Ares Capital (NASDAQ: ARCC) prices $650M 5.100% unsecured notes due 2031

Rhea-AI Filing Summary

Ares Capital Corporation has priced an underwritten public offering of $650 million in aggregate principal amount of 5.100% unsecured notes due 2031. The notes will mature on January 15, 2031 and can be redeemed early, in whole or in part, at Ares Capital’s option at par plus a make‑whole premium if applicable.

The offering is expected to close on September 9, 2025, subject to customary closing conditions. Ares Capital expects to use the net proceeds to repay outstanding indebtedness under its debt facilities and may later reborrow under those facilities for general corporate purposes, including investing in its portfolio companies.

Insights

Credit & capital structure analyst

Ares Capital raises $650M in 5.100% notes to refinance debt.

Ares Capital is issuing $650 million of 5.100% unsecured notes due 2031, with expected closing on September 9, 2025. The notes are redeemable at the company’s option, which provides flexibility if market rates or funding needs change.

The company plans to use net proceeds to repay indebtedness under its debt facilities, then may reborrow for general corporate purposes such as portfolio investments. This shifts part of its funding mix from floating, bank-style debt facilities to fixed-rate notes, which can stabilize interest costs but increases long-term unsecured obligations.

The transaction appears to be a standard capital markets refinancing for a large business development company. Actual balance sheet impact will depend on how much is reborrowed under the facilities over time and future disclosures in periodic reports.

Filed pursuant to Rule 497(a)

Registration No. 333-279023

Rule 482ad

 

ARES CAPITAL CORPORATION PRICES PUBLIC OFFERING OF

$650 MILLION 5.100% UNSECURED NOTES DUE 2031

New York, NY-September 2, 2025- Ares Capital Corporation (Nasdaq: ARCC) announced that it has priced an underwritten public offering of $650 million in aggregate principal amount of 5.100% notes due 2031. The notes will mature on January 15, 2031 and may be redeemed in whole or in part at Ares Capital’s option at any time at par plus a “make-whole” premium, if applicable.

BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC, Barclays Capital Inc., BNP Paribas Securities Corp., CIBC World Markets Corp., Mizuho Securities USA LLC, MUFG Securities Americas Inc. and Truist Securities, Inc. are acting as joint book-running managers for this offering. HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, Regions Securities LLC, SG Americas Securities, LLC, U.S. Bancorp Investments, Inc., BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, ICBC Standard Bank Plc and Natixis Securities Americas LLC are acting as joint lead managers for this offering. Ares Management Capital Markets LLC, Deutsche Bank Securities Inc., ING Financial Markets LLC, R. Seelaus & Co., LLC, Academy Securities, Inc., Citigroup Global Markets Inc., Keefe, Bruyette & Woods, Inc., Loop Capital Markets LLC, Samuel A. Ramirez & Company, Inc. and Siebert Williams Shank & Co., LLC are acting as co-managers for this offering. The offering is expected to close on September 9, 2025, subject to customary closing conditions.

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 2, 2025, the preliminary prospectus supplement dated September 2, 2025, 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, 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, 1-212-834-4533; 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 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, or email wfscustomerservice@wellsfargo.com or by calling 1-800-645-3751.

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, 2025. 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

FAQ

What did Ares Capital Corporation (ARCC) announce in this offering update?

Ares Capital Corporation announced that it has priced an underwritten public offering of $650 million in aggregate principal amount of 5.100% unsecured notes due 2031.

What are the key terms of Ares Capital’s new 5.100% notes due 2031?

The notes carry a 5.100% coupon, are unsecured, and will mature on January 15, 2031. They may be redeemed at Ares Capital’s option at par plus a make‑whole premium, if applicable.

How does Ares Capital plan to use the $650 million in net proceeds?

Ares Capital expects to use the net proceeds to repay certain outstanding indebtedness under its debt facilities and may later reborrow under those facilities for general corporate purposes, including investing in portfolio companies.

When is the Ares Capital notes offering expected to close?

The offering of Ares Capital’s 5.100% unsecured notes due 2031 is expected to close on September 9, 2025, subject to customary closing conditions.

Who is managing the Ares Capital $650 million notes offering?

BofA Securities, J.P. Morgan, RBC Capital Markets, SMBC Nikko, Wells Fargo Securities, Barclays, BNP Paribas, CIBC, Mizuho, MUFG and Truist are acting as joint book‑running managers, alongside additional joint lead managers and co‑managers listed in the communication.

What type of company is Ares Capital Corporation (ARCC)?

Ares Capital is a specialty finance company and has elected to be regulated as a business development company (BDC), focused on providing direct loans and other investments to private middle market companies in the United States.