience substantial variations in operating results.
• The investment adviser and its affiliates will be subject to certain conflicts of interest with respect to the services provided to Antares Private Credit Fund. These conflicts will arise primarily from the involvement of the investment adviser and its affiliates in other activities that may conflict with Antares Private Credit Fund’s activities. You should be aware that individual conflicts will not necessarily be resolved in favor of Antares Private Credit Fund’s interest.

An investor should consider the investment objectives, risks, and charges and expenses of the fund carefully before investing. A prospectus which contains this and other information about the Fund may be obtained by visiting www.AntaresBDC.com or emailing investorrelations@antares.com. The prospectus should be read carefully before investing.

Quasar Distributors, LLC, is a registered broker-dealer and acts as a managing dealer for the Antares Private Credit Fund.

Back to Media

Categories: News

Tags:

Bain Capital Credit Announces $6 Billion of Financing Investments for 2024

BainCapital

BOSTON – February 13, 2025 – Bain Capital Credit, LP, a leading global credit specialist, today announced that the firm’s Private Credit Group invested $6 billion to support the growth of middle market and private equity-backed companies in 2024.

Bain Capital Credit’s Private Credit Group made 97 investments in 2024, supporting the refinancing, leveraged buyout, and add-on acquisition activity of both new and existing portfolio companies. With over 25 years of middle market private debt experience, the Private Credit Group has invested over $25 billion across 540 portfolio companies since inception.

Additional 2024 highlights include:

  • Closed over $4 billion of new capital for investments
  • Investments across 97 companies, including 63 new platforms
  • New investments spanned senior secured debt, unsecured debt and preferred and common equity, given our flexible capital solutions
  • Served as majority lender on approximately 70% of new commitments, with a weighted average portfolio company EBITDA of $46 million
  • Strong credit performance across our diversified portfolio of more than 200 middle market businesses

“Through our long-standing presence in the core middle market, deep industry expertise, and a highly selective and disciplined approach to credit selection, we remain well-positioned to source and underwrite attractive investment opportunities,” said Michael Ewald, a Partner and Global Head of the Private Credit Group. “As we look further into 2025, we are encouraged by our active investment pipeline across geographies and look forward to continuing to serve as a trusted, long-term partner for middle market companies and private equity sponsors.”

Bain Capital Credit’s dedicated Private Credit Group focuses on providing complete financing solutions to businesses with EBITDA between $10 million and $150 million located in North America, Europe and Asia Pacific. The Private Credit Group, which managed approximately $16 billion of capital as of December 31, 2024, has a dedicated global team that enables Bain Capital Credit to diligence the most complex situations and provide flexible private capital solutions to middle market businesses.

###

About Bain Capital Credit, LP
Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $51 billion in assets under management. Bain Capital Credit invests across the credit spectrum and in credit-related strategies, including leveraged loans, high-yield bonds, structured products, private middle market loans and bespoke capital solutions. Our team of more than 100 investment professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, venture capital, real estate, life sciences, and insurance, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.

 

Categories: News

Tags:

Bain Capital Specialty Finance, Inc. Prices Public Offering of $350 Million 5.950% Senior Notes Due 2030

BainCapital

BOSTON – January 30, 2025 – Bain Capital Specialty Finance, Inc. (NYSE: BCSF or the “Company”) today announced that it has priced an offering of $350 million aggregate principal amount of 5.950% senior notes due 2030 (the “Notes”). The Notes will mature on March 15, 2030 and may be redeemed in whole or in part at the Company’s option at any time at par plus a “make-whole” premium, provided that the Notes may be redeemed at par one month prior to their maturity.

The offering is expected to close on or about February 6, 2025, subject to satisfaction of customary closing conditions.

The Company intends to use the net proceeds of this offering to repay outstanding secured indebtedness under its financing arrangements and for general corporate purposes.

SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC, BNP Paribas Securities Corp., Santander US Capital Markets LLC, J.P. Morgan Securities LLC and MUFG Securities Americas Inc. are acting as joint book-running managers for this offering. BNY Mellon Capital Markets, LLC, Deutsche Bank Securities Inc., Keefe, Bruyette & Woods, Inc., Natixis Securities Americas LLC and U.S. Bancorp Investments, Inc. are acting as co-managers for this offering.

Investors are advised to carefully consider the investment objectives, risks and charges and expenses of BCSF before investing. The pricing term sheet dated January 30, 2025, the preliminary prospectus supplement dated January 30, 2025, and the accompanying prospectus dated July 1, 2022, each of which has been filed with the U.S. Securities and Exchange Commission (the “SEC”), contain this and other information about BCSF and should be read carefully before investing.

The information in the pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. The pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release are not offers to sell any securities of BCSF and are not soliciting an offer to buy such securities in any state or jurisdiction where such offer and sale is not permitted.

An effective shelf registration statement relating to the Notes is on file with the SEC and is effective. The offering may be made only by means of a preliminary prospectus supplement and an accompanying prospectus, copies of which may be obtained from the website of the SEC at www.sec.gov or from SMBC Nikko Securities America, Inc., 277 Park Avenue, 5th Floor, New York, New York 10172 or toll-free at 212-224-5135, Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402 Attn: WFS Customer Service or toll-free at 1-800-645-3751, BNP Paribas Securities Corp., 787 Seventh Avenue, New York, New York 10019 or toll-free at 1-800-854-5674 or Santander US Capital Markets LLC, 437 Madison Avenue, New York, New York 10022 or toll-free at 1-855-403-3636.

About Bain Capital Specialty Finance, Inc.

Bain Capital Specialty Finance, Inc. is an externally managed specialty finance company focused on lending to middle market companies. BCSF is managed by BCSF Advisors, LP, an SEC-registered investment adviser and a subsidiary of Bain Capital Credit, LP. Since commencing investment operations on October 13, 2016, and through September 30, 2024, BCSF has invested approximately $8,132.9 million in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. BCSF’s investment objective is to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, first lien/last out, unitranche and second lien debt, investments in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds. BCSF has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.

Forward-Looking Statements

This letter may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this letter may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results 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 filings with the SEC. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this letter.

Investor Contact:
Katherine Schneider
Tel. (212) 803-9613
investors@baincapitalbdc.com
Media Contact:
Charlyn Lusk
Tel. (646) 502-3549
clusk@stantonprm.com

Categories: News

Tags:

NextDecade Announces $175 Million Senior Secured Loan

Fsn Capital

Proceeds Will be Used to Repay Existing $50 Million Revolving Credit Facility and $12.5 Million Interest Term Loan and for Working Capital and General Corporate Purposes

HOUSTON–(BUSINESS WIRE) –January 6, 2025– NextDecade Corporation (NextDecade or the Company) (NASDAQ: NEXT) announced today that its wholly owned subsidiary, Rio Grande LNG Super Holdings, LLC, has entered into a credit agreement with General Atlantic Credit’s (“GA Credit”) Atlantic Park Fund that provides for a $175 million senior secured loan (the “Senior Loan”).

Proceeds from the Senior Loan were disbursed at closing on December 31, and net proceeds, after fees and related transaction expenses, will be used to repay outstanding borrowings under the Company’s existing $50 million revolving credit facility and $12.5 million interest term loan, and to fund working capital and general corporate purposes, including development expenses for expansion trains 4 and 5 at the Rio Grande LNG Facility.

The Senior Loan matures six years from the closing date. Borrowings under the Senior Loan bear interest at 12.0%, with interest payable quarterly. Interest may be paid in-kind for the first two years after the closing date and then up to 50% paid in-kind thereafter.

On the closing date, NextDecade issued to GA Credit approximately 7.16 million warrants. The warrants are each exercisable for one share of NextDecade common stock at the option of GA Credit, and are exercisable for five years after the closing date. 50% of the warrants are exercisable at $7.15 per share, which represents the 30-day volume weighted average trading price for the 30 trading-day period immediately preceding the closing date, and the remaining 50% of the warrants are exercisable at $9.30 per share.

Santander acted as exclusive financial advisor and Latham & Watkins LLP acted as legal advisor to NextDecade. Akin Gump Strauss Hauer & Feld LLP and Baker Botts L.L.P. acted as legal advisors to GA Credit.

About NextDecade Corporation

NextDecade Corporation is an energy company accelerating the path to a net-zero future. Leading innovation in more sustainable LNG and carbon capture solutions, NextDecade is committed to providing the world access to cleaner energy. Through our subsidiaries Rio Grande LNG and NEXT Carbon Solutions, we are developing a 27 MTPA LNG export facility in South Texas along with one of the largest proposed carbon capture and storage projects in North America. We are also working with third-party customers around the world to deploy our proprietary processes to lower the cost of carbon capture and storage and reduce CO2 emissions at their industrial-scale facilities. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, please visit www.next-decade.com.

About General Atlantic Credit

General Atlantic Credit (“GA Credit”) is the dedicated credit investment platform within General Atlantic, a leading global growth investor. GA Credit leverages a demonstrated track record of strategic credit partnerships across market cycles and capital structures alongside General Atlantic’s more than 40 years of domain expertise and company-building capabilities. GA Credit’s Atlantic Park strategy provides flexible capital to high-quality companies seeking a strategic partner at various stages of the corporate and economic lifecycle. This partnership approach enables Atlantic Park to create customized capital solutions tailored to a company’s specific capital needs. General Atlantic manages approximately $100 billion in assets under management, inclusive of all strategies, as of October 1, 2024, with more than 900 professionals in 20 countries across five regions. For more information on General Atlantic, please visit: www.generalatlantic.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design,” “assume,” “budget,” “guidance,” “forecast,” and “target,” and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on assumptions and analysis made by NextDecade in light of current expectations, perceptions of historical trends, current conditions and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in NextDecade’s periodic reports that are filed with and available from the Securities and Exchange Commission. Additionally, any development of subsequent trains at the Rio Grande LNG Facility or CCS projects remains contingent upon execution of definitive commercial and financing agreements, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.

Contacts

NextDecade

Investors
Megan Light
mlight@next-decade.com
832-981-6583

Media
Susan Richardson
srichardson@next-decade.com
832-413-6400

General Atlantic
Emily Japlon / Sara Widmann
media@generalatlantic.comRe

Categories: News

Tags:

Optio Investment Partners, Kennedy Lewis Investment Management And KKR Announce Multi-Year Financing Agreement

KKR

Stockholm and London, 23 January, 2024 – Optio Investment Partners (“Optio”), an innovative credit platform, Kennedy Lewis Investment Management (“Kennedy Lewis”), a leading alternative credit manager, and KKR, a leading global investment firm, today announced a multi-year, multi-jurisdiction agreement. Under this agreement, Kennedy Lewis and KKR will provide asset-based funding to support the Optio Auto Evolution strategy, driving next generation auto financing. To ensure growth, in 2021, Optio entered into a partnership with Volvo Car Corporation (“Volvo Cars”).

The agreement commenced in December 2023 with an initial commitment of up to USD 750 million to fund the Optio Auto Evolution leasing and subscription strategy for retail and business customers across the UK. The agreement also extends funding to other jurisdictions across Europe, with an ambition for substantial growth in financed volumes over the next four years.

This relationship will support Optio and their partners’ ambition of a scalable multibillion USD solution for their subscription business across Europe. A proprietary tech platform has been built and integrated over the past years to support this. The growth of Optio’s Auto Evolution strategy will provide more consumers with access to flexible and competitive car subscription solutions, as well as a diversified product range with an increasing number of electric vehicles.

Björn Lagerstam, Co-founder, at Optio, said: “We at Optio are delighted to work with Kennedy Lewis and KKR for our inaugural strategy, Optio Auto Evolution. Optio was established to change the status quo in terms of financing real assets, and Auto being one of the largest asset backed markets, it was an obvious starting point. Since signing our first asset partner agreement in 2021, we have spent time establishing a robust investment and tech platform which enables scale as well as an attractive offering, both for investors, manufacturers, and asset owners. This new multi-year, multi-jurisdiction agreement is a great next step for scaling the Optio Auto Evolution strategy and subsequent Optio strategies.”

David K. Chene, Co-Founder and Co-Managing Partner at Kennedy Lewis, commented: “We are thrilled to provide this tailored asset-based financing solution to Optio in order to accelerate their growth. This investment demonstrates our structuring creativity and partnership-first mindset, and we look forward to supporting Optio and Volvo Cars’ rollout across the European market. This is an exciting opportunity for Kennedy Lewis to invest behind an innovative platform for the benefit of our investors.”

Vaibhav Piplapure, Managing Director in KKR’s Credit team, added: “This transaction creates a significant opportunity to help Optio scale its unique proposition, while accelerating growth for Volvo Cars. Automotive finance continues to be a core theme for KKR’s asset-based finance strategy, with auto companies increasingly looking for innovative solutions to help maintain stable cash flows and free up their balance sheet for product development, primarily in electrification. We look forward to building on this relationship with Optio in the years ahead.”

KKR will fund the transaction through credit funds, vehicles and accounts managed or advised by it under its Asset-Based Finance strategy.

Akin Gump Strauss Hauer & Feld LLP acted as legal advisor to Kennedy Lewis and KKR, and Ashurst LLP acted as legal advisor to Optio.

—           Ends      —

About Optio
Optio is an originator and private credit platform established in 2021 currently present in Sweden, UK and Luxembourg. Its expertise is to provide Asset Backed solutions and support asset partners using its scalable investment and tech platform. Optio acts on opportunities where current financing possibilities are inefficient and aims to partner with sustainable businesses, where they enable asset partners to accelerate their green transition journeys through capital management. Optio’s first strategy “Auto Evolution” is purchasing subscription cars with a focus to accelerate electrification and the direct-to-consumer business of the auto industry. The Auto Evolution strategy has been live since June 2023. (https://www.optioinvest.com/)

About Kennedy Lewis
Kennedy Lewis is an alternative credit manager founded in 2017 by David K. Chene and Darren L. Richman with approximately $14 billion under management across private funds, a business development company, and collateralized loan obligations. The firm seeks to deliver attractive risk adjusted returns for clients by investing across the credit markets through its opportunistic credit, homebuilder finance, core lending and broadly syndicated loan strategies. For more information, please visit Kennedy Lewis’ website at www.klimllc.com.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Media Contacts

Optio Investment Partners
Tina Söderlund-Boley, tina@optioinvest.com
Phone +44 7872 484913
Head of Sales, Marketing and Investor Relations

Kennedy Lewis
Prosek Partners
Josh Clarkson
jclarkson@prosek.com
+1 212 279 3115

KKR
FGS Global
Alastair Elwen / Sophia Johnston
KKR-Lon@FGSGlobal.com
Tel: +44 (0) 20 7251 3801

 

DOWNLOAD PDF

Categories: News

Tags: