Merrill Lynch, Others Arrange Ares Revolver
Ares Management announced that it closed its amended and restated revolving credit facility that was entered into in connection with Ares Management’s initial public offering.
Merrill Lynch and J.P. Morgan Securities acted as joint lead arrangers and joint bookrunners, JPMorgan Chase Bank acted as administrative agent, Bank of America acted as syndication agent and Morgan Stanley Bank, SunTrust Bank and Wells Fargo Bank acted as documentation agents.
The amendment, among other things, increased the size of the facility from $735 million to more than $1 billion and extended the facility’s maturity from December 2017 to April 2019. The facility also contains an accordion feature which permits, under certain conditions, the expansion of commitments under the facility to more than $1.25 billion.
Ares Management was represented by Latham & Watkins and the lenders were represented by Milbank, Tweed, Hadley & McCloy.