Ares Capital Corporation (NASDAQ: ARCC) has declared the pricing of a public offering of 10,000,000 shares of its common stock. Ares Capital has provided an opportunity to the underwriters to buy up to an extra 1,500,000 shares of common stock. The company stated that the underwriters will be able to sell shares of common stock in one or more offerings on The NASDAQ Global Select Market from time to time.
Ares Capital aims to use the net gains from this offering to pay down some of its overdue credit facility debt. Ares Capital may use its credit facilities to reborrow for general business activities, such as investing in portfolio firms that meet its investment objectives.
Furthermore, the shares are being offered under Ares Capital’s shelf registration statement submitted with the SEC on June 3, 2021, which became valid automatically upon submission. The official close price of Ares Capital’s common stock on The NASDAQ Global Select Market under the symbol "ARCC" remained $22.05 per share on January 12, 2022.
The company has disclosed that the offering is dependent on certain standard ending requirements and is likely to end on January 18, 2022. The company has advised the investors to look cautiously at the investment intent, risks, fees, and costs of Ares Capital before investing.