Ares Capital has increased its revolving credit facility from about $2.1 billion to about $3.4 billion. JP Morgan, Bank of America Merrill Lynch, SunTrust Robinson Humphrey, BMO Capital Markets, MUFG Bank, Ltd and Sumitomo Mitsui Banking Corporation led the facility whose maturity has been extended to March 2024.
NEW YORK–(BUSINESS WIRE)–Ares Capital Corporation (“Ares Capital”) (NASDAQ:ARCC) announced today that it has increased its Revolving Credit Facility (the “Facility”) from approximately $2.1 billion to approximately $3.4 billion and extended the final maturity date by one year, to March 30, 2024. The Facility was led by JP Morgan, Bank of America Merrill Lynch, SunTrust Robinson Humphrey, BMO Capital Markets, MUFG Bank, Ltd. and Sumitomo Mitsui Banking Corporation and includes a total of 34 bank participants, nine of which are new lenders to the Facility. Pricing and advance rates under the Facility remain unchanged.
“We are very pleased with the significant increase in commitments under this facility, which we believe demonstrates the confidence of our lenders in Ares Capital,” said Penni Roll, Chief Financial Officer of Ares Capital. “We appreciate the support of our bank group, especially our lead banks, as we continue to expand our available sources of financing.”
ABOUT ARES CAPITAL CORPORATION
Ares Capital is a leading specialty finance company that provides one-stop debt and equity financing solutions to U.S. middle market companies and power generation projects. Ares Capital originates and invests in senior secured loans, mezzanine debt and, to a lesser extent, equity investments through its national direct origination platform. Ares Capital’s investment objective is to generate both current income and capital appreciation through debt and equity investments primarily in private companies. Ares Capital has elected to be regulated as a business development company (“BDC”) and is the largest BDC by both market capitalization and total assets. Ares Capital is externally managed by a subsidiary of Ares Management Corporation (NYSE: ARES), a publicly traded, leading global alternative asset manager. For more information about Ares Capital Corporation, visit www.arescapitalcorp.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein.