...NEW YORK (S&P Global Ratings) Aug. 7, 2017--S&P Global Ratings today assigned its '###' rating on Ares Capital Corp.'s (ARCC) senior unsecured notes due 2023. We expect the issuance to be about $500 million, with the potential for upsizing based on investor interest. For the purpose of our rating, we assume the issuance will be no larger than $1 billion. ARCC intends to use the proceeds for general corporate purposes, including paying down outstanding borrowings on its revolvers. We believe the company will eventually draw upon the revolver again to fund growth. As of June 30, 2017, ARCC's debt to adjusted total equity (ATE) was about 0.7x. We believe debt to ATE will remain under 1.0x pro forma the transaction. The stable rating outlook on ARCC reflects our expectation that the firm will maintain debt to adjusted total equity between 1.0x and 1.5x over the longer term (we deduct equity investments in finance companies and structured vehicles in our measure of ATE, along with unrealized...
