J.P. Morgan, Bank of America, SunTrust Robinson Humphrey, BMO Capital Markets, MUFG Bank and Sumitomo Mitsui Banking led an increase and an extension of Ares Capital’s revolving credit facility. The facility was increased by $240 million to $3.6 billion and the final maturity date was extended to March 30, 2025.

The lending group includes a total of 37 bank participants. Pricing and advance rates remain unchanged on the facility.

“We are pleased to execute this upsize and extension of our facility, which further enhances our deep sources of liquidity and our flexibility,” Kipp deVeer, CEO of Ares Capital, said. “We truly appreciate our extensive bank relationships and their commitment to providing support for our financing needs.”

Ares Capital has increased or extended all of its bank led revolving facilities in 2020, now totaling more than $5.9 billion, all with pricing and advance rates unchanged. The earliest bank revolving facility maturity is 2024. In addition, Ares Capital expanded its unsecured funding capacity by issuing a $750 million 3.25% unsecured note offering in February 2020, which reflects the lowest unsecured note cost in the company’s history.

“Considering the volatile market environment, we believe our ability to upsize and extend this facility highlights the confidence our bank group has in Ares Capital and our long-standing investment experience through market cycles,” Penni Roll, CFO of Ares Capital, said.

Ares Capital is a specialty finance company that provides one-stop debt and equity financing to U.S. middle market companies and power generation projects.