Ares Capital Corporation (Nasdaq: ARCC) announced that it plans to make a public offering of 14,300,000 shares of its common stock. Ares Capital also plans to grant the underwriters an option to purchase up to an additional 2,145,000 shares of common stock. The offering of the shares will be made under Ares Capital’s shelf registration statement (as amended), which was filed with, and declared effective by, the Securities and Exchange Commission.
Ares Capital expects to use the net proceeds of this offering to repay certain outstanding indebtedness under its debt facilities and, to the extent not used for such purpose, for general corporate purposes, which may include investing in portfolio companies in accordance with its investment objective.
Investors are advised to carefully consider the investment objective, risks, charges and expenses of Ares Capital before investing.
The preliminary prospectus supplement dated December 9, 2013 and the accompanying prospectus dated June 17, 2013, which have been filed with the Securities and Exchange Commission, contain this and other information about Ares Capital and should be read carefully before investing.
Morgan Stanley, BofA Merrill Lynch and Wells Fargo Securities are acting as joint book-running managers for this offering. Deutsche Bank Securities and Goldman, Sachs & Co. are acting as joint lead managers and Barclays, Credit Suisse Securities (USA) LLC, and Keefe, Bruyette & Woods, a Stifel Company, are acting as co-managers for this offering.
The information in the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed.
The preliminary prospectus supplement, the accompanying prospectus and this press release are not offers to sell any securities of Ares Capital and are not soliciting an offer to buy such securities in any state where such offer and sale is not permitted.
The offering may be made only by means of a preliminary prospectus supplement and an accompanying prospectus, copies of which may be obtained from Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY, 10014, Attn: Prospectus Department, tel.: (866) 718-1649 or e-mail
; BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department, or e-mail
; or Wells Fargo Securities, LLC, 375 Park Avenue, New York, NY 10152, Attn: Equity Syndicate Dept., tel.: (800) 326-5897 or e-mail
ABOUT ARES CAPITAL CORPORATION
Ares Capital is a leading specialty finance company that provides one-stop financing solutions to U.S. middle market companies and private equity sponsors. The Company originates and invests in senior secured loans, mezzanine debt and, to a lesser extent, equity investments through its national direct origination platform. Ares Capital’s investment objective is to generate both current income and capital appreciation through debt and equity investments primarily in private companies. Ares Capital has elected to be regulated as a business development company, and is externally managed by a wholly owned subsidiary of Ares Management LLC. Ares Management is a global alternative asset manager and a SEC-registered investment adviser with approximately $68 billion of committed capital under management as of September 30, 2013.