Ares Capital Amends Revolver With Wells Fargo Bank
Ares Capital Corporation announced that its indirect wholly owned subsidiary, Ares Capital CP Funding LLC, amended its $500 million revolving funding facility provided by Wells Fargo Bank.
The facility’s reinvestment period has been extended one year to January 18, 2015 and its final maturity has been extended one year to January 18, 2017. In addition, the stated interest rate on the facility was reduced from the current borrowing rate of LIBOR plus 2.75% subject to a pricing grid to LIBOR plus 2.50% without a pricing grid. The facility will continue to have no LIBOR floor requirement.
“We appreciate Wells Fargo’s confidence in Ares Capital and its continued strong support by extending the duration and reducing the pricing on this facility,” commented Michael Arougheti, president of Ares Capital. “These actions illustrate our ongoing plan to enhance our financial flexibility and extend duration at the most attractive available cost.”
Ares Capital is a specialty finance company that provides one-stop financing solutions to U.S. middle-market companies and private equity sponsors.