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Ares Capital sells shares to fund U.S. middle-market investments
By Toni Weeks
San Luis Obispo, Calif., Dec. 9 - Ares Capital Corp. is selling shares of its common stock in a public offering, according to a 497 filing with the Securities and Exchange Commission.
The specialty finance company, a closed-end, non-diversified management investment company, seeks to generate current income and capital appreciation through debt and equity investments by investing primarily in first- and second-lien senior secured loans and mezzanine debt of U.S. middle-market companies.
The company is selling 14.3 million shares of common stock with an over-allotment option for an additional 2,145,000 shares. The closing per-share sales price of Ares Capital stock on Monday was $18.29 (Nasdaq: ARCC).
The portfolio management team includes Michael J. Arougheti, Eric B. Beckman, R. Kipp deVeer, Mitchell Goldstein, John Kissick, Bennett Rosenthal, David Sachs and Michael L. Smith.
The joint bookrunners for the offering are BofA Merrill Lynch, Morgan Stanley & Co LLC and Wells Fargo Securities, LLC.
Total annual expenses are expected to be 10.46%, which includes management fees of 2.45%.
New York-based Ares Capital Management LLC is the investment adviser.
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