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Ares units adjust some covenants, add 0% Libor floor under amendment
By Wendy Van Sickle
Columbus, Ohio, Dec. 21 Ares Holdings LP, Ares Domestic Holdings LP, Ares Investments LP, Ares Real Estate Holdings LP and certain subsidiaries of Ares Management, LP amended its credit agreement dated April 21, 2014 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filed with the Securities and Exchange Commission.
Among other things, the Wednesday amendment does the following:
Creates a new designated subsidiary category for entities that are generally excluded from certain covenants;
Amends the definition of adjusted EBITDA to exclude incentive fees and limit management fees and certain other fees;
Introduces a 0% Libor floor;
Permits incurrence of up to $300 million of debt by certain designated subsidiaries;
Increases the leverage ratio covenant to 4 times; and
Eliminates the interest coverage ratio covenant.
Ares is an alternative asset manager and investment adviser based in Los Angeles.
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