ARES CAPITAL CORPORATION PRICES PUBLIC OFFERING OF $750 MILLION 6.250% UNSECURED NOTES DUE 2033
Ares Capital plans to refinance existing debt facilities with $750 million of new 6.250% unsecured notes maturing in 2033.
Rhea-AI Summary
Ares Capital Corporation (ARCC) has priced a public offering of $750 million aggregate principal amount of 6.250% unsecured notes due 2033, with maturity on September 15, 2033. The notes may be redeemed in whole or in part at the company’s option at par plus a make-whole premium, if applicable.
The offering is expected to close on September 15, 2026, subject to customary closing conditions. Ares Capital expects to use the net proceeds to repay certain outstanding indebtedness under its debt facilities and may subsequently reborrow under those facilities for general corporate purposes, including investments in portfolio companies consistent with its investment objective.
Positive
- $750 million 6.250% unsecured notes provide fixed-rate funding through 2033
- Net proceeds expected to repay outstanding indebtedness under existing debt facilities
Negative
- New 6.250% notes add $750 million of unsecured debt outstanding until 2033, subject to any early redemptions
News Explained
Priced $750 million unsecured debt is not yet closed; no common-share issuance or ownership dilution is disclosed for this offering.
The offering is priced but not yet closed, with closing expected on
Because the offering is underwritten, investment banks buy the notes from Ares Capital and resell them; underwriting fees mean the company’s net proceeds will be below the
AI-generated analysis. How Rhea-AI works. Not financial advice.
BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC, Barclays Capital Inc., CIBC World Markets Corp., Mizuho Securities
Ares Capital expects to use the net proceeds of this offering to repay certain outstanding indebtedness under its debt facilities. Ares Capital may reborrow under its debt facilities for general corporate purposes, which include investing in portfolio companies in accordance with its investment objective.
Investors are advised to carefully consider the investment objective, risks, charges and expenses of Ares Capital before investing. The pricing term sheet dated September 8, 2026, the preliminary prospectus supplement dated September 8, 2026, and the accompanying prospectus dated May 1, 2024, each of which have been filed with the Securities and Exchange Commission, contain this and other information about Ares Capital and should be read carefully before investing.
The information in the pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. The pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release are not offers to sell any securities of Ares Capital and are not soliciting an offer to buy such securities in any jurisdiction where such offer and sale is not permitted.
The offering may be made only by means of a preliminary prospectus supplement and an accompanying prospectus. Copies of the preliminary prospectus supplement (and accompanying prospectus) may be obtained from
BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street,
Prospectus Department, or by calling 1-800-294-1322, or email dg.prospectus_requests@bofa.com; J.P. Morgan Securities LLC, 270 Park Avenue,
ABOUT ARES CAPITAL CORPORATION
Founded in 2004, Ares Capital is a leading specialty finance company focused on providing direct loans and other investments in private middle market companies in the United States. Ares Capital's objective is to source and invest in high-quality borrowers that need capital to achieve their business goals, which oftentimes can lead to economic growth and employment. Ares Capital believes its loans and other investments in these companies can help generate attractive levels of current income and potential capital appreciation for investors. Ares Capital, through its investment manager, utilizes its extensive, direct origination capabilities and incumbent borrower relationships to source and underwrite predominantly senior secured loans but also subordinated debt and equity investments. Ares Capital has elected to be regulated as a business development company ("BDC") and was the largest publicly traded BDC by market capitalization as of June 30, 2026. Ares Capital is externally managed by a subsidiary of Ares Management Corporation (NYSE: ARES), a publicly traded, leading global alternative investment manager.
FORWARD-LOOKING STATEMENTS
Statements included herein may constitute "forward-looking statements," which relate to future events or Ares Capital's future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results and conditions may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Ares Capital's filings with the Securities and Exchange Commission. Ares Capital undertakes no duty to update any forward-looking statements made herein.
INVESTOR RELATIONS CONTACTS
Ares Capital Corporation
John Stilmar or Carl Drake
888-818-5298
irarcc@aresmgmt.com
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SOURCE Ares Capital Corporation