Ares Capital Corporation Receives New Financing Commitment.Expands ARCC ARCC Anoka Ramsey Community College ARCC Association for the Rights of Catholics in the Church ARCC Architectural Research Centers Consortium ARCC African Regional Centre for Computing ARCC AIM Research Conference Center Revolving Credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. Facility NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Ares Capital Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ARCC) announced today that it received a new $15 million commitment from City National Bank, which will increase ARCC's current $510 million revolving credit facility to $525 million. This increase was pursuant to the facility's "accordion" feature, which allows total capacity under the facility of up to $765 million under certain circumstances. The pricing and other terms of the revolving credit facility remain unchanged. "We are extremely pleased to have completed this expansion under our existing credit facility, and these funds will provide additional capital for growth and support of our existing portfolio companies. This is another demonstration of our ability to access capital in this difficult market environment. We are also delighted to add City National Bank to ARCC's growing list of quality lending institutions," said ARCC President Michael Arougheti. "City National is proud to support Ares Capital and provide another source of growth for ARCC's existing portfolio companies, many of which are mid-sized businesses," said Bob Iritani, manager of specialty banking for City National Bank in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . "In these troubled economic times, we are pleased to work with a top-tier specialty finance company like Ares Capital to help middle market companies get access to the capital they need now more than ever." About City National Bank City National Corporation's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , City National Bank, provides banking, investment and trust services through 62 offices, including 15 full-service regional centers, in Southern California, the San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay , Nevada and New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . City National and its eight majority-owned investment affiliates manage or administer $47.5 billion in client investment assets, including more than $30.8 billion under direct management. For more information about City National, visit the company's Website at www.cnb.com. About Ares Capital Corporation Ares Capital Corporation is a specialty finance company that provides integrated debt and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. solutions to U.S. middle market companies. Ares Capital Corporation invests primarily in first and second lien loans and mezzanine debt, which in some cases includes an equity component. To a lesser extent, Ares Capital also makes equity investments. The company is externally managed by Ares Capital Management LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , an affiliate of Ares Management LLC, an SEC registered investment advisory management firm with approximately $29 billion of committed capital under management as of December 31, 2008. Ares Capital Corporation is a closed-end, non-diversified management investment company that has elected to be regulated as a Business Development Company under the Investment Company Act of 1940. Ares Capital Corporation's filings with the Securities and Exchange Commission, press releases, earnings releases and other financial information are available on its website at www.arescapitalcorp.com. FORWARD-LOOKING STATEMENTS Statements included herein may constitute "forward-looking statements," which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results and condition may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Ares Capital Corporation's filings with the Securities and Exchange Commission. Ares Capital Corporation undertakes no duty to update any forward-looking statements made herein. |
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