Ares Core Infrastructure Fund 8-K

What Happened
Ares Core Infrastructure Fund announced on April 28, 2026 that, in connection with a portfolio investment, it acquired two wholly owned indirect subsidiaries (BCP Renaissance Parent L.L.C. and BCP Renaissance, L.L.C.) that are parties to the Rover Credit Agreement. The credit facility includes senior secured Term Loans with approximately $1.09 billion outstanding as of March 31, 2026. The loans amortize quarterly (0.25% installments) and mature on October 31, 2031. Borrowings bear interest at SOFR + 2.25% (1.00% floor) or Base Rate + 1.25% (2.00% floor). The credit agreement is secured by a first-priority pledge of the equity of the subsidiary and 49.9% of ET Rover Pipeline LLC, plus the borrowers’ assets, and is non-recourse to upstream affiliates except for those pledged equity interests.

Key Details

• Transaction date: April 28, 2026; Rover Credit Agreement outstanding principal ≈ $1.09 billion (as of 3/31/2026).
• Interest terms: SOFR loans = SOFR + 2.25% (1.00% floor); Base Rate loans = Base Rate + 1.25% (2.00% floor).
• Repayment and maturity: quarterly principal payments of 0.25% of outstanding balance; maturity October 31, 2031.
• Hedging: as of April 28, 2026 the Rover Borrower has an interest rate swap with Morgan Stanley fixing the rate on $750 million at an all-in 3.7566% through June 30, 2026.

Why It Matters
This filing shows the Fund acquired subsidiaries that carry a material secured loan facility (about $1.09B), so investors should note the Fund’s indirect exposure to that debt and its repayment schedule. The credit agreement is largely non-recourse to upstream affiliates (limiting direct liability), but the facility is secured by pledged equity and assets. The borrower has hedged $750M of rate exposure with a short-term swap (ending June 30, 2026), so interest-rate risk is partially covered for now; remaining exposure and the loan’s 2031 maturity are key items to watch for refinancing and cash‑flow implications.