Ares Capital Corporation Amends and Restated Its Senior Secured Credit Facility
April 01, 2021 at 06:50 am EDT
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On March 31, 2021, Ares Capital Corporation amended and restated its senior secured credit facility, among the Registrant, the lenders party thereto, and JPMorgan Chase Bank, N.A., as the administrative agent (as amended and restated, the “A&R Credit Facility”). The A&R Credit Facility, among other things, (a) increased the total commitment under the A&R Credit Facility from approximately $3.61 billion to approximately $3.96 billion, (b) extended the expiration of the revolving period for lenders electing to extend their commitments in an amount equal to approximately $3.76 billion from March 30, 2024 to March 31, 2025, during which period the Registrant, subject to certain conditions, may make borrowings under the A&R Credit Facility, and (c) extended the stated maturity date for lenders electing to extend their commitments in an amount equal to approximately $3.76 billion from March 30, 2025 to March 31, 2026. Lenders who elected not to extend their commitments in an amount equal to approximately $200 million will remain subject to a revolving period expiration of March 30, 2024 and a stated maturity date of March 30, 2025. The A&R Credit Facility is composed of a revolving loan tranche equal to approximately $3.15 billion and a term loan tranche in an amount equal to approximately $817 million. The A&R Credit Facility includes an “accordion” feature that allows the Registrant, under certain circumstances, to increase the size of the facility by an amount up to approximately $2.0 billion. The A&R Credit Facility continues to be secured by a material portion of the Registrant’s assets (excluding, among other things, investments held in and by certain subsidiaries of the Registrant or investments in certain portfolio companies of the Registrant) and guaranteed by certain subsidiaries of the Registrant.
Ares Capital Corporation is a specialty finance company focused on providing direct loans and other investments in private middle market companies in the United States. The Company invests primarily in first lien senior secured loans (including unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first lien position), and second lien senior secured loans. In addition to senior secured loans, it also invests in subordinated debt, which in some cases includes an equity component, and preferred equity. It also may invest up to 30% of its portfolio in non-qualifying assets. Its investment activities are focused on industries, such as software and services, health care services, commercial and professional services, financial services, commercial and professional services, insurance Services, energy, food and beverage and others. Its investment adviser is Ares Capital Management LLC.
ARES CAPITAL CORPORATION 
