Ares Management amends, ups and extends $1.4 billion facility

By Wendy Van Sickle

Columbus, Ohio, April 3 – Ares Management Corp. subsidiary Ares Holdings LP entered into a 12th amendment to its sixth amended and restated credit agreement on March 28 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The facility amendment extends the maturity of the facility to March 28, 2029, increases the revolver to $1.4 billion and upsizes the accordion to $600 million.

The amendment also modifies some sustainability-linked metrics relating to adjustments in the unused commitment fee and applicable margin rates and modifies certain covenant restrictions.

BofA Securities, Inc. is the sustainability coordinator as well as a joint lead arranger and joint bookrunner with JPMorgan Chase Bank, NA and Wells Fargo Securities, LLC.

Bank of America, NA and Wells Fargo Bank, NA are the syndication agents with MUFG Bank, Ltd. and Truist Bank as documentation agents.

Ares is a New York-based investment company.

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