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Ares Commercial signs up for $155 million of three-year term loans
By Susanna Moon
Chicago, Dec. 14 – Ares Commercial Real Estate Corp. inked a $155 million three-year term loan agreement last Wednesday, according to an 8-K filing with the Securities and Exchange Commission.
The company entered into a credit and guaranty agreement with Highbridge Principal Strategies, LLC as administrative agent and DBD Credit Funding LLC as collateral agent.
The term loan agreement provides for an initial term loan of $75 million, which was funded at closing, and one or more additional term loans for up to $80 million to be funded during the nine-month commitment period after closing.
Proceeds will be used to invest in new assets and for other general corporate purposes.
The term loans are funded at a discount of 1.5%.
Interest on the loans will be Libor plus 600 basis points, with a minimum Libor rate of 1%. The unused fee is 100 bps.
The maturity date of the term loans is Dec. 9, 2018.
Ares Commercial Real Estate Corporation is a specialty finance company based in Chicago.
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