Northlane Completes Spinout From American Capital - Quick Facts

(RTTNews) - Northlane Capital Partners, LLC announced it has completed spinout from American Capital, Ltd. in connection with Ares Capital Corp.'s (ARCC) acquisition of American Capital. Northlane is an investment manager currently managing American Capital Equity III, L.P., or ACE III, a $1 billion private equity fund. As part of the spinout, ACE III limited partners purchased American Capital's commitments to ACE III and Northlane assumed the management contract for the fund. ACE III's name will change to Northlane Capital Partners I, L.P.

Separately, Ares Capital announced it plans to make a private offering of $250 million aggregate principal amount of its Convertible Notes due 2022. Ares Capital also plans to grant the initial purchasers an option to purchase up to an additional $37.5 million principal amount of the Convertible Notes. The company expects to use the net proceeds to repay certain outstanding indebtedness under its debt facilities. Ares Capital may reborrow under its debt facilities for general corporate purposes.