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City National Gives Ares Capital $15 Million Boost

Ares Capital Corp. said Monday its revolving credit agreement received a new $15 million commitment from City National Bank, bringing the specialty finance company’s total credit facility to $525 million.

Ares, which has headquarters in both Los Angeles and New York, provides debt and equity financing to middle market companies. City National Bank’s parent, Los Angeles-based City National Corp., last fall received $395 million in capital the U.S. Treasury’s $250 billion banking bailout program.

“These funds will provide additional capital for growth and support of our existing portfolio companies,” said President Michael Arougheti in a statement. “This is another demonstration of our ability to access capital in this difficult market environment.”

Shares of Ares Capital were up 13 cents, or 2 percent, to $6.04 in morning trading on the Nasdaq. City National shares were down 50 cents, or 1.5 percent, to $32.49 on the New York Stock Exchange.

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