Ares Capital offers fixed-rate notes via four bookrunners

By Mary-Katherine Stinson

Lexington, Ky., July 27 – Ares Capital Corp. is marketing new fixed-rate notes, according to a 424B2 filing with the Securities and Exchange Commission.

The notes have a make-whole call any time before the maturity date.

Should there be a change of control, the company will need to make an offer to repurchase the notes at par.

BofA Securities, Inc., J.P. Morgan Securities LLC, SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC are the bookrunners.

U.S. Bank NA is the trustee.

Kirkland & Ellis LLP, Eversheds Sutherland (US) LLP and Venable LLP are working as counsel to the issuer.

Freshfields Bruckhaus Deringer US LLP is advising the underwriters.

Proceeds will be used to repay outstanding debt under two revolving facilities with $1.9 billion and $850 million outstanding as of July 19 and repay borrowings on an SMBC funding facility for which there was $401 million outstanding on July 19 and/or a BNP funding facility with $475 million outstanding on July 19.

Ares is a New York specialty finance company.

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