GE and Ares back Corsair-owned NoteMachine

The pair's European joint venture provided a £76.5m unitranche package to the ATM operator.

GE Capital and Ares Management's partnership continues to bear fruit, with its JV providing a £76.5m unitranche facility to Corsair Capital-owned NoteMachine.

The pair's European Senior Secured Loan Programme (ESSLP) JV underwrote the £76.5 million ($125 million; €92 million) facility. NoteMachine is on the largest ATM operators in the UK and Germany.

The proceeds from the financings were used to refinance existing debt and provide capital to fund future bolt-on acquisitions, the firms said in a statement.

The ESSLP joint venture has €1.75 billion with which to provide flexible unitranche packages to European borrowers. To date, it has deployed €600 million of that total.

Dan Matthews, an executive director at GE Capital, said in the statement: “GE Capital has been a lender to NoteMachine for several years and we are delighted to provide a unitranche financing package that has been tailored to support the business’s growth ambitions. As more borrowers become aware of the benefits and flexibility that unitranche financing can offer it is becoming an increasingly popular alternative to traditional senior debt structures in the mid-market.”

“This transaction highlights our ability to work with Management and their advisers to quickly deliver a flexible unitranche solution”, added Ares director Jon Ferguson. “We have a strong pipeline of further opportunities in 2014, and look forward to supporting borrowers such as NoteMachine with significant commitments from the ESSLP.”