A fresh block of Ares Capital (ARCC 0.82%) common stock will soon hit the market. The business development company announced that it plans to float 11 million shares in an underwritten public flotation. Additionally, it plans to grant the offering's underwriters a purchase option for up to an additional 1.65 million shares.

Ares Capital said it plans to use the proceeds of the issue to retire debt "and, to the extent not used for such purpose, for general corporate purposes, which may include investing in portfolio companies in accordance with its investment objective." 

The joint book-running managers of the offering are Morgan Stanley, Bank of America unit Merrill Lynch, and the Securities arm of Wells Fargo.

At the moment, Ares Capital has 268.3 million shares outstanding, and its stock most recently closed at $17.56 per share.