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ARES CAPITAL CORPORATION

(ARCC)
  Report
Delayed Nasdaq  -  04:00:00 2023-01-27 pm EST
19.64 USD   +0.10%
01/24Prospect of Further Federal Reserve Interest Rate Increases Pressuring Exchange-Traded Funds, Equity Futures
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01/23Exchange-Traded Funds, Equity Futures Trade Higher Pre-Bell Ahead of Busy Earnings Week
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01/20Fed Rate Outlook, China Optimism Lift Exchange-Traded Funds, Equity Futures Pre-Bell
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ARES CAPITAL CORP : Other Events, Financial Statements and Exhibits (form 8-K)

11/10/2022 | 04:34pm EST

Item 8.01. Other Events.

On November 10, 2022, Ares Capital Corporation (the "Company") issued 9,200,000 shares (the "Shares") of the Company's common stock, par value $0.01 per share ("Common Stock"), pursuant to a Purchase Agreement, dated November 7, 2022 (the "Purchase Agreement"), among the Company, the Company's investment adviser, Ares Capital Management LLC (the "Investment Adviser"), Ares Operations LLC and Morgan Stanley & Co. LLC, BofA Securities, Inc. and UBS Securities LLC, as representatives of the several underwriters named on Schedule A thereto (collectively, the "Underwriters"). This included 1,200,000 shares of Common Stock that the Underwriters purchased pursuant to an option granted to them by the Company under the terms of the Purchase Agreement.

The Shares were purchased by the Underwriters from the Company at a price of $18.87 per share, resulting in net proceeds to the Company of approximately $173.2 million, after deducting discounts and commissions and estimated offering expenses. In addition, the Investment Adviser paid the Underwriters a supplemental payment of $2,208,000, or $0.24 per share, in connection with this offering. This payment is not subject to reimbursement by the Company.

The Shares were offered and sold pursuant to the Registration Statement on Form N-2 (File No. 333-256733) and a preliminary prospectus supplement, dated November 7, 2022, and accompanying prospectus, dated June 3, 2021, filed with the Securities and Exchange Commission.

The foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement, filed as Exhibit 1.1 hereto and incorporated by reference herein.



                                       2

Item 9.01. Financial Statements and Exhibits.




(d) Exhibits:



Exhibit
Number                                  Description
  1.1         Purchase Agreement, dated as of November 7, 2022, among Ares
            Capital Corporation, Ares Capital Management LLC, Ares Operations LLC
            and Morgan Stanley & Co. LLC, BofA Securities, Inc. and UBS
            Securities LLC, as representatives of the several underwriters named
            on Schedule A thereto

  5.1         Opinion of Venable LLP

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

104         Cover Page Interactive Data File (embedded within the Inline XBRL
            document)




                                       3

© Edgar Online, source Glimpses

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Analyst Recommendations on ARES CAPITAL CORPORATION
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Financials (USD)
Sales 2022 2 040 M - -
Net income 2022 662 M - -
Net Debt 2022 11 547 M - -
P/E ratio 2022 14,7x
Yield 2022 9,33%
Capitalization 10 400 M 10 400 M -
EV / Sales 2022 10,8x
EV / Sales 2023 9,35x
Nbr of Employees -
Free-Float 98,4%
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Mean consensus BUY
Number of Analysts 14
Last Close Price 19,64 $
Average target price 20,89 $
Spread / Average Target 6,38%
EPS Revisions
Managers and Directors
R. Kipp deVeer Chief Executive Officer & Director
Mitchell S. Goldstein Executive Vice President
Kort Schnabel Co-President
Penelope F. Roll Chief Financial Officer
Bennett Rosenthal Co-Chairman