Ares Capital Corp. priced its $350 million of 4.625% convertible notes due 2024.

On or after Dec. 1, 2023, holders may convert their notes at an initial ratio of 50.2930 common shares per $1,000 of the aggregate principal. Ares Capital will pay in cash, common shares or a combination of both upon conversion.

The notes will mature on March 1, 2024, and interest payments will be made in arrears on March 1 and Sept. 1 of each year, with the first payment to be made on Sept. 1.