Ares Capital increased commitments under its revolving credit facility to approximately $4.8 billion and extended the final maturity date. The facility is led by JP Morgan, Bank of America, Truist, MUFG Bank, SMBC and Wells Fargo and includes a total of 39 lenders.
In Q3/20, Ares Capital made $706 million in new investment commitments, of which $447 million were funded, including nine new portfolio companies and 15 existing portfolio companies. Of the $706 million in new commitments made during Q3/20, 94% were in first lien senior secured loans.
During Q2/20, Ares Capital made $867 million in new investment commitments, of which $741 million were funded, including five new portfolio companies and 17 existing portfolio companies. Of the new commitments, 69% were in first lien senior secured loans.
J.P. Morgan led a syndicate of 37 bank participants in increasing and extending 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.