Ares Capital Corporation (ARCC) announced the establishment of a new commercial paper program allowing it to issue up to $1 billion in short-term, unsecured commercial paper notes. The program is designed to provide a new source of financing, with the company expecting to realize cost benefits compared to other funding sources. Net proceeds from the issuance are intended for general corporate purposes.
Key Details
- Program Size: Up to $1 billion maximum aggregate principal amount outstanding at any time.
- Note Terms: Unsecured commercial paper notes with maturities of up to 397 days. The notes will rank pari passu with the company's other senior unsecured debt.
- Liquidity Backstop: The company's existing $5.5 billion Revolving Credit Facility is expected to serve as a liquidity backstop for the repayment of the notes.
- Status: The program was established on June 4, 2026. As of the filing date, no notes have been issued under the program.