Published on 11/18/2014 in the Prospect News Investment Grade Daily.
New Issue: Ares prices upsized $400 million 3.875% five-year senior notes at 235 bps spread
By Aleesia Forni
Virginia Beach, Nov. 18 – Ares Capital Corp. sold an upsized $400 million offering of 3.875% senior notes due Jan. 15, 2020 with a spread of 235 basis points over Treasuries, according to an informed source and a 497AD filed with the Securities and Exchange Commission.
The notes (/BBB/BBB) sold in line with talk, which had firmed around 15 bps compared to initial guidance.
Pricing was at 99.6 to yield 3.96%.
The bookrunners were BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Barclays, Deutsche Bank Securities Inc., Mizuho Securities (USA) Inc., Morgan Stanley & Co. LLC and SunTrust Robinson Humphrey Inc.
Proceeds will be used for general corporate purposes.
The alternative asset management firm is based in Los Angeles.
Issuer: | Ares Capital Corp.
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Amount: | $400 million, upsized from $300 million
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Description: | Senior notes
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Maturity: | Jan. 15, 2020
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Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Barclays, Deutsche Bank Securities Inc., Mizuho Securities (USA) Inc., Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey Inc.
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Coupon: | 3.875%
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Price: | 99.6
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Yield: | 3.96%
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Spread: | Treasuries plus 235 bps
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Make-whole call: | Treasuries plus 35 bps prior to Dec. 15, 2019, then callable at par
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Change-of-control put: | At par plus accrued interest
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Trade date: | Nov. 18
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Settlement date: | Nov. 21
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Ratings: | Standard & Poor's: BBB
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| Fitch: BBB
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Price talk: | Treasuries plus 235 bps area, tightened from Treasuries plus 250 bps area
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