Filed pursuant to Rule 497(a)
Registration No. 333-256733
Rule 482ad
ARES CAPITAL CORPORATION PRICES PUBLIC OFFERING
OF
$1.00 BILLION 5.875% UNSECURED NOTES DUE 2029
New York, NY—January, 16 2024— Ares
Capital Corporation (Nasdaq: ARCC) announced that it has priced an underwritten public offering of $1.00 billion in aggregate principal
amount of 5.875% notes due 2029. The notes will mature on March 1, 2029, and may be redeemed in whole or in part at Ares Capital’s
option at any time at par plus a “make-whole” premium, if applicable.
BofA Securities, Inc., J.P. Morgan Securities LLC, SMBC Nikko Securities
America, Inc., Wells Fargo Securities, LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, Santander
US Capital Markets LLC and Truist Securities, Inc. are acting as joint book-running managers for this offering. CIBC World Markets Corp.,
ICBC Standard Bank Plc, Morgan Stanley & Co. LLC, Barclays Capital Inc., BNP Paribas Securities Corp., BNY Mellon Capital Markets,
LLC, Capital One Securities, Inc., Goldman Sachs & Co. LLC, Natixis Securities Americas LLC, Regions Securities LLC and SG Americas
Securities, LLC are acting as joint lead managers for this offering. ING Financial Markets LLC, R. Seelaus & Co., LLC, Academy Securities,
Inc., Citigroup Global Markets Inc., Comerica Securities, Inc., Deutsche Bank Securities Inc., Keefe, Bruyette & Woods, Inc., Loop
Capital Markets LLC, Samuel A. Ramirez & Company, Inc. and Siebert Williams Shank & Co., LLC are acting as co-managers for this
offering. The offering is expected to close on January 23, 2024, subject to customary closing conditions.
Ares Capital expects to use the net proceeds of this offering to repay
certain outstanding indebtedness under its debt facilities. Ares Capital may reborrow under its debt facilities for general corporate
purposes, which include investing in portfolio companies in accordance with its investment objective.
Investors are advised to carefully consider
the investment objective, risks, charges and expenses of Ares Capital before investing. The pricing term sheet dated January 16, 2024,
the preliminary prospectus supplement dated January 16, 2024, and the accompanying prospectus dated June 3, 2021, each of which have been
filed with the Securities and Exchange Commission, contain this and other information about Ares Capital and should be read carefully
before investing.
The information in the pricing term sheet,
the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. The pricing
term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release are not offers to sell any securities
of Ares Capital and are not soliciting an offer to buy such securities in any jurisdiction where such offer and sale is not permitted.
The offering may be made only by means of a preliminary prospectus
supplement and an accompanying prospectus. Copies of the preliminary prospectus supplement (and accompanying prospectus) may be obtained
from BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte NC 28255-0001, Attn: Prospectus Department, or by calling
1-800-294-1322, or email dg.prospectus_requests@bofa.com; J.P. Morgan Securities LLC, 383 Madison Avenue, New York NY 10179, Attn: Investment
Grade Syndicate Desk, 1-212-834-4533; SMBC Nikko Securities America, Inc. at 277 Park Avenue, New York, New York 10172, Attn: Debt
Capital Markets, 1-888-868-6856; or Wells Fargo Securities, LLC at 1-800-645-3751.
ABOUT ARES CAPITAL CORPORATION
Founded in 2004, Ares Capital is a leading specialty finance company
focused on providing direct loans and other investments in private middle market companies in the United States. Ares Capital’s
objective is to source and invest in high-quality borrowers that need capital to achieve their business goals, which often times can lead
to economic growth and employment. Ares Capital believes its loans and other investments in these companies can help generate attractive
levels of current income and potential capital appreciation for investors. Ares Capital, through its investment manager, utilizes its
extensive, direct origination capabilities and incumbent borrower relationships to source and underwrite predominantly senior secured
loans but also subordinated debt and equity investments. Ares Capital has elected to be regulated as a business development company (“BDC”)
and was the largest publicly traded BDC by market capitalization as of December 31, 2023. Ares Capital is externally managed by a
subsidiary of Ares Management Corporation (NYSE: ARES), a publicly traded, leading global alternative investment manager.
FORWARD-LOOKING STATEMENTS
Statements included herein may constitute “forward-looking statements,”
which relate to future events or Ares Capital’s future performance or financial condition. These statements are not guarantees
of future performance, condition or results and involve a number of risks and uncertainties. Actual results and conditions may differ
materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time
in Ares Capital’s filings with the Securities and Exchange Commission. Ares Capital undertakes no duty to update any forward-looking
statements made herein.
INVESTOR RELATIONS CONTACTS
Ares Capital Corporation
Carl Drake or John Stilmar
888-818-5298
irarcc@aresmgmt.com
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