Ares Capital Corp.'s Proposed $1 Billion Senior Unsecured Notes Due 2029 Rated 'BBB-'

NEW YORK (S&P Global Ratings) Jan. 16, 2024--S&P Global Ratings today said it assigned its 'BBB-' debt rating to Ares Capital Corp.'s (ARCC) proposed $1 billion of unsecured notes due 2029. ARCC expects to use the net proceeds of this offering to repay outstanding indebtedness under the revolving credit facility ($1.4 billion aggregate principal amount outstanding as of Dec. 28, 2023), the revolving funding facility ($888 million aggregate principal amount outstanding), the SMBC Funding Facility ($401 million aggregate principal amount outstanding), and/or the BNP Funding Facility ($575 million aggregate principal amount outstanding). As of Dec. 28, 2023, ARCC's total indebtedness was approximately $11.9 billion versus $11.6 billion as of September 2023. The company also raised approximately $236 million in equity

...January 16, 2024 NEW YORK (S&P Global Ratings) Jan. 16, 2024--S&P Global Ratings today said it assigned its '###-' debt rating to Ares Capital Corp.'s (ARCC) proposed $1 billion of unsecured notes due 2029. ARCC expects to use the net proceeds of this offering to repay outstanding indebtedness under the revolving credit facility ($1.4 billion aggregate principal amount outstanding as of Dec. 28, 2023), the revolving funding facility ($888 million aggregate principal amount outstanding), the SMBC Funding Facility ($401 million aggregate principal amount outstanding), and/or the BNP Funding Facility ($575 million aggregate principal amount outstanding). As of Dec. 28, 2023, ARCC's total indebtedness was approximately $11.9 billion versus $11.6 billion as of September 2023. The company also raised approximately $236 million in equity from Oct. 1, through Dec. 28, 2023. Assuming no equity growth from quarter-end Sept. 30, 2023, pro forma as of Dec. 28, 2023, ARCC's leverage remains relatively...

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