Ares Capital restates secured revolver, lifts size to $1.17 billion

By Marisa Wong

Madison, Wis., April 1 - Ares Capital Corp. amended and restated its senior secured revolving credit facility on March 31 to increase the size of the facility to $1.17 billion from $1.06 billion, according to an 8-K filing with the Securities and Exchange Commission.

Ares Capital also increased the size of the letter-of-credit sub-facility to $200 million from $125 million.

In addition, the amendment extends the expiration of the revolving period to May 4, 2018 from May 4, 2017 and extends the stated maturity date to May 4, 2019 from May 4, 2018.

The borrowing rate under the revolver is still Libor plus an applicable spread of 200 basis points.

The facility continues to be secured by a material portion of the company's assets.

The revolver includes an accordion that allows Ares Capital to increase the size of the facility to a maximum of roughly $1.76 billion.

The facility is still subject to a borrowing base calculated based on assets in the company's portfolio.

Ares Capital is a specialty finance company based in New York.

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