Facility Expanded to $580 million Through the Addition of Two New
Lenders
NEW YORK--(BUSINESS WIRE)--
Ares Capital Corporation (NASDAQ: ARCC) announced today that its
indirect, wholly-owned subsidiary, Ares Capital CP Funding LLC, has
increased the size of its revolving funding facility, led by Wells Fargo
Securities, from $500 million to $580 million through the addition of
two new lenders. As part of the transaction, the facility may be
expanded in the future up to $865 million.
In addition to the funding commitment increase, the facility’s
reinvestment period was extended by three months to April 2015, and its
final maturity date was extended from January 2017 to April 2017. The
stated interest rate on the facility will remain at LIBOR plus 2.5% with
no LIBOR floor.
Including this newly expanded facility, Ares Capital has three revolving
facilities (directly or through financing subsidiaries) with total
commitments of $1.7 billion with a blended stated interest rate of LIBOR
plus 2.3%.
“We are pleased to have further expanded our revolving funding facility
through the addition of two new lenders,” said Michael Arougheti,
President of Ares Capital Corporation. “This facility expansion is
illustrative of the success we have had raising attractively priced,
longer duration capital over the past year as we continue to grow our
business. We appreciate the support of our new and existing lenders.”
About Ares Capital Corporation
Ares Capital is a leading specialty finance company that provides
one-stop financing solutions to U.S. middle market companies and private
equity sponsors. The Company 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, and is externally managed by a wholly owned
subsidiary of Ares Management LLC. Ares Management is a global
alternative asset manager and a SEC-registered investment adviser with
approximately $52 billion of committed capital under management as of
April 30, 2012. For more information, visit www.arescapitalcorp.com.
Ares Capital Corporation
Carl Drake, (404) 814-5204
[email protected]
Source: Ares Capital Corporation