Item 1.01. Entry into a Material Definitive Agreement.

On November 4, 2021, Ares Capital Corporation (the "Company") and U.S. Bank National Association (the "Trustee"), entered into a Fifteenth Supplemental Indenture (the "Fifteenth Supplemental Indenture") to the Indenture, dated October 21, 2010, between the Company and the Trustee (the "Indenture"). The Fifteenth Supplemental Indenture relates to the Company's issuance, offer and sale of $700,000,000 aggregate principal amount of its 3.200% notes due 2031 (the "Notes").

The Notes will mature on November 15, 2031, and may be redeemed in whole or in part at the Company's option at any time at the redemption prices set forth in the Fifteenth Supplemental Indenture. The Notes bear interest at a rate of 3.200% per year payable semiannually on May 15 and November 15 of each year, commencing on May 15, 2022. The Notes are direct unsecured obligations of the Company.

The Company expects to use the net proceeds of this offering to repay certain outstanding indebtedness under its debt facilities. The Company may reborrow under its debt facilities for general corporate purposes, which include investing in portfolio companies in accordance with its investment objective.

The Indenture, as supplemented by the Fifteenth Supplemental Indenture, contains certain covenants including covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a) of the Investment Company Act of 1940, as amended, or any successor provisions, as such obligation may be amended or superseded but giving effect to any exemptive relief granted to the Company by the SEC, and to provide financial information to the holders of the Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Securities Exchange Act of 1934. These covenants are subject to important limitations and exceptions that are described in the Indenture.

In addition, upon the occurrence of a change of control repurchase event (which involves the occurrence of both a change of control and a below investment grade rating of the Notes by Fitch, Inc., Moody's Investor Services, Inc. and Standard & Poor's Ratings Services), the Company will be required to make an offer to purchase the Notes at a price equal to 100% of the principal amount plus accrued and unpaid interest to the date of purchase.

The Notes were offered and sold pursuant to the Registration Statement on Form N-2 (File No. 333-256733), the preliminary prospectus supplement filed with the Securities and Exchange Commission on June 3, 2021 and the pricing term sheet filed with the Securities and Exchange Commission on October 28, 2021. The transaction closed on November 4, 2021.

The Trustee also serves as the Company's custodian under the terms of a custody agreement, pursuant to which it receives customary fees and expenses as custodian.

The foregoing descriptions of the Fifteenth Supplemental Indenture and the Notes do not purport to be complete and are qualified in their entirety by reference to the full text of the Fifteenth Supplemental Indenture and the Notes, respectively, each filed as exhibits hereto and incorporated by reference herein.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information required by Item 2.03 contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.




Item 8.01. Other Events.

On October 28, 2021, the Company, Ares Capital Management LLC, Ares Operations LLC and BofA Securities, Inc., J.P. Morgan Securities LLC, SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters named on Schedule A thereto (collectively, the "Underwriters"), entered into a Purchase Agreement (the "Purchase Agreement") with respect to the issuance and sale of the Notes.





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Item 9.01. Financial Statements and Exhibits.





(d) Exhibits:



Exhibit
Number                                     Description
  1.1            Purchase Agreement, dated as of October 28, 2021, among Ares Capital
               Corporation, Ares Capital Management LLC, Ares Operations LLC and BofA
               Securities, Inc., J.P. Morgan Securities LLC, SMBC Nikko Securities
               America, Inc. and Wells Fargo Securities, LLC, as representatives of
               the several underwriters named on Schedule A thereto

  4.1            Fifteenth Supplemental Indenture, dated as of November 4, 2021,
               relating to the 3.200% Notes due 2031, between the Company and U.S.
               Bank National Association, as trustee

  4.2            Form of 3.200% Notes due 2031 (contained in the Fifteenth
               Supplemental Indenture filed as Exhibit 4.1 hereto)

  5.1            Opinion of Venable LLP

  5.2            Opinion of Kirkland & Ellis LLP

  23.1           Consent of Venable LLP (contained in the opinion filed as
               Exhibit 5.1 hereto)

  23.2           Consent of Kirkland & Ellis LLP (contained in the opinion filed as
               Exhibit 5.2 hereto)




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