Ares Capital Corp.'s Proposed $1 Billion Senior Unsecured Notes Due 2032 Rated 'BBB'

NEW YORK (S&P Global Ratings) Jan. 2, 2025--S&P Global Ratings today assigned its 'BBB' debt rating to Ares Capital Corp.'s proposed $1 billion senior unsecured notes due 2032. Ares Capital Corp. (ARCC) expects to use the net proceeds to repay a portion of its outstanding indebtedness under: Its revolving credit facility ($1.5 billion aggregate principal amount outstanding as of Dec. 27, 2024), Its revolving funding facility ($1 billion aggregate principal amount outstanding as of Dec. 27, 2024), Its SMBC funding facility ($432 million aggregate principal amount outstanding as of Dec. 27, 2024), or Its BNP funding facility ($655 million aggregate principal amount outstanding as of Dec. 27, 2024). ARCC's total indebtedness as of Sept. 30, 2024, was approximately $13.5 billion.

...January 2, 2025 NEW YORK (S&P Global Ratings) Jan. 2, 2025--S&P Global Ratings today assigned its '###' debt rating to Ares Capital Corp.'s proposed $1 billion senior unsecured notes due 2032. Ares Capital Corp. (ARCC) expects to use the net proceeds to repay a portion of its outstanding indebtedness under: - Its revolving credit facility ($1.5 billion aggregate principal amount outstanding as of Dec. 27, 2024), - Its revolving funding facility ($1 billion aggregate principal amount outstanding as of Dec. 27, 2024), - Its SMBC funding facility ($432 million aggregate principal amount outstanding as of Dec. 27, 2024), or - Its BNP funding facility ($655 million aggregate principal amount outstanding as of Dec. 27, 2024). ARCC's total indebtedness as of Sept. 30, 2024, was approximately $13.5 billion. Roughly 68% of that amount was unsecured, still well above the 50% average for its rated peers. In November 2024, ARCC issued approximately $544 million through term debt securitization (collateralized...

Ratings Action