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S&P rates Ares notes BBB
S&P said it assigned its BBB rating on Ares Capital Corp.'s senior unsecured notes due 2023.
“We expect the issuance to be about $500 million, with the potential for upsizing based on investor interest. For the purpose of our rating, we assume the issuance will be no larger than $1 billion,” the agency said in a news release.
The company intends to use the proceeds for general corporate purposes, including paying down outstanding borrowings on its revolvers. S&P said it believes the company will eventually draw upon the revolver again to fund growth.
As of June 30, the company’s debt to adjusted total equity was about 0.7x. The agency said it believes debt to ATE will remain under 1.0x pro forma the transaction.
S&P said the stable rating outlook on the company reflects an expectation that the firm will maintain debt to adjusted total equity between 1.0x and 1.5x over the longer term.
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