Ares Capital Corp.'s Proposed Senior Unsecured Notes Due 2027 Rated 'BBB-'

NEW YORK (S&P Global Ratings) July 27, 2023--S&P Global Ratings today assigned its 'BBB-' debt rating to Ares Capital Corp. (ARCC) proposed senior unsecured notes due 2027. ARCC expects to use the net proceeds to repay outstanding indebtedness under the revolving credit facility ($1.9 billion aggregate principal amount outstanding as of July 19, 2023), the revolving funding facility ($850 million aggregate principal amount outstanding as of July 19, 2023), the SMBC funding facility ($401 million aggregate principal amount outstanding as of July 19, 2023) and/or the BNP funding facility ($475 million aggregate principal amount outstanding as of July 19, 2023). As of June 30, 2023, ARCC had an asset coverage ratio of 190% and debt to adjusted total equity (ATE)

...July 27, 2023 NEW YORK (S&P Global Ratings) July 27, 2023--S&P Global Ratings today assigned its '###-' debt rating to Ares Capital Corp. (ARCC) proposed senior unsecured notes due 2027. ARCC expects to use the net proceeds to repay outstanding indebtedness under the revolving credit facility ($1.9 billion aggregate principal amount outstanding as of July 19, 2023), the revolving funding facility ($850 million aggregate principal amount outstanding as of July 19, 2023), the SMBC funding facility ($401 million aggregate principal amount outstanding as of July 19, 2023) and/or the BNP funding facility ($475 million aggregate principal amount outstanding as of July 19, 2023). As of June 30, 2023, ARCC had an asset coverage ratio of 190% and debt to adjusted total equity (ATE) was 1.23x. We adjust equity by reversing the unrealized appreciation (or depreciation) on the balance sheet, and deduct the company's equity investments in ARCC's investments ($1.29 billion) in the SDLP from ATE, as we...

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