Ares lifts revolver to $500 million, extends reinvestment period

By Sarah Lizee

Olympia, Wash., Sept. 10 – Ares Capital Corp. amended its revolving credit facility on Tuesday with Sumitomo Mitsui Banking Corp. as agent to increase commitments to $500 million from $400 million, according to an 8-K filing with the Securities and Exchange Commission.

The company has the ability to upsize the facility to $800 million subject to receiving the necessary consents.

The amendment also extended the reinvestment period to Sept. 10, 2022 from Sept. 14, 2019.

Additionally, the amendment adjusted the borrowing threshold on which the applicable interest rates are based. Borrowings will bear interest at Libor plus 175 basis points to 200 bps, depending on average advances outstanding.

Borrowings are subject to the facility’s covenants and the leverage restrictions.

Ares is a New York-based investment company.

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