The Senior Direct Lending Program (SDLP), a joint venture between Ares Capital Corporation and Varagon Capital Partners, announced that during the second quarter SDLP made over $600 million of commitments to six borrowers.

Including these investments, SDLP has provided over $1.9 billion of financing to 17 borrowers and 18 financial sponsors since its formation in 2015. SDLP has nearly $3 billion of investment capacity, in addition to any investments Ares Capital and Varagon may make alongside SDLP.

SDLP invests in senior secured loans to middle market companies, including stretch senior and unitranche loans, and has a hold size of up to $300 million.

Transactions that closed during the second quarter include:

OnSolve / Veritas Capital

Ares Capital and Varagon served as joint lead arrangers and joint bookrunners for a senior secured credit facility in support of the strategic acquisition of Send Word Now by OnSolve, a Veritas Capital portfolio company. OnSolve is a leading global provider of SaaS-based critical communication solutions for enterprise, SMB, and government customers.

Woodstream / Vestar Capital

Ares Capital and Varagon served as joint lead arrangers and joint bookrunners for a senior secured credit facility to further support the growth of Woodstream. Woodstream is a marketer and manufacturer of branded natural solution products for pest control, wild bird feeding products, caring control products for pets & wildlife, and rodent control products.

Excelligence Learning Corporation / Brentwood Associates

Ares Capital and Varagon served as joint lead arrangers and joint bookrunners for a senior secured credit facility to Excelligence Learning Corporation to refinance existing debt and fund the acquisition of Frog Street Press. Excelligence Learning Corporation is a leading developer, manufacturer, distributor, and multi-channel retailer of over 20,000 innovative, high-quality and grade-appropriate educational products and teaching solutions, which are sold primarily to early childhood learning centers, elementary schools, PTAs, and consumers.

The Credit Group of Ares Management, L.P. and Ares Capital Corporation closed U.S. direct lending commitments totaling more than $3.6 billion across 52 transactions in the second quarter, the company said.