Ares Core Infrastructure Fund 8-K

What Happened
On March 13, 2026, Ares Aspen Member LLC (borrower) and Ares Aspen Holdings LLC (pledgor), each a wholly‑owned subsidiary of Ares Core Infrastructure Fund, entered into a First Amendment to the Aspen Credit Agreement with MUFG Bank, LTD. (administrative agent), BNP Paribas (collateral agent) and other lenders. The amendment adds a $249.90 million delayed‑draw term loan (first amendment DDTL) — none of which was drawn as of the amendment date — and a $16.10 million debt service letters‑of‑credit (DS LC) facility that is fully utilized as of the amendment date. After the amendment, the Aspen facility totals about $478.01 million of term loans and a $31.70 million DS LC capacity.

Key Details

• Amendment effective date: March 13, 2026 (rates referenced through March 14, 2028).
• New delayed‑draw term loan: $249.90 million (undrawn as of amendment).
• DS LC addition: $16.10 million (fully utilized as of amendment); total DS LC capacity $31.70 million.
• Interest and fees: term loan spread reduced from SOFR + 1.75% to SOFR + 1.625% until March 14, 2028 (0.125% step‑up after that); undrawn DDTL commitment fee 0.60% annually; DS LC fee reduced from 1.725% to 1.625% (with 0.125% step‑up after March 14, 2028).

Why It Matters
The amendment provides the Fund’s Aspen subsidiaries with added borrowing capacity and modestly lower financing costs through March 14, 2028, which can support operations or capital needs if the delayed‑draw loan is accessed. At the same time, undrawn capacity carries a 0.60% commitment fee, and DS letters of credit remain fully utilized, reflecting existing off‑balance contingent funding needs. Borrowings remain subject to the credit agreement’s covenants, servicing and reporting requirements, so investors should watch for future draws, changes in leverage, and compliance disclosures in subsequent filings.