<SEC-DOCUMENT>0001104659-14-081724.txt : 20141118
<SEC-HEADER>0001104659-14-081724.hdr.sgml : 20141118
<ACCEPTANCE-DATETIME>20141118171855
ACCESSION NUMBER:		0001104659-14-081724
CONFORMED SUBMISSION TYPE:	497AD
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20141118
DATE AS OF CHANGE:		20141118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CAPITAL CORP
		CENTRAL INDEX KEY:			0001287750
		IRS NUMBER:				331089684
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		497AD
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-195748
		FILM NUMBER:		141232760

	BUSINESS ADDRESS:	
		STREET 1:		245 PARK AVENUE, 44TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10167
		BUSINESS PHONE:		2127507300

	MAIL ADDRESS:	
		STREET 1:		245 PARK AVENUE, 44TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10167
</SEC-HEADER>
<DOCUMENT>
<TYPE>497AD
<SEQUENCE>1
<FILENAME>a14-24580_7497ad.htm
<DESCRIPTION>497AD
<TEXT>


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Filed pursuant to Rule&nbsp;497(a)</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Registration No.&nbsp;333-195748</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Rule&nbsp;482ad</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:16.0pt;font-weight:bold;">Ares Capital Corporation</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;"><br>  </font></b><b><font size="2" style="font-size:11.0pt;font-weight:bold;">$400,000,000<br> 3.875% Notes due 2020</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">PRICING TERM SHEET<br> November&nbsp;18, 2014</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The following sets forth the final terms of the 3.875% Notes due 2020 and should only be read together with the preliminary prospectus supplement dated November&nbsp;18, 2014, together with the accompanying prospectus dated June&nbsp;27, 2014, relating to these securities (the &#147;Preliminary Prospectus&#148;), and supersedes the information in the Preliminary Prospectus to the extent inconsistent with the information in the Preliminary Prospectus.&#160; In all other respects, this pricing term sheet is qualified in its entirety by reference to the Preliminary Prospectus.&#160; Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Prospectus.&#160; All references to dollar amounts are references to U.S. dollars.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Issuer</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ares Capital Corporation</font></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Security</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3.875% Notes due 2020</font></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ratings*</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">BBB/BBB (Stable/Pos)</font></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Aggregate Principal Amount   Offered</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$400,000,000</font></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Maturity</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">January&nbsp;15, 2020, unless   earlier repurchased or redeemed</font></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Trade Date</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">November&nbsp;18, 2014</font></p>    </td>   </tr>
<tr>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Price to Public (Issue Price)</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">99.600%</font></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Coupon (Interest Rate)</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3.875%</font></p>    </td>   </tr>
<tr>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Yield to Maturity</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3.960%</font></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Spread to Benchmark Treasury</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">235 basis points</font></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Benchmark Treasury</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1.500% due October&nbsp;31,   2019</font></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Benchmark Treasury Price and   Yield</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="font-size:12.0pt;line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">99-15</font><font size="1" style="font-size:8.0pt;position:relative;top:-4.0pt;">1</font>/<font size="1" style="font-size:8.0pt;position:relative;top:1.0pt;">4</font>/1.610%</p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest Payment Dates</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">January&nbsp;15 and   July&nbsp;15, commencing July&nbsp;15, 2015</font></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Make-Whole Redemption</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Equal to the greater of the   following amounts, plus, in each case, accrued and unpaid interest to the   redemption date:</font></p>
<p style="font-size:12.0pt;line-height:14.0pt;margin:9.0pt 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">-&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" style="font-size:6.0pt;">&nbsp;</font>100% of the principal amount of   the notes to be redeemed, or</p>
<p style="font-size:12.0pt;line-height:14.0pt;margin:9.0pt 0in .0001pt .25in;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">-&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" style="font-size:6.0pt;">&nbsp;</font>the sum of the present values   of the remaining scheduled payments of principal and interest (exclusive of accrued   and unpaid interest to the date of redemption) on the </p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="line-height:14.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">notes to be redeemed,   discounted to the redemption date on a semi-annual basis (assuming a 360-day   year consisting of twelve 30-day months) using the applicable Treasury Rate   plus 35 basis points; <i>provided, however</i>,   that if we redeem any Notes on or after December&nbsp;15, 2019 (the date   falling one month prior to the maturity date of the Notes), the redemption   price for the Notes will be equal to 100% of the principal amount of the   Notes to be redeemed, plus accrued and unpaid interest, if any, to, but   excluding, the date of redemption.</font></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Change of Control</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Holders have the right to   require Ares Capital to repurchase the notes at 100% of their principal   amount plus accrued and unpaid interest, if any, in the event of a change of   control repurchase event.</font></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Settlement Date</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">November&nbsp;21, 2014 (T+3)</font></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Denomination</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$2,000 and integral multiples   of $1,000 in excess thereof</font></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CUSIP</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">04010LAP8</font></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ISIN</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">US04010LAP85</font></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Joint Book-Running Managers</font></p>    </td>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="line-height:14.0pt;margin:9.0pt 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Merrill Lynch, Pierce,   Fenner&nbsp;&amp; Smith</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incorporated</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">J.P. Morgan Securities LLC</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Wells Fargo Securities, LLC</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Barclays Capital Inc.</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Deutsche Bank Securities Inc.</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mizuho Securities USA Inc.</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Morgan Stanley&nbsp;&amp; Co. LLC</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">SunTrust Robinson Humphrey,&nbsp;Inc.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Investors are advised to carefully consider the investment objective, risks, charges and expenses of Ares Capital before investing.&#160; The Preliminary Prospectus, which has been filed with the Securities and Exchange Commission, contains this and other information about Ares Capital and should be read carefully before investing.</font></b></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The information in the Preliminary Prospectus and in this pricing term sheet is not complete and may be changed.&#160; The Preliminary Prospectus and this pricing term sheet 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.</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">A shelf registration statement relating to these securities is on file with and has been declared effective by the Securities and Exchange Commission.&#160; The offering may be made only by means of a preliminary prospectus supplement and an accompanying prospectus.&#160; Copies of the Preliminary Prospectus may be obtained from BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn:&#160; Prospectus Department, 800-294-1322 or e-mail dg.prospectusrequests@baml.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn:&#160; Prospectus Department, 866-803-9204; or Wells Fargo Securities, LLC, Attention: WFS Customer Service, 608 2</font></b><b><font size="1" style="font-size:7.0pt;font-weight:bold;position:relative;top:-3.0pt;">nd</font></b><b><font size="2" style="font-size:11.0pt;font-weight:bold;">&#160;Avenue, South Minneapolis, MN 55402, Attn: WFS Customer Service, or by calling (800) 645-3751, or by email: wfscustomerservice@wellsfargo.com.</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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