ARES CAPITAL CORP (ARCC) entered into a Seventh Supplemental Indenture with U.S. Bank Trust Company to issue, offer and sell $750,000,000 aggregate principal amount of 6.250% notes due 2033. The notes are direct unsecured obligations, mature on September 15, 2033, and pay interest at 6.250% per year, semiannually on March 15 and September 15, starting March 15, 2027.
The company expects to use the net proceeds to repay outstanding indebtedness under its credit facilities and may subsequently reborrow for general corporate purposes, including investing in portfolio companies. The Indenture includes covenants tied to Investment Company Act leverage limits and ongoing financial information delivery if Exchange Act reporting ceases, subject to stated limitations and exceptions.
Upon a change of control repurchase event, Ares Capital must offer to repurchase the notes at 100% of principal plus accrued and unpaid interest. In connection with the issuance, the company entered into a $750,000,000 interest rate swap with JPMorgan Chase Bank to receive 6.250% fixed and pay a floating rate based on three-month SOFR + 1.85250%, with the swap maturing on September 15, 2033.
Ares Capital Corporation (ARCC) is issuing $750 million aggregate principal amount of 6.250% Notes due 2033 under its shelf registration. The Notes mature on September 15, 2033, pay semiannual interest on March 15 and September 15 starting March 15, 2027, and were priced at 98.463% to yield 6.527%.
The Notes are senior unsecured obligations ranking pari passu with Ares Capital’s other unsubordinated unsecured debt and structurally subordinated to debt at subsidiaries. Expected net proceeds of about $731.2 million will be used to repay borrowings under ARCC’s revolving credit and funding facilities, which may subsequently be reborrowed for general corporate purposes, including new investments.
Ares Capital Corporation (ARCC) is conducting a primary offering of new senior unsecured notes under its existing shelf registration. The notes will rank equally with ARCC’s other unsecured unsubordinated debt and be effectively and structurally junior to various secured and subsidiary-level borrowings.
ARCC intends to use the net proceeds primarily to repay borrowings under its $5.481 billion Revolving Credit Facility and several subsidiary revolving funding facilities, with capacity to reborrow for general corporate purposes, including new portfolio investments. As of June 30, 2026, ARCC reported $30.5 billion in total assets and consolidated debt of $15.9 billion, with a diversified mix of revolvers, CLO term financings, unsecured notes and a commercial paper program.
Ares Capital Corporation reported the results of a special meeting of stockholders held on August 13, 2026. Stockholders were asked to authorize the company, with board approval, to sell or issue common stock at a price below its then current net asset value per share, subject to limits.
The company stated that 718,022,845 shares of common stock were entitled to vote as of May 15, 2026. The proposal was approved, with all stockholders casting 287,240,274 votes for, 70,093,164 against, and 14,771,898 abstentions. Excluding shares held by affiliated persons, votes for totaled 279,480,234, with the same against and abstain counts.
The authorization is limited so that the number of shares issued does not exceed 25% of the then outstanding common stock and will be effective for any such issuances during a twelve-month period expiring on August 13, 2027.
ARCC lists a wide-ranging portfolio of corporate credit and related equity interests dated 2026-06-30. Most positions are first lien senior secured loans and revolving credit facilities to numerous borrower entities, including many acquisition vehicles and holding companies.
Additional exposures include second lien senior secured loans, senior and other subordinated loans, senior secured notes, and a variety of equity and partnership instruments such as preferred and common stock or units, limited partnership and membership interests, and warrants to purchase equity. The information emphasizes instrument type, seniority in the capital structure, and the identity of each borrower across a large number of separate positions.
Ares Capital Corporation reported second quarter 2026 results with net investment income of $359 million ($0.50 per share), up from $342 million ($0.49) a year earlier. GAAP net income was $171 million ($0.24 per share), down from $361 million ($0.52), as net realized and unrealized results weakened.
Core EPS was $0.47 versus $0.50 in the prior-year quarter, against a regular quarterly dividend of $0.48 per share. At June 30, 2026, total investments at fair value were $29,349 million, net asset value per share was $19.35, and the debt-to-equity ratio was 1.15x.
Liquidity remained substantial, with $383 million in cash, approximately $15.9 billion of debt outstanding and approximately $6.7 billion available under credit facilities. The Board declared a third quarter 2026 dividend of $0.48 per share, payable September 30, 2026 to stockholders of record on September 15, 2026.
Ares Capital Corporation, through wholly owned subsidiary Ares Direct Lending CLO 1 LLC, completed a refinancing of its approximately $708.7 million term debt securitization on July 17, 2026. The reset establishes a new on-balance-sheet collateralized loan obligation structure maturing on July 25, 2038.
The transaction includes issuance of $267.0 million of Class A-1-R notes at Term SOFR plus 1.46%, $24.5 million of Class A-2-R notes at Term SOFR plus 1.70%, $45.5 million of Class B-R notes at Term SOFR plus 1.90%, and $7.1 million of additional Subordinated Notes, alongside $139.0 million of Class A-1-LR term loans at Term SOFR plus 1.46%, all due July 25, 2038.
The secured notes and loans are backed by a diversified portfolio of first lien senior secured loans contributed on May 24, 2024, with principal collections available through July 25, 2031 to purchase new collateral under Ares Capital Management LLC’s asset management mandate. Net proceeds were used to redeem in full $406.0 million of Class A and $70.0 million of Class B 2036 notes, fund ADL CLO 1 accounts, and pay related fees and expenses. Ares Capital retained all subordinated CLO notes, and the asset manager has agreed to waive management fees from ADL CLO 1.
Ares Capital Corporation entered into a Tenth Amendment to its BNP Paribas revolving credit and security agreement through its subsidiary ARCC FB Funding LLC. The amendment increased total lender commitments by $200 million, raising the facility size from $1.265 billion to $1.465 billion. The amendment also adjusted certain concentration limits and the advance rate on specific collateral loans, while leaving other key terms of the facility materially unchanged.
Ares Capital Corporation has established an inaugural commercial paper program that permits issuance of up to $1 billion in short-term, unsecured commercial paper notes. The notes may be issued at par or a discount, will have maturities of up to 397 days, and will rely on private placement exemptions from registration.
Net proceeds from any notes are expected to be used for general corporate purposes. The notes will rank pari passu with Ares Capital’s other senior unsecured indebtedness, and the company expects to use borrowing capacity from its $5.5 billion Revolving Credit Facility as a liquidity backstop for repayment of notes issued under the program.
Ares Capital Corporation amended and restated its senior secured credit facility, slightly increasing total commitments and loans from approximately $5.312 billion to approximately $5.481 billion. The facility now consists of a revolving loan tranche of about $4.3 billion and a term loan tranche of about $1.2 billion.
The company extended the revolving period and stated maturity for lenders that agreed to longer terms, with most extended maturities now running to May 21, 2031. An accordion feature permits potential expansion of the facility by up to approximately $2.7 billion, and the credit agreement includes detailed interest rate spreads over Term SOFR or an alternate base rate, plus commitment and letter of credit fees.
The facility remains secured by a material portion of Ares Capital’s assets and is subject to covenants such as maintaining minimum stockholders’ equity and a minimum 1.5:1.0 asset coverage ratio relative to total indebtedness, along with customary limitations on additional debt, liens, investments, asset transfers, and restricted payments.