Key Developments: Ares Capital Corp (ARCC.OQ)
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Latest Key Developments (Source: Significant Developments)
Ares Capital Corp Issues Convertible Senior Notes-Form 8-K
Ares Capital Corp reported in its Form 8-K that on July 19, 2013, in connection with a previously announced private offering, Ares Capital Corporation (Ares Capital), issued $300 million aggregate principal amount of 4.375% Convertible Senior Notes due 2019, which amount includes $50 million aggregate principal amount of Convertible Notes issued pursuant to the initial purchasers’ exercise in full of their overallotment option. The Convertible Notes were issued pursuant to an Indenture, dated July 19, 2013, between Ares Capital and U.S. Bank National Association, as trustee. The sale of the Convertible Notes generated net proceeds of approximately $291.0 million. Aggregate estimated offering expenses in connection with the transaction, including the initial purchasers’ discount of approximately $8.3 million, were approximately $9.0 million. Ares Capital expects to use the net proceeds of this offering to repay or repurchase certain outstanding indebtedness, which may include repaying outstanding borrowings under its debt facilities, and for other general corporate purposes, which include investing in portfolio companies in accordance with its investment objective. Full Article
Ares Capital Corp Declares Second Quarter 2013 Dividend
Ares Capital Corp announced that its Board of Directors has declared a second quarter dividend of $0.38 per share, payable on June 28, 2013 to stockholders of record as of June 14, 2013. Full Article
Ares Capital Corp Announces Management Promotions
Ares Capital Corp announced that its Board of Directors has promoted its President, Michael J. Arougheti, to Chief Executive Officer, and four longstanding executives of its investment adviser, Ares Capital Management LLC, to officer roles within Ares Capital Corporation. Full Article
Ares Capital Corp Prices Public Offering Of Common Stock
Ares Capital Corp announced that it has priced public offering of 16,650,000 shares of common stock. Ares Capital has granted the underwriters an option to purchase up to an additional 2,497,500 shares of common stock. The offering is subject to customary closing conditions and is expected to close on April 8, 2013. The offering of the shares is being made under Ares Capital's shelf registration statement (as amended), which was filed with, and declared effective by, the Securities and Exchange Commission. On April 2, 2013, the official close price of Ares Capital's common stock on The NASDAQ Global Select Market under the symbol ARCC was $18.02 per share. Ares Capital expects to use the net proceeds of this offering to repay certain outstanding indebtedness under 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 investment objective. BofA Merrill Lynch, J.P. Morgan, Morgan Stanley and UBS Investment Bank are acting as joint book-running managers for this offering. Full Article
Ares Capital Corp Announces Public Offering
Ares Capital Corp announced that it plans to make a public offering of 16,650,000 shares of its common stock. Ares Capital also plans to grant the underwriters an option to purchase up to an additional 2,497,500 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. BofA Merrill Lynch, J.P. Morgan, Morgan Stanley and UBS Investment Bank are acting as joint book-running managers for this offering. Full Article
Ares Capital Corp Declares First Quarter 2013 Dividend
Ares Capital Corp announced that the Board of Directors has declared a first quarter dividend of $0.38 per share payable on March 29, 2013 to stockholders of record as of March 15, 2013. Full Article
Ares Capital Corp Prices $40 Million Of Unsecured Convertible Senior Notes
Ares Capital Corp announced that, in connection with an inbound inquiry from a fundamental institutional investor, it has agreed to issue an additional $40 million aggregate principal amount of 4.75% Convertible Senior Notes due 2018. The New Convertible Senior Notes will be issued as additional notes under the indenture pursuant to which, on October 10, 2012, Ares Capital issued $230 million in aggregate principal amount of its unsecured 4.75% Convertible Senior Notes due 2018. The New Convertible Senior Notes will be treated as a single series with the Existing Convertible Senior Notes under the indenture and will have the same terms as the Existing Convertible Senior Notes. The New Convertible Senior Notes will have the same CUSIP number and will be fungible with the Existing Convertible Senior Notes. The New Convertible Senior Notes will be offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The closing of the transaction is subject to customary closing conditions and the New Convertible Senior Notes are expected to be delivered and paid for on November 13, 2012. Ares Capital expects to use the net proceeds of this offering to repay or repurchase certain outstanding indebtedness, which may include repaying outstanding indebtedness under its debt facilities and, to the extent not applied for such purpose, for general corporate purposes, including investing in portfolio companies in accordance with its investment objective. Full Article
Ares Capital Corp Declares Fourth Quarter Dividend of $0.38 Per Share and an Additional Dividend Of $0.05 Per Share
Ares Capital Corp announced that its Board of Directors has declared a fourth quarter dividend of $0.38 per share and an additional dividend of $0.05 per share, both payable on December 28, 2012to stockholders of record as of December 14, 2012. Full Article
Ares Capital Corp Prices $200 Million Of Unsecured Convertible Senior Notes
Ares Capital Corp announced that it has agreed to sell to initial purchasers in a private offering $200 million aggregate principal amount of its 4.75% Convertible Senior Notes due 2018. Ares Capital has also granted the initial purchasers an option to purchase up to an additional $30 million aggregate principal amount of the Convertible Senior Notes to cover over-allotments, if any. The Convertible Senior Notes will be offered only to qualified institutional buyers (as defined in the Securities Act of 1933, as amended (the Securities Act) pursuant to Rule 144A under the Securities Act. The closing of the transaction is subject to customary closing conditions and the Convertible Senior Notes are expected to be delivered and paid for on October 10, 2012. Ares Capital expects to use the net proceeds of this offering to repay or repurchase certain outstanding indebtedness, which may include repaying outstanding indebtedness under its debt facilities and, to the extent not applied for such purpose, for general corporate purposes, including investing in portfolio companies in accordance with its investment objective. Full Article
Ares Capital Corp Prices Public Offering Of $175 Million 5.875% Senior Unsecured Notes Due 2022
Ares Capital Corp announced that it has priced an underwritten public offering of $175.0 million in aggregate principal amount of 5.875% senior unsecured notes due 2022. The notes will mature on October 1, 2022 and may be redeemed in whole or in part at any time or from time to time at our option on or after October 1, 2015. The notes will bear interest at a rate of 5.875% per year payable quarterly on January 1, April 1, July 1 and October 1 of each year, with the first interest payment due on January 1, 2013. Ares Capital has granted the underwriters an option to purchase up to an additional $26.25 million in aggregate principal amount of notes to cover over-allotments, if any. 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 applied for such purpose, for general corporate purposes, which may include investing in portfolio companies in accordance with its investment objective. Full Article
RPT-Fitch expects to rate Ares Capital Corporation's convertible notes 'BBB'
July 15 - (The following statement was released by the rating agency)

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