Shares of Ares Capital Corporation (NASDAQ:ARCC) closed at $16.16 with 1.77 million shares getting traded. Post opening the session at $16.15, the shares hit an intraday low of $16.03 and an intraday high of $16.20 and the price vacillated in this range throughout the day. The company has a market cap of $5.07 billion and the numbers of outstanding shares have been calculated to be 313.95 million shares.
On August 4, 2016 is providing additional details on its financing commitments closed during the second quarter of 2016. Financing commitments made by Ares Capital in the second quarter totaled over $530 million across 11 transactions.
“Ares Capital’s size and scale has always been a key competitive advantage as we are able to offer full financing solutions to our clients,” said Kipp deVeer, Chief Executive Officer of Ares Capital. “Our market-leading position continues to provide us with investment opportunities, which we believe translate into attractive risk-adjusted returns for our shareholders.”
Below is a description of seven transactions that closed during the second quarter.
Advanced Dermatology / Harvest Partners
Ares Capital served as joint lead arranger and joint bookrunner for a $320.0 million senior secured credit facility to support Harvest Partners’ acquisition of Advanced Dermatology. Advanced Dermatology & Cosmetic Surgery is a dermatology-focused physician practice management company, with clinics around the United States which provide clinical, cosmetic, and pathology services.
North American Partners in Anesthesia (NAPA) / American Securities
Ares Capital served as administrative agent and lead arranger for a $150.0 million second lien term loan to support American Securities’ acquisition of NAPA. Founded in 1986, NAPA is a leading single-specialty anesthesia and perioperative management company in the United States. NAPA is comprised of highly respected clinical staff, providing thousands of patients with superior and attentive care.
Accruent / Genstar Capital
Ares Capital served as administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Genstar Capital’s acquisition of Accruent. Accruent helps real estate and facilities leaders deliver long-term, world-class operational and financial performance through industry-specific suites that deliver greater customer value.
Shares of Prudential Financial Inc (NYSE:PRU) ended Thursday session in red amid volatile trading. The shares closed down -0.54 points or -0.68% at $78.84 with 2.21 million shares getting traded. Post opening the session at $79.62, the shares hit an intraday low of $77.97 and an intraday high of $79.98 and the price vacillated in this range throughout the day. The company has a market cap of $34.38 billion and the numbers of outstanding shares have been calculated to be 438.74 million shares.
On September 1, 2016 Jennison Associates announced that Jeffrey T. Becker will become chairman and chief executive officer of the company, effective Oct. 3, 2016. Jennison is an investment manager of PGIM, the global investment management businesses of Prudential Financial, Inc. (PRU).
Becker was most recently CEO of Voya Investment Management (formerly ING U.S. Investment Management), the asset management subsidiary of Voya Financial, and a member of Voya Financial’s Executive Committee. In this role, he was responsible for overseeing all aspects of Voya’s asset management business, including institutional, retail, retirement, and affiliate channels.
“We are delighted to welcome Jeff to the firm,” said Jennison President Spiros “Sig” Segalas, one of the company’s founders. “Jeff has a distinct combination of professional attributes that complement our strong existing team and reinforce our focus on investment performance, long-standing client relationships, professional excellence and stability. He embraces our entrepreneurial investment culture and fundamental research-based investment management.”
David Hunt, PGIM’s president and CEO, said, “Jeff’s indisputable success as a CEO in the asset management industry is demonstrated by his solid record of building and growing businesses, and delivering on investment performance for clients. We look forward to continuing to partner with Jennison to deliver the value of active management to our investors, across our multi-manager platform.”