Ares Capital amends credit facility: commitment cut to $4.5B, maturities extended to 2029, BNP margin reduced

ARES CAPITAL CORP

Total commitment reduced from ~$4.8B to ~$4.5B; revolving tranche of $3.4B and term loan of $1.1B.
Revolving period extended to April 2028 and maturity to April 2029 for ~$3.0B of commitments.
Term loan maturity extended to April 2029 for ~$1.0B; accordion feature allows up to ~$2.2B increase.
BNP Funding Facility margin cut from 2.65%/3.15% to 2.50%/3.00% during/after reinvestment period.
Non-extending lenders retain earlier maturities ($269M revolving, $70M term loan).

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

ARES CAPITAL CORP amended BNP Funding Facility with BNP valued at Seventh Amendment to the Revolving Credit and Security Agreement; adjusted interest rate margin from (effective 2024-04-12).

Action: amendment
Agreement: credit facility
Counterparty: BNP
Value: Seventh Amendment to the Revolving Credit and Security Agreement; adjusted interest rate margin from
Effective: 2024-04-12

Exact text from the filing

On April 12, 2024, the Company and ARCC FB Funding LLC, a wholly owned subsidiary of the Company (“AFB LLC”), amended the document governing AFB LLC’s revolving funding facility (the “BNP Funding Facility”) by entering into a Seventh Amendment to the Revolving Credit and Security Agreement (the “BNP Amendment”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

ARES CAPITAL CORP amended A&R Credit Facility with JPMorgan Chase Bank, N.A. valued at Amended and restated senior secured credit facility; total commitment reduced from approximately $4. (effective 2024-04-12).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Value: Amended and restated senior secured credit facility; total commitment reduced from approximately $4.
Effective: 2024-04-12

Exact text from the filing

On April 12, 2024, Ares Capital Corporation (the “Company”) amended and restated its senior secured credit facility, among the Company, the lenders party thereto, and JPMorgan Chase Bank, N.A., as the administrative agent (as amended and restated, the “A&R Credit Facility”).

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Source: SEC EDGAR

accession 0001287750-24-000021

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