Ares Capital Corporation priced a $750 million offering of 6.250% senior secured notes due September 15, 2033, the company announced. The expected closing date is September 15, 2026, subject to customary closing conditions.
The notes may be redeemed in whole or in part at any time at par plus a make-whole premium, if applicable.
Ares Capital said it expects to use the net proceeds to repay certain outstanding indebtedness under its debt facilities. The company may also reborrow under its debt facilities for general corporate purposes, including investing in portfolio companies in accordance with its investment objective.
The offering was managed by a syndicate of joint book-running managers including BofA Securities, J.P. Morgan Securities, RBC Capital Markets, SMBC Nikko Securities America, Wells Fargo Securities, Barclays Capital, CIBC World Markets, Mizuho Securities USA, MUFG Securities Americas, TD Securities (USA), Truist Securities, and U.S. Bancorp Investments.
Founded in 2004, Ares Capital is a specialty finance company focused on providing direct loans and other investments in private middle-market companies in the United States. It is regulated as a business development company and is externally managed by a subsidiary of Ares Management Corporation. Shares of Ares Capital trade on the NASDAQ under the ticker ARCC, while Ares Management trades on the NYSE under the ticker ARES.
