Ares Capital reduces pricing on and extends $400 million revolver

By Wendy Van Sickle

Columbus, Ohio, July 1 – Ares Capital Corp. reduced pricing on and extended the maturity of its existing $400 million revolving funding facility with Sumitomo Mitsui Banking Corp., according to a Wednesday press release.

The new interest rate varies with leverage between Libor plus 175 basis points and Libor plus 200 bps, down from a fixed rate of Libor plus 200 bps, according to the release.

The facility’s reinvestment period was extended by one year to Sept. 14, 2017 and its maturity was extended to Sept. 14, 2022.

The company said it also has two other revolving credit facilities with total commitments of $1.8 billion, bringing its total revolving credit capacity to about $2.2 billion.

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

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