Ares Capital launches 5‑year note offering

Ares Capital Corporation disclosed a preliminary prospectus supplement for a proposed senior unsecured debt offering structured as a fixed‑rate, long 5‑year benchmark note maturing January 15, 2031.

Rhea-AI Filing Summary

Ares Capital Corporation disclosed a preliminary prospectus supplement for a proposed senior unsecured debt offering structured as a fixed‑rate, long 5‑year benchmark note maturing January 15, 2031. The communication sets initial price guidance at T+160 bps area with settlement on September 9, 2025, and lists ratings of Baa2/BBB/BBB (Moody’s/S&P/Fitch). The offering size is denominated in USD with denominations of $2,000 x $1,000; proceeds are indicated to repay outstanding indebtedness. The preliminary prospectus supplement is dated September 2, 2025 and should be read together with the accompanying prospectus dated May 1, 2024.

Insights

Debt Capital Markets Analyst

Planned benchmark five‑year note with T+160bps guidance and Sept. 9 settlement.

The excerpt shows a primary issuance of senior unsecured notes maturing on January 15, 2031, with initial price talk at T+160 bps. Bookrunners listed include BofA, JPM, RBC, SMBC, and WFS.

Key execution items include the September 9, 2025 T+5 settlement and investor eligibility notes (sales into Canada under exemption). Cash‑flow treatment is stated as repay outstanding indebtedness.

Credit Analyst

Rated Baa2/BBB/BBB; issuance adds long‑dated senior unsecured debt to capital structure.

The notice records credit ratings of Baa2/BBB/BBB from Moody’s, S&P and Fitch. The offering is described as senior unsecured with optional make‑whole and a one‑month par call.

Timing and final spread will determine market reception; the excerpt ties proceeds to repay outstanding indebtedness, which affects gross leverage depending on the amount sold.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Ares Capital Corporation offering (ARCC)?

Ares Capital is offering a fixed‑rate senior unsecured benchmark note maturing January 15, 2031. The offering is guided at T+160 bps area with settlement on September 9, 2025.

What are the credit ratings listed for ARCC's offering?

The communication lists ratings of Baa2/BBB/BBB from Moody’s, S&P and Fitch. These ratings are presented in the offering materials dated September 2, 2025.

What will the net proceeds be used for by ARCC?

The excerpt states proceeds are intended to repay outstanding indebtedness. The preliminary prospectus supplement and accompanying prospectus provide further details on use of proceeds.

When will the offering settle and in what denomination?

Settlement is scheduled on September 9, 2025 on a T+5 basis. Denominations are listed as $2,000 x $1,000 for the notes.

Who are the bookrunners for the ARCC bond sale?

The active bookrunners listed are BofA (B&D), J.P. Morgan, RBC, SMBC and Wells Fargo Securities, per the preliminary communication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 09/02/2025 - 05:26 PM Learn about SEC filing dates

Filed pursuant to Rule 497(a)

Registration No. 333-279023

Rule 482ad

[TEXT OF COMMUNICATION SENT VIA BLOOMBERG]

Guidance: Ares Capital Corporation

Guidance: T+160 (#) bps

Issuer: Ares Capital Corporation

Format: SEC Registered - Senior Unsecured

Ratings*: Baa2/BBB/BBB (Stable/Stable/Positive) (Moody’s/S&P/Fitch)

Size: USD Benchmark

Tenor: Long 5 Year

Maturity: January 15, 2031

Change of Control: Yes, 100% (See Red)

Active Bookrunners: BofA (B&D) / JPM / RBC / SMBC / WFS

IPTs: T+160 bps area

Coupon: Fixed

UOP: Repay outstanding indebtedness

Denominations: $2000 x $1000

Optional Redemption: Make-Whole; One Month Par Call

Settlement: T+5 (September 9, 2025)

Timing: Today’s Business

Sales into Canada: Yes, exemption

Investors are advised to carefully consider the investment objective, risks, charges and expenses of Ares Capital Corporation before investing. The preliminary prospectus supplement dated September 2, 2025, together with an accompanying prospectus dated May 1, 2024, which have been filed with the Securities and Exchange Commission, contain this and other information about Ares Capital Corporation and should be read carefully before investing.

The information in the preliminary prospectus supplement and the accompanying prospectus, and in this announcement, is not complete and may be changed. The preliminary prospectus supplement, the accompanying prospectus and this announcement are not offers to sell any securities of Ares Capital Corporation and are not soliciting an offer to buy such securities in any jurisdiction where such offer and sale is not permitted.

* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

A shelf registration statement relating to these securities is on file with the Securities and Exchange Commission and has become effective. 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, Charlotte, NC 28255-0001, Attn: Prospectus Department, or by calling 1-800-294-1322, or email dg.prospectus_requests@bofa.com; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attn: Investment Grade Syndicate Desk, 212-834-4533; RBC Capital Markets, LLC, Brookfield Place, 200 Vesey Street, 8th Floor, New York, NY 10281, by toll-free telephone at 1-866-375-6829 or email rbcnyfixedincomeprospectus@rbccm.com; SMBC Nikko Securities America, Inc. at 277 Park Avenue, New York, New York 10172, Attn: Debt Capital Markets, 1-212-224-5135; or Wells Fargo Securities, LLC at 1-800-645-3751.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR AFTER THIS MESSAGE ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.