Ares Capital to Float New Stock Issue

Ares Capital (NASDAQ: ARCC  ) is making a new attempt to expand its capital base. The company will float a 16.65 million share common stock issue in an underwritten public offering. The firm also plans to offer its underwriters an option to purchase up to an additional 2.4975 million common shares collectively.

Ares Capital said it intends to use the proceeds of the issue to pay down debt and for "general corporate purposes, which may include investing in portfolio companies in accordance with its investment objective."

The joint book-running managers of the issue are Bank of America's Merrill Lynch, JPMorgan Chase unit J.P. Morgan, UBS, and Morgan Stanley. Ares Capital did not specify the time frame for the offering.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2342926, ~/Articles/ArticleHandler.aspx, 7/22/2014 1:55:16 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

TREND TRACKER: Get Rich When the Web Goes Dark

It's time to say "goodbye" to your Internet! One bleeding-edge technology is about to put the World Wide Web to bed. And if you act right away, it could make you wildly rich. Experts are calling it the single largest business opportunity in the history of capitalism… The Economist is calling it "transformative"... but you'll probably just call it "how I made my millions." Big money is already on the move. Don't be too late to the party – find out the 1 stock to own when the Web goes dark.