Ares Core Infrastructure Fund: debt financing — Ares Core Infrastructure subsidiary enters $228.1M credit agreement for 49% renewable energy stake

Ares Core Infrastructure Fund

$228.1M delayed draw term loan with $50M initial draw; $15.6M debt service reserve LC facility.
Interest of SOFR + 1.75% (step-up to 1.875% after 3 years); mandatory maturity March 2030.
Loan secured by borrower's equity and assets; non-recourse to Ares Core Infrastructure Fund.
Proceeds fund 49% acquisition of Aspen Renewables from ENGIE entities.
Interest rate swaps fix 75% of floating exposure at ~4.0585% through March 2030.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Ares Core Infrastructure Fund incurred revolving credit of $15.6 million debt service letters of credit facility with MUFG Bank, LTD, as Administrative Agent, and BNP Paribas, as Collateral Agent at 1.75% multiplied by the stated amount of the LC, with a 0.125% step-up after thr.

Instrument: revolving credit
Principal: $15.6 million debt service letters of credit facility
Counterparty: MUFG Bank, LTD, as Administrative Agent, and BNP Paribas, as Collateral Agent
Rate: 1.75% multiplied by the stated amount of the LC, with a 0.125% step-up after thr
Event: incurrence

Exact text from the filing

The Aspen Credit Agreement is related to the Borrower’s investment in a portfolio company of the Fund and includes a $228.108 million delayed draw term loan (the “Aspen Term Loan”), of which $50.0 million was drawn, and a $15.6 million debt service letters of credit facility (“DSR LC Facility”).

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Ares Core Infrastructure Fund incurred term loan of $228.108 million delayed draw term loan, of which $50.0 million was drawn with MUFG Bank, LTD, as Administrative Agent, and BNP Paribas, as Collateral Agent at SOFR plus 1.75%, with a 0.125% step-up after three years maturing March 14, 2030.

Instrument: term loan
Principal: $228.108 million delayed draw term loan, of which $50.0 million was drawn
Counterparty: MUFG Bank, LTD, as Administrative Agent, and BNP Paribas, as Collateral Agent
Rate: SOFR plus 1.75%, with a 0.125% step-up after three years
Maturity: March 14, 2030
Event: incurrence

Exact text from the filing

The Aspen Credit Agreement is related to the Borrower’s investment in a portfolio company of the Fund and includes a $228.108 million delayed draw term loan (the “Aspen Term Loan”), of which $50.0 million was drawn, and a $15.6 million debt service letters of credit facility (“DSR LC Facility”). Outstanding borrowings under the Aspen Term Loan bear interest annually at the SOFR plus 1.75%, with a 0.125% step-up after three years

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Source: SEC EDGAR

accession 0001628280-25-013805

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