Facility Size Increased from $200 Million to $400 Million,
Reinvestment
Period and Final Maturity Extended
NEW YORK--(BUSINESS WIRE)--
Ares Capital Corporation (NASDAQ: ARCC) announced today that its wholly
owned subsidiary, Ares Capital JB Funding LLC, has increased the size of
its revolving funding facility with Sumitomo Mitsui Banking Corporation
(“SMBC”), from $200 million to $400 million.
In addition to the increase in the size of the facility, the facility’s
reinvestment period was extended by approximately eight months from
January 20, 2015 to September 14, 2015, and its final maturity date was
also extended from January 20, 2020 to September 14, 2020. The
reinvestment period and final maturity date are both subject to two
one-year extensions by mutual agreement. The facility continues to be
secured by first lien assets and has a stated interest rate of LIBOR
(with no floor) plus 2.125%.
“We are pleased to have expanded our revolving funding facility with
SMBC,” said Michael Arougheti, President of Ares Capital Corporation.
“SMBC’s increased financial commitment further increases our revolving
debt capacity and lowers our overall funding costs. We appreciate the
strong financial support from SMBC.”
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 $54 billion of committed capital under management as of
June 30, 2012. For more information, visit www.arescapitalcorp.com.
About Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Banking Corporation and its group companies offer a
broad range of financial services centered on banking. They are also
engaged in the leasing, securities, credit card, investment, mortgage
securitization, venture capital and other credit related businesses.
SMBC is an affiliate of Sumitomo Mitsui Financial Group, Inc.
(NYSE:SMFG).
Ares Capital Corporation
Carl Drake, 404-814-5204
[email protected]
Source: Ares Capital Corporation