Ares Capital ups revolver due 2016 to $500 million via Wells Fargo

By Susanna Moon

Chicago, Oct. 14 - Ares Capital Corp.'s indirect wholly owned subsidiary Ares Capital CP Funding LLC amended its revolving funding facility with Wells Fargo Bank, NA, raising the amount by $100 million to $500 million, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the loans is Libor plus 275 basis points, and the margin ranges from 225 bps to 375 bps over Libor, based on the company's credit ratings.

The maturity remains unchanged at Jan. 18, 2016, according to the filing.

Ares Capital also has an $810 million revolving credit facility, for total revolving debt capacity of about $1.3 billion, subject to borrowing base and leverage restrictions.

"The increased size of this five-year facility provides us with additional financial flexibility and the opportunity for future growth at a time when the market for investment opportunities has become increasingly attractive," Michael Arougheti, president of Ares Capital, said in a press release.

Ares Capital is a New York-based closed-end, non-diversified management investment company.

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