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ARES CAPITAL CORPORATION

(ARCC)
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Ares Capital Corporation and U.S. Bank National Association, Enters into Fifteenth Supplemental Indenture

11/04/2021 | 03:15pm EST

On November 4, 2021, Ares Capital Corporation and U.S. Bank National Association, 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of the Investment Company Act of 1940, as amended, or any successor provisions, as such obligation may be amended or superseded but giving effect to any exemptive relief granted to the Company by the SEC, and to provide financial information to the holders of the Notes and the Trustee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.


ę S&P Capital IQ 2021
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Financials (USD)
Sales 2021 1 761 M - -
Net income 2021 1 501 M - -
Net Debt 2021 9 563 M - -
P/E ratio 2021 6,36x
Yield 2021 7,72%
Capitalization 9 886 M 9 886 M -
EV / Sales 2021 11,0x
EV / Sales 2022 10,7x
Nbr of Employees -
Free-Float 99,2%
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Mean consensus BUY
Number of Analysts 14
Last Close Price 21,00 $
Average target price 22,54 $
Spread / Average Target 7,31%
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Managers and Directors
R. Kipp deVeer Chief Executive Officer & Director
Mitchell S. Goldstein Executive Vice President
Michael Lewis Smith Executive Vice President
Penelope F. Roll Chief Financial Officer
Bennett Rosenthal Co-Chairman
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