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Ares Management (NYSE: ARES) renews credit facility, boosts revolver

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Ares Management Corporation filed an update describing Amendment No. 14 to its senior credit facility. Through this amendment, Ares Holdings L.P. and certain subsidiaries extended the maturity of the credit agreement to May 21, 2031.

The revolver commitments under the credit agreement were increased to $2,500,000,000, with an uncommitted accordion feature that allows expansion to a total facility size of $3,000,000,000. The amendment also removes the credit spread adjustment for Term SOFR, modifies certain covenant restrictions and events of default, and makes other technical changes to the facility’s terms.

Positive

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Negative

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Insights

Ares extends its main credit facility to 2031 and raises total commitments.

Ares Management, through Ares Holdings L.P., updated its Sixth Amended and Restated Credit Agreement by executing Amendment No. 14. The change pushes the facility’s maturity to May 21, 2031 and raises revolver commitments to $2,500,000,000, with an accordion option to $3,000,000,000.

The amendment also removes the credit spread adjustment for Term SOFR and revises certain covenant restrictions and events of default. These elements define when lenders can demand repayment or restrict actions, so changes here shape how the company must manage leverage and liquidity under the facility.

Because the 8-K focuses on terms rather than current borrowings, the immediate financial impact depends on how much Ares chooses to draw under this revolver in the future. Subsequent company filings may show actual usage levels and any effects on interest expense over time.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Revolver commitments $2,500,000,000 Commitments under amended credit agreement
Maximum facility size with accordion $3,000,000,000 Uncommitted accordion feature total facility size
Facility maturity date May 21, 2031 New maturity of credit facility after Amendment No. 14
Amendment number 14 Amendment No. 14 to Sixth Amended and Restated Credit Agreement
Original restated agreement date April 21, 2014 Date of Sixth Amended and Restated Credit Agreement
Amendment execution date May 21, 2026 Date Ares Holdings L.P. entered into Amendment No. 14
Credit Facility Amendment financial
"entered into Amendment No. 14 (the “Credit Facility Amendment”) to the Sixth Amended"
A credit facility amendment is a formal change to the terms of an existing loan or line of credit, like altering interest rates, repayment schedule, borrowing limits, or the rules the borrower must follow. Investors care because those changes affect a company’s cash flow and financial flexibility — like renegotiating a mortgage can free up or constrain money — and can signal improving access to capital or potential financial stress.
Term SOFR financial
"removes the credit spread adjustment for Term SOFR (as defined in the Credit Agreement)"
Term SOFR is a benchmark interest rate that reflects the cost of borrowing money over a specific period, based on actual transactions in the financial markets. It is used by lenders and borrowers to set the interest rates on loans and financial contracts, helping to ensure rates are fair and transparent. For investors, understanding term SOFR helps gauge borrowing costs and the overall direction of interest rates in the economy.
revolver commitments financial
"increases the revolver commitments under the Credit Agreement to $2,500,000,000"
uncommitted accordion feature financial
"with an uncommitted accordion feature available up to a total facility size of $3,000,000,000"
covenant restrictions financial
"modifies certain covenant restrictions and events of default"
events of default financial
"modifies certain covenant restrictions and events of default"
Events of default are specific breaches or failures listed in a loan, bond, or credit agreement that give lenders the right to act, such as demanding immediate repayment, raising interest rates, or taking secured assets. They matter to investors because triggering one is like setting off a financial alarm: it raises the chance of foreclosure, restructuring, or bankruptcy and can sharply reduce the value of a company’s stock or bonds and increase borrowing costs.
Understanding 8-K Material Events →
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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) May 21, 2026
 
ARES MANAGEMENT CORPORATION
(Exact Name of Registrant as Specified in Charter)
 
Delaware 001-36429 80-0962035
(State or Other Jurisdiction
of Incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)

1800 Avenue of the Stars, Suite 1400, Los Angeles, CA 90067
(Address of principal executive office) (Zip Code)
(310) 201-4100
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.01 per shareARESNew York Stock Exchange
6.75% Series B mandatory convertible preferred stock, par value $0.01 per shareARES.PRBNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


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Item 1.01 Entry into a Material Definitive Agreement.

On May 21, 2026, 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. 14 (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 May 21, 2031, (ii) increases the revolver commitments under the Credit Agreement to $2,500,000,000, with an uncommitted accordion feature available up to a total facility size of $3,000,000,000, (iii) removes the credit spread adjustment for Term SOFR (as defined in the Credit Agreement), (iv) modifies certain covenant restrictions and events of default and (v) makes certain other technical amendments to the provisions of the Credit Agreement.

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
   
10.1
 Amendment No. 14, dated as of May 21, 2026, to the Sixth Amended and Restated Senior 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., as agent
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: May 28, 2026   
    
  By:/s/ Jarrod Phillips
  Name:Jarrod Phillips
  Title:Chief Financial Officer
(Principal Financial & Accounting Officer)



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Source: View Original Filing on SEC EDGAR

FAQ

What credit agreement change did Ares Management (ARES) disclose in this 8-K?

Ares Management disclosed Amendment No. 14 to its Sixth Amended and Restated Credit Agreement. The amendment updates the senior credit facility’s terms, including maturity, commitment size, interest benchmark adjustment for Term SOFR, and certain covenant and default provisions governing the borrowing relationship.

How much are Ares Management’s revolver commitments after the amendment?

After the amendment, revolver commitments under the credit agreement are set at $2,500,000,000. The facility also includes an uncommitted accordion feature that can increase the total facility size to $3,000,000,000, enabling a larger committed lending capacity if lenders agree to participate.

When does Ares Management’s amended credit facility now mature?

The amended credit facility now matures on May 21, 2031. This replaces the prior maturity date under the Sixth Amended and Restated Credit Agreement, effectively lengthening the time that the revolving credit commitments and related terms remain in place for Ares Holdings L.P. and guarantor subsidiaries.

Did the Ares Management amendment affect covenants or events of default?

Yes. The amendment modifies certain covenant restrictions and events of default in the credit agreement. These changes alter the conditions Ares Holdings L.P. must meet to remain in compliance and the specific circumstances under which lenders can declare a default or accelerate obligations under the facility.

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