Ares Capital Corporation amended and restated its senior secured credit facility, among the Registrant, the lenders party thereto, and JPMorgan Chase Bank, N.A., as the administrative agent. The A&R Credit Facility, among other things, (a) extends the expiration of the revolving period for $1.6 billion of commitments of the lenders electing to extend their commitments from January 4, 2021 to March 30, 2022, during which period the Registrant, subject to certain conditions, may make borrowings under the facility, and (b) extends the stated maturity date for $1.6 billion of commitments of the lenders electing to extend their revolving commitments from January 4, 2022 to March 30, 2023.  

With respect to lenders who elected not to extend their commitments, $45 million of commitments have a revolving period expiration of May 4, 2019 and a stated maturity date of May 4, 2020 and $50 million of commitments have a revolving period expiration of January 4, 2021 and a stated maturity date of January 4, 2022.  This amendment primarily focuses on the extension of the maturity of the A&R Credit Facility and does not amend any of the covenants described below.

The total size of the A&R Credit Facility was increased by $25 million to $2.1 billion following the amendment and restatement thereof, composed of a revolving loan tranche equal to $1.7 billion and a term loan tranche in an amount equal to $413.75 million.  The A&R Credit Facility includes an “accordion” feature that allows the Registrant, under certain circumstances, to increase the size of the facility by an amount up to $1.0 billion.

The A&R Credit Facility continues to be secured by a material portion of the Registrant’s assets (excluding, among other things, investments held in and by certain subsidiaries of the Registrant or investments in certain portfolio companies of the Registrant) and guaranteed by certain subsidiaries of the Registrant.