New Five-Year Facility Increased to $1 Billion
LOS ANGELES--(BUSINESS WIRE)--
Ares Management, L.P. (NYSE: ARES) announced today that on May 7, 2014,
it closed its amended and restated revolving credit facility (the
“Facility”) that was entered into in connection with Ares Management’s
initial public offering. The amendment, among other things, increased
the size of the Facility from $735 million to more than $1 billion and
extended the Facility’s maturity from December 2017 to April 2019. The
Facility also contains an accordion feature which permits, under certain
conditions, the expansion of commitments under the Facility to more than
$1.25 billion. The Facility is currently priced at LIBOR + 1.75%.
“We are pleased to have upsized and extended the maturity on our credit
facility, with five of our existing lenders increasing their
commitments,” said Michael Arougheti, President of Ares Management. “The
increased size and low interest rate of the facility provide us with
additional flexibility to support our growth for future years. We
greatly appreciate the strong and loyal support from our existing
lenders and welcome the five new lenders that have joined the facility.”
Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan
Securities LLC acted as joint lead arrangers and joint bookrunners,
JPMorgan Chase Bank, N.A. acted as administrative agent, Bank of
America, N.A. acted as syndication agent and Morgan Stanley Bank, N.A.,
SunTrust Bank and Wells Fargo Bank, National Association acted as
Ares Management was represented by Latham & Watkins LLP and the lenders
were represented by Milbank, Tweed, Hadley & McCloy LLP.
About Ares Management, L.P.
Ares is a leading global asset manager with approximately $74 billion of
assets under management and approximately 700 employees in more than 15
offices in the United States, Europe and Asia as of December 31, 2013.
Since its inception in 1997, Ares has adhered to a disciplined
investment philosophy that focuses on delivering strong risk-adjusted
investment returns throughout market cycles. Ares believes each
of its four distinct but complementary investment groups in Tradable
Credit, Direct Lending, Private Equity and Real Estate is a market
leader based on assets under management and investment performance. Ares
was built upon the fundamental principle that each group benefits from
being part of the greater whole.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 that reflect Ares
Management, L.P.’s (the “Company”) current views with respect to, among
other things, future events and financial performance. Forward-looking
statements can be identified by the use of terminology such as
“outlook,” “believes,” “expects,” “potential,” “continues,” “may,”
“will,” “should,” “seeks,” “approximately,” “predicts,” “intends,”
“plans,” “estimates,” “anticipates” or the negative version of those
words or other comparable words. The forward-looking statements are
based on the Company’s beliefs, assumptions and expectations of future
performance, taking into account all information currently available to
the Company. Such forward-looking statements are subject to various
risks and uncertainties and assumptions relating to the Company’s
operations, financial results, financial condition, business prospectus,
growth strategy and liquidity. If one or more of these or other risks or
uncertainties materialize, or if our underlying assumptions prove to be
incorrect, our actual results may vary materially from those indicated
in these forward-looking statements. New risks and uncertainties arise
over time, and it is not possible for the Company to predict those
events or how they may affect it. Therefore, you should not place undue
reliance on these forward-looking statements. The Company does not
undertake any obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as required by law.
Ares Management, L.P.
Carl G. Drake, 1-888-818-5298
Source: Ares Management, L.P.