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Ares Capital closes public offering of 11.5m shares including exercise of over allotment option.

M2 EQUITYBITES-November 17, 2010-Ares Capital closes public offering of 11.5m shares including exercise of over allotment option(C)2010 M2 COMMUNICATIONS http://www.m2.com

Closed-end, non-diversified management investment company Ares Capital Corporation (Nasdaq:ARCC) stated on Tuesday that it closed an underwritten public offering of 11.5m common shares with underwriters exercising their over allotment option of 1.5m shares fully.

The company further said that the offering, priced at USD16.50 per share to the public, raised about USD180.5m in net proceeds after underwriting discounts, commissions and estimated offering expenses.

Proceeds will repay certain outstanding debt under Ares' senior secured revolving credit facility and remaining repay some more outstanding debt under a separate credit facility, for general corporate purposes use about USD180m and USD310m for funding investments in its investment backlog and pipeline, respectively, as of 3 November 2010.

The acting joint book runners were Wells Fargo Securities, BofA Merrill Lynch and SunTrust Robinson Humphrey, co-lead managers were Deutsche Bank Securities Inc and Morgan Stanley and BB&T Capital Markets, BMO

Capital Markets, Stifel Nicolaus Weisel and JMP Securities acted as the co-managers.

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Publication:M2 EquityBites (EQB)
Date:Nov 17, 2010
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