By Taylor Fox
New York, Feb. 23 – Ares Capital Corp. priced a $350 million add-on to its 2.15% notes due July 15, 2026 (Baa3/BBB-/BBB) at a spread of 170 basis points over Treasuries, according to a an FWP filing with the Securities and Exchange Commission.
The notes were priced at 99.355 to yield 2.278%.
As previously reported, the company sold $650 million of the 2.15% notes on Jan. 13.
There is a make-whole call at Treasuries plus 30 bps before June 15, 2026, when the notes become callable at par.
BofA Securities Inc., J.P. Morgan Securities LLC, SMBC Nikko Securities America Inc. and Wells Fargo Securities LLC are the bookrunners.
The proceeds of the notes are earmarked for general corporate purposes, including investing in portfolio companies in accordance with the company’s investment objective.
The specialty finance company is based in New York.
| Issuer: | Ares Capital Corp.
|
| Amount: | $350 million
|
| Description: | Notes
|
| Maturity: | July 15, 2026
|
| Bookrunners: | BofA Securities Inc., J.P. Morgan Securities LLC, SMBC Nikko Securities America Inc. and Wells Fargo Securities LLC
|
| Coupon: | 2.15%
|
| Price: | 99.355
|
| Yield: | 2.278%
|
| Spread: | Treasuries plus 170 bps
|
| Call features: | Make-whole call at Treasuries plus 30 bps before June 15, 2026; thereafter at par
|
| Trade date: | Feb. 23
|
| Settlement date: | March 2
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
| Total amount: | $1 billion, including $650 million priced on Jan. 13
|
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