Ares Capital Secures $1.25B Credit Facility
Ticker: ARCC · Form: 8-K · Filed: Jun 11, 2024 · CIK: 1287750
| Field | Detail |
|---|---|
| Company | Ares Capital Corp (ARCC) |
| Form Type | 8-K |
| Filed Date | Jun 11, 2024 |
| Risk Level | low |
| Pages | 1 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.001, $4.488 billion, $4.513 billion |
| Sentiment | neutral |
Sentiment: neutral
Topics: credit-facility, financing, debt
Related Tickers: ARCC
TL;DR
ARCC just locked in a $1.25B credit line until 2029, with an extension option. Good for liquidity.
AI Summary
On June 6, 2024, Ares Capital Corporation entered into a new credit agreement, establishing a $1.25 billion revolving credit facility. This facility matures on June 6, 2029, and includes an option to extend the maturity date by one year. The agreement was made with various lenders, including Bank of America, N.A. as administrative agent.
Why It Matters
This new credit facility provides Ares Capital with significant financial flexibility and liquidity, crucial for its ongoing investment activities and operational needs.
Risk Assessment
Risk Level: low — The filing details a routine credit facility agreement, which is a standard financial operation for companies like Ares Capital.
Key Numbers
- $1.25B — Revolving Credit Facility (Provides significant liquidity and financial flexibility.)
- 2029 — Maturity Date (Indicates the term of the credit facility.)
Key Players & Entities
- Ares Capital Corporation (company) — Registrant
- $1.25 billion (dollar_amount) — Revolving credit facility amount
- June 6, 2024 (date) — Date of credit agreement
- June 6, 2029 (date) — Maturity date of credit facility
- Bank of America, N.A. (company) — Administrative agent for the credit facility
FAQ
What is the total amount of the new revolving credit facility?
The total amount of the new revolving credit facility is $1.25 billion.
When does the new credit facility mature?
The new credit facility matures on June 6, 2029.
Does the credit facility have an extension option?
Yes, the credit facility includes an option to extend the maturity date by one year.
Who is acting as the administrative agent for the credit facility?
Bank of America, N.A. is acting as the administrative agent for the credit facility.
What is the purpose of this filing?
This filing reports the creation of a direct financial obligation by Ares Capital Corporation through a new credit agreement.
Filing Stats: 430 words · 2 min read · ~1 pages · Grade level 11.7 · Accepted 2024-06-11 16:30:12
Key Financial Figures
- $0.001 — nge on which registered Common stock, $0.001 par value ARCC NASDAQ Global Select
- $4.488 billion — each of the other parties thereto from $4.488 billion to $4.513 billion. The other terms of t
- $4.513 billion — parties thereto from $4.488 billion to $4.513 billion. The other terms of the Revolving Credi
Filing Documents
- tm2416924d1_8k.htm (8-K) — 23KB
- 0001104659-24-070416.txt ( ) — 191KB
- arcc-20240606.xsd (EX-101.SCH) — 3KB
- arcc-20240606_lab.xml (EX-101.LAB) — 33KB
- arcc-20240606_pre.xml (EX-101.PRE) — 22KB
- tm2416924d1_8k_htm.xml (XML) — 4KB
03 Creation of a Direct Financial Obligation or an Obligation
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of Registrant. On June 6, 2024, Ares Capital Corporation increased the total commitments under its senior secured revolving credit facility (the "Revolving Credit Facility") with JPMorgan Chase Bank, N.A. and each of the other parties thereto from $4.488 billion to $4.513 billion. The other terms of the Revolving Credit Facility remained unchanged.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ARES CAPITAL CORPORATION Date: June 11, 2024 By: /s/ Scott C. Lem Name: Scott C. Lem Title: Chief Financial Officer and Treasurer