Ares Capital Increases Funding Facility to $500 Million
OCT 14, 2011 - 9:35 am
Ares Capital announced its subsidiary, Ares Capital CP Funding, increased its revolving funding facility provided by Wells Fargo Bank from $400 million to $500 million. The other terms of the facility generally remain unchanged, including the maturity date in 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.
“Once again, we appreciate our strong partnership with Wells Fargo and its support of our business by increasing our revolving funding facility,” commented Michael Arougheti, president of Ares Capital. “The increased size of this five-year facility provides us with additional financial flexibility and the opportunity for future growth at a time when the market for investment opportunities has become increasingly attractive.”
Building a more diverse and inclusive workplace takes commitment. Companies can improve their ability to attract, retain and support a more diverse pool of talent by enhancing their employer branding and the candidate experience. “The key to attracting any talent,... read more
Nearly two years ago, the COVID-19 pandemic forced the equipment leasing industry to continue to provide essential finance solutions to business owners while following necessary safety protocols to protect the health of employees, partners and customers. Those protocols involved limiting... read more