Exclusive Financial Advisor
PacWest Bancorp
Debt Capital Markets
Has Sold Assets To
Transaction Details
• PacWest Bancorp ("PacWest") has entered into a purchase agreement to sell a portfolio of Lender Finance loans with an approximate aggregate commitment amount of $3.5 billion, including aggregate principal balance currently outstanding of $2.2 billion, to Ares Management Corporation.
• The first tranche closed on June 22, 2023, and loans with an aggregate commitment amount of $3.4 billion, including an aggregate principal balance of $2.1 billion, were sold, resulting in proceeds of $2.0 billion.
• The sale of the remainder of the portfolio is subject to customary closing conditions, including PacWest receiving certain required consents.
• Stephens served as exclusive financial advisor to PacWest in the transaction.
About the company
About PacWest Bancorp
Headquartered in Los Angeles, California, PacWest Bancorp (NASDAQ: PACW) is a relationship-based community focused on providing business banking and treasury management services to small, middle market, and venture-backed businesses. The Bank offers a broad range of loan and lease and deposit products and services through full-service branches throughout California and in Durham, North Carolina and Denver, Colorado, and loan production offices around the country.
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2023, Ares Management Corporation's global platform had approximately $360 billion of assets under management, with over 2,600 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
About Alternative Credit
Ares Alternative Credit pursues an asset-focused investing strategy, targeting investments in large, diversified portfolios of assets that generate contractual cash flows. Ares Alternative Credit invests across the capital structure and seeks opportunities in specialty finance, lender finance, loan portfolios, equipment leasing, structured products, net lease, cash flow streams (royalties, licensing, management fees), and other asset-focused investments. As of March 31, 2023, Ares Alternative Credit had approximately $24 billion in assets under management, deploying over $10 billion in the last twelve months. Our capital supports over 1,000 investments and allows us to participate in scale and commit up to approximately $1 billion in a single transaction. The team comprises more than 60 investment professionals globally. Aligning Ares' investment activities with its societal impact, Ares and Ares Alternative Credit portfolio managers have committed to donate a portion of the performance fees from Ares Alternative Credit flagship funds to support global health and education charities.
Source: Company Filings and Press Release
-
This material has been prepared solely for informative purposes as of its stated date and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. Information included in the material was obtained from sources which we consider reliable, but we have not independently verified such information and do not guarantee that it is accurate or complete. No subsequent publication or distribution of this material shall mean or imply that any such information or opinion remains current at any time after the stated date of the material. We do not undertake to advise you of any changes in any such information or opinion. Additional information is available upon request.
“Stephens” (the company brand name) is a leading family-owned independent financial services firm. Stephens’ US operations are headquartered in Little Rock, AR, with strategic locations in the US and a European presence in the UK and Germany. Stephens Inc. is a Member of the New York Stock Exchange and the Securities Investor Protection Corporation and is regulated by the United States Securities and Exchange Commission and the Financial Industry Regulatory Authority. Stephens Europe Limited (Registered office: 12 Arthur Street, London, EC4R 9AB, Registered number 8817024) is authorised and regulated by the Financial Conduct Authority. For more information, visit www.stephens.com. © 2023 Stephens.