Ares Capital Corporation (Nasdaq: ARCC) has successfully priced an underwritten public offering of $600 million in aggregate principal amount of 7.000% notes due 2027. The maturity date for these notes is January 15, 2027, and they may be redeemed in whole or in part at Ares Capital’s discretion at any time at par plus a “make-whole” premium.
The joint book-running managers for this offering include BofA Securities, Inc., J.P. Morgan Securities LLC, SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, Santander US Capital Markets LLC, and Truist Securities, Inc. Additionally, joint lead managers include CIBC World Markets Corp., ICBC Standard Bank Plc, Morgan Stanley & Co. LLC, Barclays Capital Inc., BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Goldman Sachs & Co. LLC, Natixis Securities Americas LLC, Regions Securities LLC, SG Americas Securities, LLC, and U.S. Bancorp Investments, Inc. Co-managers for this offering include ING Financial Markets LLC, R. Seelaus & Co., LLC, Academy Securities, Inc., Citigroup Global Markets Inc., Comerica Securities, Inc., Deutsche Bank Securities Inc., Keefe, Bruyette & Woods, Inc., Loop Capital Markets LLC, Samuel A. Ramirez & Company, Inc., and Siebert Williams Shank & Co., LLC.
The expected closing date for the offering is August 3, 2023, subject to customary closing conditions. Ares Capital intends to use the net proceeds from this offering 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 line with its investment objective.
