Ares Capital Corporation Increases Revolving Funding Facility
Ares Capital Corporation (NASDAQ: ARCC) announced today that its indirect wholly owned subsidiary, Ares Capital CP Funding LLC, increased its revolving funding facility (the “Facility”) provided by Wells Fargo Bank, National Association from $400 million to $500 million. The other terms of the Facility generally remain unchanged, including the maturity date, which is January 18, 2016, and the stated interest rate, which is based on one-month LIBOR (with no floor) plus a spread that is determined under a pricing grid depending upon Ares Capital's credit ratings. The currently effective LIBOR spread is 2.75%.
In addition to this $500 million Facility, Ares Capital has an $810 million Revolving Credit Facility, for total revolving debt capacity of approximately $1.3 billion, subject to borrowing base and leverage restrictions.
