Ares Capital expands revolver to $1.29 billion, extends maturity date

By Marisa Wong

Madison, Wis., March 30 – Ares Capital Corp. said it amended and extended its senior secured revolving credit facility with 20 banks, including 19 existing lenders and one new lender.

Total commitments to the facility grew to $1.29 billion from $1.25 billion, and the final maturity of the facility was extended by one year to May 4, 2020, according to a press release.

In addition, the interest rate on the facility was changed from Libor plus 200 basis points to a formula-based calculation resulting in an interest rate of either Libor plus 175 bps or Libor plus 200 bps. As of Monday, the interest rate is Libor plus 175 bps.

In addition to this $1.29 billion credit facility, the company, through wholly owned financing subsidiaries, has two other revolving funding facilities with total commitments of $940 million, bringing total revolving credit capacity to about $2.2 billion with a blended interest rate of Libor plus 192 bps.

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

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