Ares Capital Corporation Expands Revolving Funding Facility; Expanded to $580 million Through the Addition of Two New Lenders
Ares Capital Corporation (NASDAQ: ARCC) announced today that its indirect, wholly-owned subsidiary, Ares Capital CP Funding LLC, has increased the size of its revolving funding facility, led by Wells Fargo Securities, from $500 million to $580 million through the addition of two new lenders. As part of the transaction, the facility may be expanded in the future up to $865 million.
In addition to the funding commitment increase, the facility's reinvestment period was extended by three months to April 2015, and its final maturity date was extended from January 2017 to April 2017. The stated interest rate on the facility will remain at LIBOR plus 2.5% with no LIBOR floor.
Including this newly expanded facility, Ares Capital has three revolving facilities (directly or through financing subsidiaries) with total commitments of $1.7 billion with a blended stated interest rate of LIBOR plus 2.3%.
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