ARES CAPITAL CORPORATION (NASDAQ:ARCC) Files An 8-K Other Events
Item 8.01. Other Events.
On February 16, 2021, Ares Capital Corporation (the “Company”) issued 13,500,000 shares (the “Shares”) of the Company’s common stock, par value $0.01 per share, to a Purchase Agreement, dated February 10, 2021 (the “Purchase Agreement”), among the Company, Ares Capital Management LLC, Ares Operations LLC and BofA Securities, Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC, as representatives of the several underwriters named on Schedule A thereto (collectively, the “Underwriters”). In addition, under the terms of the Purchase Agreement, the Company granted the Underwriters an option to purchase an additional 2,025,000 shares of Common Stock, exercisable for 30 days from the date of the Purchase Agreement.
The Shares were purchased by the Underwriters from the Company at a price of $17.85 per share, resulting in net proceeds to the Company of approximately $240.5 million, after deducting discounts and commissions and estimated offering expenses.
The Shares were offered and sold to the Registration Statement on Form N-2 (File No. 333-248831) and a prospectus supplement and accompanying prospectus, dated February 10, 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.
Item 9.01. Financial Statements and Exhibits.
|1.1||Purchase Agreement, dated as of February 10, 2021, among Ares Capital Corporation, Ares Capital Management LLC, Ares Operations LLC and BofA Securities, Inc., Morgan Stanley & Co. LLC and Wells Fargo 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)|
ARES CAPITAL CORP Exhibit
EX-1.1 2 tm216781d1_ex1-1.htm EXHIBIT 1.1 Exhibit 1.1 ARES CAPITAL CORPORATION (a Maryland corporation) 13,…
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About ARES CAPITAL CORPORATION (NASDAQ:ARCC)
Ares Capital Corporation is a specialty finance company that is a closed-end, non-diversified management investment company. The Company’s investment objective is to generate both current income and capital appreciation through debt and equity investments. The Company invests primarily in the United States middle-market companies. The Company invests in first lien senior secured loans (including unitranche loans, which are loans that combine both senior and mezzanine debt, generally in a first lien position), second lien senior secured loans and mezzanine debt, which in some cases includes an equity component. The Company focuses on self-originating most of its investments by pursuing an array of investment opportunities in middle-market companies, venture capital backed businesses and power generation projects across multiple channels. It also makes preferred and/or common equity investments. The Company is externally managed by its investment advisor, Ares Capital Management LLC.