<SEC-DOCUMENT>0001104659-21-001563.txt : 20210106
<SEC-HEADER>0001104659-21-001563.hdr.sgml : 20210106
<ACCEPTANCE-DATETIME>20210106165258
ACCESSION NUMBER:		0001104659-21-001563
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210106
DATE AS OF CHANGE:		20210106

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-248831
		FILM NUMBER:		21511339

	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

FILED BY:		

	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:		FWP

	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>FWP
<SEQUENCE>1
<FILENAME>a20-39718_3fwp.htm
<DESCRIPTION>FWP
<TEXT>


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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 align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Filed Pursuant to Rule&nbsp;433</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:10.0pt;font-weight:bold;">Issuer Free Writing Prospectus dated January&nbsp;6, 2021</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:10.0pt;font-weight:bold;">Relating to Preliminary Prospectus Supplement dated January&nbsp;6, 2021 and</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:10.0pt;font-weight:bold;">Prospectus dated September&nbsp;16, 2020</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:10.0pt;font-weight:bold;">Registration No.&nbsp;333-248831</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="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ares Capital Corporation</font></b></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><br> $</font></b><b>650,000,000</b><b><br>  </b><b>2.150</b><b>% Notes due 20</b><b>26</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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PRICING TERM SHEET<br>  </font></b><b>January&nbsp;6</b><b>, 2021</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following sets forth the final terms of the </font>2.150% Notes due 2026 (the &#147;Notes&#148;) and should only be read together with the preliminary prospectus supplement dated January&nbsp;6, 2021, together with the accompanying prospectus dated September&nbsp;16, 2020, 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.</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;">
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Issuer</font></p>    </td>
<td width="64%" height="24" valign="top" style="height:18.2pt;padding:0in 5.75pt 0in 0in;width:64.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ares Capital Corporation</font></p>    </td>   </tr>
<tr height="25" style="height:18.75pt;">
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Security</font></p>    </td>
<td width="64%" height="25" valign="top" style="height:18.75pt;padding:0in 5.75pt 0in 0in;width:64.58%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.150</font>% Notes due   2026</p>    </td>   </tr>
<tr height="25" style="height:18.75pt;">
<td width="35%" height="25" valign="top" style="height:18.75pt;padding:0in 5.75pt 0in 0in;width:35.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ratings*</font></p>    </td>
<td width="64%" height="25" valign="top" style="height:18.75pt;padding:0in 5.75pt 0in 0in;width:64.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Baa3/BBB-/BBB (Stable/Stable/Negative)&nbsp; (Moody&#146;s/S&amp;P/Fitch)</font></p>    </td>   </tr>
<tr height="24" style="height:18.2pt;">
<td width="35%" height="24" valign="top" style="height:18.2pt;padding:0in 5.75pt 0in 0in;width:35.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate Principal Amount Offered</font></p>    </td>
<td width="64%" height="24" valign="top" style="height:18.2pt;padding:0in 5.75pt 0in 0in;width:64.58%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font>650,000,000</p>    </td>   </tr>
<tr height="24" style="height:18.2pt;">
<td width="35%" height="24" valign="top" style="height:18.2pt;padding:0in 5.75pt 0in 0in;width:35.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maturity</font></p>    </td>
<td width="64%" height="24" valign="top" style="height:18.2pt;padding:0in 5.75pt 0in 0in;width:64.58%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July&nbsp;15,   2026</font>, unless earlier repurchased or redeemed</p>    </td>   </tr>
<tr height="25" style="height:18.75pt;">
<td width="35%" height="25" valign="top" style="height:18.75pt;padding:0in 5.75pt 0in 0in;width:35.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trade Date</font></p>    </td>
<td width="64%" height="25" valign="top" style="height:18.75pt;padding:0in 5.75pt 0in 0in;width:64.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;6,   2021</font></p>    </td>   </tr>
<tr height="25" style="height:18.75pt;">
<td width="35%" height="25" valign="top" style="height:18.75pt;padding:0in 5.75pt 0in 0in;width:35.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Price to Public (Issue Price)</font></p>    </td>
<td width="64%" height="25" valign="top" style="height:18.75pt;padding:0in 5.75pt 0in 0in;width:64.58%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.593</font>%</p>    </td>   </tr>
<tr height="25" style="height:18.75pt;">
<td width="35%" height="25" valign="top" style="height:18.75pt;padding:0in 5.75pt 0in 0in;width:35.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Coupon   (Interest Rate)</font></p>    </td>
<td width="64%" height="25" valign="top" style="height:18.75pt;padding:0in 5.75pt 0in 0in;width:64.58%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.150</font>%</p>    </td>   </tr>
<tr height="25" style="height:18.75pt;">
<td width="35%" height="25" valign="top" style="height:18.75pt;padding:0in 5.75pt 0in 0in;width:35.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Yield to   Maturity</font></p>    </td>
<td width="64%" height="25" valign="top" style="height:18.75pt;padding:0in 5.75pt 0in 0in;width:64.58%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.229</font>%</p>    </td>   </tr>
<tr height="25" style="height:18.75pt;">
<td width="35%" height="25" valign="top" style="height:18.75pt;padding:0in 5.75pt 0in 0in;width:35.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Spread to   Benchmark Treasury</font></p>    </td>
<td width="64%" height="25" valign="top" style="height:18.75pt;padding:0in 5.75pt 0in 0in;width:64.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">+180 basis   points</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Benchmark   Treasury</font></p>    </td>
<td width="64%" height="25" valign="top" style="height:18.75pt;padding:0in 5.75pt 0in 0in;width:64.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.375% due   December&nbsp;31, 2025</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Benchmark   Treasury Price and Yield</font></p>    </td>
<td width="64%" height="25" valign="top" style="height:18.75pt;padding:0in 5.75pt 0in 0in;width:64.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99-23+ /   0.429%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest Payment Dates</font></p>    </td>
<td width="64%" height="25" valign="top" style="height:18.75pt;padding:0in 5.75pt 0in 0in;width:64.5%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;15   </font>and July&nbsp;15,   commencing July&nbsp;15, 2021</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Change of Control</font></p>    </td>
<td width="64%" height="25" valign="top" style="height:18.75pt;padding:0in 5.75pt 0in 0in;width:64.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="71" style="height:53.0pt;">
<td width="35%" height="71" valign="top" style="height:53.0pt;padding:0in 5.75pt 0in 0in;width:35.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Make-Whole Redemption</font></p>    </td>
<td width="64%" height="71" valign="top" style="height:53.0pt;padding:0in 5.75pt 0in 0in;width:64.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equal to the   greater of the following amounts, plus, in each case, accrued and unpaid   interest to the redemption date:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.1pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>100% of the principal amount of the Notes to be   redeemed, or</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.1pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 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   30 basis points; <i>provided, however</i>,   that if Ares Capital redeems any Notes on or after June&nbsp;15, 2026 (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.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="25" style="height:18.75pt;">
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Settlement Date</font></p>    </td>
<td width="64%" height="25" valign="top" style="height:18.75pt;padding:0in 5.75pt 0in 0in;width:64.5%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;13</font>, 2021 (T+5)</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Denomination</font></p>    </td>
<td width="64%" height="25" valign="top" style="height:18.75pt;padding:0in 5.75pt 0in 0in;width:64.5%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font>2,000 and integral multiples of $1,000 in excess   thereof</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP</font></p>    </td>
<td width="64%" height="25" valign="top" style="height:18.75pt;padding:0in 5.75pt 0in 0in;width:64.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">04010L BA0</font></p>    </td>   </tr>
<tr height="24" style="height:18.2pt;">
<td width="35%" height="24" valign="top" style="height:18.2pt;padding:0in 5.75pt 0in 0in;width:35.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ISIN</font></p>    </td>
<td width="64%" height="24" valign="top" style="height:18.2pt;padding:0in 5.75pt 0in 0in;width:64.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">US04010LBA08</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joint Book-Running Managers</font></p>    </td>
<td width="64%" height="54" valign="top" style="height:40.5pt;padding:0in 5.75pt 0in 0in;width:64.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BofA Securities,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J.P. Morgan Securities LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SMBC Nikko Securities America,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wells Fargo Securities, LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BMO Capital Markets Corp.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BNP Paribas Securities Corp.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mizuho Securities USA LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Stanley&nbsp;&amp; Co. LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MUFG Securities Americas Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC Capital Markets, LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Truist Securities,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joint Lead Managers</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="64%" height="37" valign="top" style="height:27.6pt;padding:0in 5.75pt 0in 0in;width:64.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Barclays Capital Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Goldman Sachs&nbsp;&amp; Co. LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HSBC Securities (USA) Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regions Securities LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SG Americas Securities, LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Co-Managers</font></p>    </td>
<td width="64%" height="75" valign="top" style="height:56.25pt;padding:0in 5.75pt 0in 0in;width:64.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Natixis Securities Americas LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citigroup Global Markets Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deutsche Bank Securities Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ICBC Standard Bank Plc</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Santander Investment Securities Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Bancorp Investments,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BNY Mellon Capital Markets, LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CIBC World Markets Corp.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Comerica Securities,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Credit Suisse Securities (USA) LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">JMP Securities LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Keefe, Bruyette&nbsp;&amp; Woods,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R. Seelaus&nbsp;&amp; Co., LLC</font></p>    </td>   </tr>  </table>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&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;">* 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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ares Capital Corporation expects that delivery of the Notes will be made to investors on or about </font>January&nbsp;13, 2021, which will be the fifth business day following the date hereof. Under Rule&nbsp;15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Notes on any date prior to two business days before delivery will be required by virtue of the fact that the Notes initially settle in T+5, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes on any date prior to two business days before delivery should consult their advisors.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&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="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The issuer has filed a registration statement, including a prospectus and a prospectus supplement with the SEC, for the offering to which this communication relates. Before you invest, you should read the prospectus and prospectus supplement in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may obtain these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the prospectus supplement if you request them by calling BofA Securities,&nbsp;Inc. at 1-800-294-1322, J.P. Morgan Securities LLC at 212-834-4533, SMBC Nikko Securities America,&nbsp;Inc. at 1-888-868-6856 or Wells Fargo Securities, LLC at (800) 645-3751.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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