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S&P: Ares Capital unchanged after add-on
Standard & Poor's said the BBB senior unsecured debt rating on Ares Capital Corp.'s $600 million notes due in November 2018 remains unchanged after a $150 million add-on offering.
The long-term issuer credit rating on Ares Capital remains BBB.
Management expects to use the proceeds to pay down its revolving credit facilities or for general corporate purposes, which includes making investments, S&P said.
Following this transaction, the agency said it expect total debt to remain at $3.1 billion on a pro forma basis, the agency said, and reported debt-to-equity is expected to be about 0.6x as of Dec. 31.
The ratings reflect the company's good market position, S&P said.
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