Ares Capital brings add-on offering of 7% notes due 2027

Chicago, Nov. 14 – Ares Capital Corp. is marketing a fungible add-on to its issue of 7% notes due 2027, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will mature Jan. 15, 2027.

The original $600 million deal settled on Aug. 3.

The notes will be optionally callable with a Treasuries plus 40 basis points make-whole premium.

Any change of control will make the notes putable at par.

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

U.S. Bank NA will be the trustee.

Kirkland & Ellis LLP, Eversheds Sutherland (US) LLP and Venable LLP are advising the issuer.

Freshfields Bruckhaus Deringer US LLP is working as counsel for the underwriters.

Proceeds will be used to repay debt, namely bank loan debt including $1.4 billion outstanding under a revolving credit facility, $888 million outstanding under a revolving funding facility, $410 million outstanding under a funding facility and $500 million under a second funding facility.

Ares is a New York specialty finance company.

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