Ares Capital greenshoe lifts 4.375% convertible sale to $300 million

By Tali David

Minneapolis, July 19 - Ares Capital Corp. said the over-allotment option on its offering of 4.375% convertible senior notes due 2019 was exercised in full, increasing the offering by $50 million, according to an 8-K filed with the Securities and Exchange Commission.

As previously reported, the company priced $250 million of the 5.5-year convertibles on June 15.

The deal was sold via active joint bookrunners BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC and passive joint bookrunner Deutsche Bank Securities Inc.

Proceeds will be used to repay or repurchase debt, including borrowings under Ares' revolving credit facility, and for other general corporate purposes, which include investing in portfolio companies.

Ares is a New York-based private equity firm.

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