S&P: Ares Capital convertibles BBB

Standard & Poor's said it assigned its BBB rating on Ares Capital Corp.'s proposed $250 million senior unsecured convertible notes due in January 2019.

The long-term issuer credit rating on Ares is BBB and the outlook is stable.

The company expects to use the net proceeds to repay or repurchase certain outstanding debt, which may include repaying outstanding borrowings under its revolving credit facilities and for other general corporate purposes, which include making new investments.

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