NEW YORK--(BUSINESS WIRE)--Ares Capital Corporation (Nasdaq: ARCC) announced that it plans to make a public offering of 13,500,000 shares of its common stock. Ares Capital also plans to grant the underwriters an option to purchase up to an additional 2,025,000 shares of common stock. The offering of the shares will be made under Ares Capital’s shelf registration statement filed with the Securities and Exchange Commission on September 16, 2020, which became effective automatically upon filing.
BofA Securities, Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are acting as joint book-running managers for this offering.
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.
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 often leads to economic growth and employment. Ares Capital believes its loans and other investments in these companies can 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 is the largest BDC by market capitalization as of December 31, 2020. Ares Capital is externally managed by a subsidiary of Ares Management Corporation (NYSE: ARES), a publicly traded, leading global alternative investment manager.
