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Ares Capital upsizes revolver to $930 million, extends term to 2018
By Susanna Moon
Chicago, May 6 - Ares Capital Corp. amended the terms of its senior secured revolving credit facility Thursday, upsizing the amount by $30 million to $930 million and extending the maturity to May 4, 2018.
The company amended the terms of the facility with J.P. Morgan Securities LLC, SunTrust Robinson Humphrey, Inc. and BofA Merrill Lynch the joint bookrunners and lead arrangers, according to an 8-K filing with the Securities and Exchange Commission.
JPMorgan Chase Bank, NA is the administrative agent. SunTrust Bank is the syndication agent. Bank of America, NA is the documentation agent.
The amendment extended the expiration of the revolving period from May 4, 2015 to May 4, 2017, the filing noted.
Pricing was modified to Libor plus 200 basis points.
The facility includes an accordion feature that allows the company to increase the size of the facility to up to $1.4 billion.
The revolver continues to be secured by a material portion of the company's assets and is guaranteed by some subsidiaries.
The covenants require the company to maintain a ratio of total assets (less total liabilities) to total debt of at least 2 times.
Ares Capital is a specialty finance company based in Los Angeles.
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