Ares Leads a $2.2 Billion Private Debt Deal for ModMed

Ares Management Corp. led a private credit loan of over $2.2 billion for Modernizing Medicine, which provides electronic medical record systems, to support Clearlake Capital Group’s purchase of a majority stake in the company, according to people with knowledge of the matter.

• The deal consisted of a $1.6 billion first-lien term loan as well as $600 million of preferred equity, said the people, who asked not to be identified discussing private information
• Pricing on the debt package, which also included a revolver and delayed draw facility, was 4.75 percentage points over SOFR, they said
• Blue Owl Capital Inc. ...