By Aleesia Forni
Virginia Beach, Nov. 12 - Ares Capital Corp. sold a $600 million issue of 4.875% senior notes (//BBB) on Thursday at 99.448 to yield 5%, according to a syndicate source and a 497AD filed with the Securities and Exchange Commission.
The spread was Treasuries plus 366 basis points.
The notes priced on top of talk, which was set in the area of 5%.
Proceeds will be used to repay outstanding debt and for general corporate purposes.
Bookrunners were BofA Merrill Lynch, J.P. Morgan Securities LLC, Barclays, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC and SunTrust Robinson Humphrey Inc.
The specialty finance company is based in Los Angeles.
| Issuer: | Ares Capital Corp.
|
| Amount: | $600 million
|
| Description: | Senior notes
|
| Maturity: | Nov. 30, 2018
|
| Bookrunners: | Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, Stifel Nicolaus & Co. Inc.
|
| Co-managers: | BMO Capital Markets Corp., Mizuho Securities USA Inc., SMBC Nikko Securities America Inc.
|
| Coupon: | 4.875%
|
| Price: | 99.448
|
| Yield: | 5%
|
| Spread: | Treasuries plus 366 bps
|
| Make-whole call: Treasuries plus 50 bps
|
| Trade date: | Nov. 14
|
| Settlement date: | Nov. 19
|
| Ratings: | Fitch: BBB
|
| Yield talk: | 5% area
|
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