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Ares Capital announces it will conduct tap of 2.875% notes due 2028
By Devika Patel
Knoxville, Tenn., Aug. 4 – Ares Capital Corp. intends to conduct an add-on to its 2.875% notes (Baa3/BBB-/BBB) due June 15, 2028, according to a 424B2 filed with the Securities and Exchange Commission.
The company sold $850 million of the notes in a sale that priced on June 3 and settled on June 10. The notes were sold at 99.534 to yield 2.949% at a spread of Treasuries plus 165 basis points.
The add-on notes feature a make-whole call at Treasuries plus 25 basis points until April 15, 2028, and a par call after that date.
The original notes feature a make-whole call at Treasuries plus 10 basis points until March 15, 2028, 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.
Proceeds will be used to repay debt, specifically revolver debt.
Ares is a New York specialty finance company.
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