Ares Capital lifts facilities to $3.61 billion, extends most to 2025

By Sarah Lizee

Olympia, Wash., March 31 – Ares Capital Corp. increased commitments under its amended and restated credit facilities to $3,605,000,000 from $3.37 billion on Monday, according to an 8-K filing with the Securities and Exchange Commission.

Additionally, lenders of about $3.44 billion of commitments elected to extend the revolving period to March 30, 2024 from March 30, 2023 and extended the stated maturity date to March 30, 2025 from March 30, 2024. Lenders of about $165 million of commitments elected to keep the revolving period expiration date of March 30, 2023 and a stated maturity date of March 30, 2024.

The credit agreement is comprised of a $2.87 billion revolving tranche and a $734 million term loan tranche. There is a $1.8 billion accordion.

The facility was led by J.P. Morgan, Bank of America, SunTrust Robinson Humphrey, BMO Capital Markets, MUFG Bank, Ltd. and Sumitomo Mitsui Banking Corp. and includes a total of 37 bank participants. JPMorgan is the administrative agent.

Pricing and advance rates are unchanged on the facility.

So far in 2020, Ares Capital said it has increased or extended all of its bank-led revolving facilities, now totaling more than $5.9 billion, all with pricing and advance rates unchanged.

Ares is a New York-based investment company.

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