American Capital Senior Floating Ltd.'s board has approved the appointment of Ivy Hill Asset Management LP as the company's external manager.
Ivy Hill Asset Management is a wholly-owned portfolio company of Ares Capital Corp., and the appointment will take effect as soon as Ares Capital completes its acquisition of American Capital Ltd. The deal is expected to close as early as the first week of January 2017. American Capital Senior Floating is currently managed by American Capital ACSF Management LLC.
American Capital Senior Floating's board has approved interim and regular management agreements with Ivy Hill and an administration agreement with Ares Operations LLC. The company will present the agreements to its shareholders for ratification at a special shareholder meeting during the first half of 2017.