Ares Management extends $1.07 billion revolver to 2025, cuts pricing

By Wendy Van Sickle

Columbus, Ohio, April 2 – Ares Management Corp. extended the maturity date of its $1.07 billion revolving line of credit by about a year to March 30, 2025 on Monday, according to an 8-K filing with the Securities and Exchange Commission.

Additionally, interest was reduced to Libor plus a margin ranging from 100 basis points to 150 bps from Libor plus 100 bps to 175 bps, depending on ratings. The margin unchanged for the three lowest tiers on the five-tier pricing grid, with reductions in place for the remaining two levels.

The commitment fee was reduced to range from 8 bps to 20 bps from a range of 10 bps to 22 bps.

JPMorgan Chase Bank, NA is the administrative agent.

Ares is a New York-based investment company.

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