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Prospect News home > News index > List of issuers A > Headlines for Ares Capital Corp. > News item
Published on 9/14/2016 in the Prospect News Investment Grade Daily.

New Issue: Ares Capital prices $600 million 3.625% senior notes due 2022 with 250 bps spread

By Cristal Cody

Eureka Springs, Ark., Sept. 14 – Ares Capital Corp. (/BBB/BBB) priced $600 million of 3.625% notes due Jan. 19, 2022 on Wednesday at 99.639 to yield 3.701%, according to an FWP filing with the Securities and Exchange Commission.

The notes priced with a spread of 250 basis points over Treasuries.

BofA Merrill Lynch, Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey, Inc., Barclays, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, BMO Capital Markets Corp., Deutsche Bank Securities Inc., Mizuho Securities USA Inc., RBC Capital Markets, LLC and SMBC Nikko Securities America, Inc. were the bookrunners.

Ares Capital wrapped a three-day roadshow for the offering on Friday.

Proceeds from the deal will be used to repay certain outstanding debt under the company’s debt facilities.

Ares Capital is a specialty finance company based in New York City.

Issuer:Ares Capital Corp.
Amount:$600 million
Description:Senior notes
Maturity:Jan. 19, 2022
Bookrunners:BofA Merrill Lynch, Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey, Inc., Barclays, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, BMO Capital Markets Corp., Deutsche Bank Securities Inc., Mizuho Securities USA Inc., RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc.
Coupon:3.625%
Price:99.639
Yield:3.701%
Spread:Treasuries plus 250 bps
Call features:Make-whole call at Treasuries plus 40 bps; on or after Dec. 19, 2021 at par
Put option:101%
Trade date:Sept. 14
Settlement date:Sept. 19
Ratings:S&P: BBB
Fitch: BBB
Distribution:Roadshow, SEC registered

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