Ares Capital Corp. has priced an underwritten public offering of $750.0 million in aggregate principal amount of 3.500% notes due Feb. 10, 2023.
The notes may be redeemed in whole or in part at the company's option at any time at par plus a make-whole premium, if applicable.
The offering is expected to close Aug. 10.
Ares Capital expects to use the net proceeds to repay certain outstanding debt under its debt facilities. The company may reborrow under its debt facilities for general corporate purposes, which include investing in portfolio companies.
Bank of America Merrill Lynch, J.P. Morgan, SunTrust Robinson Humphrey and RBC Capital Markets are acting as joint book-running managers for the offering. Barclays, BMO Capital Markets, Goldman Sachs & Co. LLC, Mizuho Securities, Morgan Stanley and Wells Fargo Securities are joint lead managers for the offering. BNY Mellon Capital Markets LLC, Capital One Securities, Citigroup, Comerica Securities, Credit Suisse, HSBC Securities (USA) Inc., ICBC Standard Bank, Keefe Bruyette & Woods, MUFG, Santander, SMBC Nikko and U.S. Bancorp are co-managers.