Ares Capital to repay revolving credit facilities via new notes

By Marisa Wong

Los Angeles, Jan. 6 – Ares Capital Corp. plans to repay outstanding debt under its revolving credit facility using proceeds from an offering of senior notes, according to a 424B2 filing with the Securities and Exchange Commission.

Ares Capital also plans to use funds from the new notes to repay borrowings under consolidated subsidiary Ares Capital CP Funding LLC’s revolving funding facility, consolidated subsidiary Ares Capital JB Funding LLC’s revolving funding facility and consolidated subsidiary ARCC FB Funding LLC’s revolving funding facility.

As of Dec. 28, $1.2 billion was outstanding under Ares Capital’s revolver, $938 million was outstanding under the Ares CP facility, $363 million was outstanding under the Ares JB facility and $115 million was outstanding under the ARCC FB facility.

Ares is a specialty finance company based in New York.

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