Ares Capital gets commitment for $200 million revolver from Wachovia

By Sara Rosenberg

New York, May 11 - Ares Capital Corp. received a commitment for a new $200 million three-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Wachovia Bank is the lead bank on the deal.

Pricing on the revolver is expected to be Libor plus 400 basis points and the commitment fee is expected to range from 50 bps to 250 bps.

In addition, the company amended its CP funding facility with Wachovia to convert it from a revolver to an amortizing facility, extend the maturity to May 7, 2012 from July 21, 2009, and reduce availability to $225 million from $350 million.

Also, pricing on the CP facility was increased to Libor plus 350 bps from Libor plus 250 bps.

The amendment was completed on May 7.

Ares is a New York-based business development company.

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