Ares Capital Corporation Prices Public Offering of $750.0 Million 3.875% Unsecured Notes Due 2026

Ares Capital Corporation (Nasdaq:ARCC) announced that it has priced an underwritten public offering of $750.0 million in aggregate principal amount of 3.875% notes due 2026. The notes will mature on January 15, 2026 and may be redeemed in whole or in part at Ares Capital’s option at any time at par plus a “make-whole” premium, if applicable.

BofA Securities, Inc., J.P. Morgan Securities LLC, SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC, BMO Capital Markets, LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC and SunTrust Robinson Humphrey, Inc. are acting as joint book-running managers for this offering. Barclays Capital Inc., BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Natixis Securities Americas LLC, Regions Securities LLC and SG Americas Securities, LLC are acting as joint lead managers for this offering. Citigroup Global Markets Inc., Deutsche Bank Securities Inc., ICBC Standard Bank Plc, Santander Investment Securities Inc., U.S. Bancorp Investments, Inc., BNY Mellon Capital Markets, LLC, CIBC World Markets Corp., Comerica Securities, Inc., Credit Suisse Securities (USA) LLC, JMP Securities LLC, Keefe, Bruyette & Woods, Inc. and R. Seelaus & Co., LLC are acting as co-managers for this offering. The offering is expected to close on July 15, 2020, subject to customary closing conditions.

Ares Capital expects to use the net proceeds of this offering to repay certain outstanding indebtedness under its debt facilities. Ares Capital may reborrow under its debt facilities for general corporate purposes, which include investing in portfolio companies in accordance with its investment objective.

Investors are advised to carefully consider the investment objective, risks, charges and expenses of Ares Capital before investing. The pricing term sheet dated July 8, 2020, the preliminary prospectus supplement dated July 8, 2020 and the accompanying prospectus dated May 29, 2019, each of which have been filed with the Securities and Exchange Commission, contain this and other information about Ares Capital and should be read carefully before investing.

The information in the pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. The pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release are not offers to sell any securities of Ares Capital and are not soliciting an offer to buy such securities in any jurisdiction where such offer and sale is not permitted.