Ares Strategic Income ups commitments to $1 billion, converts portion to term loans

By Wendy Van Sickle

Columbus, Ohio, Dec. 22 – Ares Strategic Income Fund and its wholly owned subsidiary, ASIF Funding I, LLC, as borrower amended the loan and servicing agreement dated July 26, 2023 with Societe Generale as agent on Dec. 19 to double total commitments to $1 billion, according to an 8-K filing with the Securities and Exchange Commission.

There is a $50 million sublimit for swingline loans.

The amendment also adjusted the interest rate to term SOFR, daily simple Sonia, Euribor or Corra plus an applicable margin of 260 basis points.

Further, the amendment converted $250 million of the revolving loans to term loans at closing and provided that, on July 26, 2024, an additional $100 million of revolving loans will be converted to term loans. The term loans must be paid in full on the earlier of July 26, 2028 or the effective date on which the loan agreement is terminated.

Ares is a New York-based investment company.

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