* Says unit sign pacts to manage $1.37 bln middle market loans
* Raises Ares’ capital under management to over $4.4 bln
June 16 (Reuters) - Ares Capital Corp (ARCC.O) said its unit signed two pacts to manage about $1.37 billion of middle market loan assets.
Ivy Hill Asset Management LP would manage about $770 million of middle market loan assets in three collateralized loan obligation (CLO) vehicles managed by Wells Fargo & Co (WFC.N) units, the company said.
Ivy Hill has bought certain equity interests in the three CLOs, and portfolio management would generate fee income and distributions during the life of the vehicles, the company said.
The unit will also manage about $600 million middle market bank loan assets earlier managed by Firstlight Financial Corp, Ares Capital said.
The two deals will increase Ivy Hill’s total committed capital under management to over $2 billion across 210 companies and increase Ares Capital’s total committed capital under management to over $4.4 billion across more than 250 companies, it added.
Shares of the company closed down 44 cents at $7.35 Tuesday on Nasdaq. (Reporting by Supantha Mukherjee in Bangalore; Editing by Jarshad Kakkrakandy)