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Ares Capital restates revolver to extend revolving period, maturity
By Marisa Wong
Morgantown, W.Va., April 20 – Ares Capital Corp. amended and restated its senior secured revolving credit facility on Monday, according to an 8-K filing with the Securities and Exchange Commission.
The company amended the facility to, among other things, extend the expiration of the revolving period for lenders electing to extend their commitments in an amount equal to $1,195,000,000 to May 4, 2020 from May 4, 2019.
The maturity date for lenders electing to extend their commitments in an amount equal to $1,195,000,000 was extended to May 4, 2021 from May 4, 2020.
The restated facility permits lenders choosing not to extend their commitments in an amount equal to $70 million to remain subject to the existing revolving period and stated maturity for their non-extending commitments.
In addition, the amendment modifies the facility’s debt and lien provisions to expand the types of additional debt that may be secured by the company’s assets on a pari passu basis with the revolver and increase the amount of additional debt permitted to be incurred.
The size of the restated facility is $1,265,000,000. The revolver includes an accordion feature that allows the company to increase the size of the facility by an amount up to $632.5 million.
The facility continues to be secured by a material portion of the company’s assets and guaranteed by some subsidiaries.
Under the facility, the company is required to comply with covenants related to, among other things, maintaining a ratio of total assets to total indebtedness of not less than 2.0 to 1.0.
In addition to the asset coverage ratio, borrowings will continue to be subject to compliance with a borrowing base.
Borrowings will also continue to be subject to leverage restrictions.
JPMorgan Chase Bank is the administrative agent.
Ares Capital is a specialty finance company based in New York.
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