EX-99.(17)(D) 10 a2229533zex-99_17d.htm EX-99.(17)(D)

Exhibit (17)(d)

| September 16, 2016

The Board of Directors

Ares Capital Corporation

245 Park Avenue

44 th Floor

New York, NY 10167

The Board of Directors:

We hereby consent to the inclusion of our opinion letter, dated May 23, 2016, to the Board of Directors of Ares Capital Corporation (“Ares Capital”) as Annex D to, and reference thereto under the headings “Summary—Ares Capital’s Board of Directors Received Opinions From its Financial Advisors Regarding the Merger Consideration”, “Summary—Reasons for the Transactions—Ares Capital”, “Description of the Transactions—Background of the Transactions”, “Description of the Transactions—Reasons for the Transactions—Ares Capital”, “Description of the Transactions—Financial Forecasts and Estimates—Ares Capital” and “Description of the Transactions—Opinions of Financial Advisors to the Ares Capital Board of Directors—Wells Fargo Securities, LLC” in the joint proxy statement/prospectus relating to the proposed mergers involving Ares Capital and American Capital, Ltd. (“American Capital”), which joint proxy statement/prospectus forms a part of Amendment No. 1 to the Registration Statement on Form N-14 (File No. 333-212604) of Ares Capital (the “Registration Statement”). By giving such consent, we do not thereby admit that we are experts with respect to any part of such Registration Statement within the meaning of the term “expert” as used in, or that we come within the category of persons whose consent is required under, the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission promulgated thereunder.

Very truly yours, |
/s/ WELLS FARGO SECURITIES, LLC |
WELLS FARGO SECURITIES, LLC |