Ares to repay loans via $150 million of convertibles proceeds

By Ashley Montgomery

Kansas City, Kan., March 8 - Ares Capital Corp. intends to use the proceeds from its offering of convertible senior notes to repay its revolving credit facility and revolving funding facilities, the company said in a news release.

The offering, announced Thursday, is for $150 million of convertible senior notes due 2017 with an over-allotment option for another $22.5 million of the notes.

Proceeds from the offering may also be used to repay other outstanding debt and for general corporate purposes, the release said.

Ares is a specialty finance company based in New York.

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