Ares Management Corporation filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits
$ARES
Investment Managers
Finance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) April 22, 2025
(Exact Name of Registrant as Specified in Charter)
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive office) (Zip Code)
(310 ) 201-4100
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N/A
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Item 1.01 Entry into a Material Definitive Agreement.
On April 22, 2025, Ares Holdings L.P., a Delaware limited partnership (“Ares Holdings” or the “Borrower”) and certain subsidiaries of Ares Management Corporation (the “Company”) entered into Amendment No. 13 (the “Credit Facility Amendment”) to the Sixth Amended and Restated Credit Agreement, dated as of April 21, 2014 (as amended through and including the Credit Facility Amendment, the “Credit Agreement”), by and among the Borrower, the guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as agent.
The Credit Facility Amendment, among other things, (i) extends the maturity of the credit facility under the Credit Agreement to April 22, 2030, (ii) increases the revolver commitments under the Credit Agreement to $1,840,000,000 and the accordion feature to $660,000,000, for an aggregate amount not to exceed $2,500,000,000, (iii) provides a sub-limit for the issuance of swingline loans up to an aggregate amount of $75,000,000 (with the amount available for borrowing under the Credit Facility Amendment being reduced by any swingline loans issued), (iv) modifies certain covenant restrictions and (v) makes certain other technical amendments to the provisions of the Credit Agreement.
The Credit Facility Amendment reduces (i) the applicable margin for term benchmark loans, RFR loans, swingline loans and letters of credit from a range of 0.750% to 1.250% to a range of 0.650% to 1.150%, in each case depending on the Company’s senior long term unsecured debt ratings; (ii) the applicable margin for base rate loans and swingline loans from a range of 0.000% to 0.250% to a range of 0.000% to 0.150%, in each case depending on the Company’s senior long term unsecured debt ratings; and (iii) the unused commitment fee from a range of 0.060% to 0.150% to a range of 0.050% to 0.0140%, in each case depending on the Company’s senior long term unsecured debt ratings.
A copy of the Credit Facility Amendment is attached to this Current Report on Form 8-K as Exhibit 10.1 and is incorporated by reference into this Item 1.01 as though fully set forth herein. The foregoing summary description of the Credit Facility Amendment is not intended to be complete and is qualified in its entirety by the complete text of the Credit Facility Amendment.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 is hereby incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit Number | Description | |||||||
| Amendment No. 13, dated as of April 22, 2025, to the Sixth Amended and Restated Credit Agreement, dated as of April 21, 2014, by and among Ares Holdings L.P., the Guarantors party thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A. | ||||||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document | |||||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ARES MANAGEMENT CORPORATION | |||||||||||
| Dated: April 25, 2025 | |||||||||||
| By: | /s/ Jarrod Phillips | ||||||||||
| Name: | Jarrod Phillips | ||||||||||
| Title: | Chief Financial Officer (Principal Financial & Accounting Officer) | ||||||||||
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