Ares Capital intends to sell add-on to 3.875% senior notes due 2026

By Devika Patel

Knoxville, Tenn., Sept. 16 – Ares Capital Corp. intends to offer an add-on to its 3.875% senior notes due Jan. 15, 2026 (Baa3/BBB-/BBB), according to a 424B2 filing with the Securities and Exchange Commission.

The company sold $750 million of the 3.875% notes on July 15 in an offering that priced on July 8 at 99.422 to yield 3.993% with a Treasuries plus 370 bps spread.

The notes feature a make-whole call at greater of par or Treasuries plus 50 bps until Dec. 15, 2025 and then a par call.

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

The New York specialty finance company intends to use the proceeds to repay debt under its revolving credit facility, its revolving funding facility, its SMBC funding facility and/or its BNP funding facility.

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