Ares Capital amended its senior secured credit facility, extending the expiration period of the $1.6 billion revolver and the maturity date of the loan to March 30, 2022 and increasing the size to $2.1 billion.
According to a related 8-K filing, JPMorgan served as administrative agent for the transaction. JPMorgan, SunTrust Robinson Humphrey, Merrill Lynch, BMO Capital Markets and Sumitomo Mitsui were joint lead arrangers and joint bookrunners.
With respect to lenders who elected not to extend their commitments, $45 million of commitments have a revolving period expiration of May 4, 2019 and a stated maturity date of May 4, 2020 and $50 million of commitments have a revolving period expiration of January 4, 2021 and a stated maturity date of January 4, 2022. The amendment primarily focused on the extension of the maturity of the A&R credit facility.
The total size of the amended facility was increased by $25 million to $2.1 billion. It is composed of a revolving loan tranche equal to $1.7 billion and a term loan tranche in an amount equal to $413.75 million. The amended facility includes an accordion feature that allows the company, under certain circumstances, to increase the size of the facility by an amount up to $1 billion.
The credit facility continues to be secured by a material portion of the company assets and guaranteed by certain subsidiaries of the company.
