<SEC-DOCUMENT>0001104659-23-003476.txt : 20230112
<SEC-HEADER>0001104659-23-003476.hdr.sgml : 20230112
<ACCEPTANCE-DATETIME>20230112171526
ACCESSION NUMBER:		0001104659-23-003476
CONFORMED SUBMISSION TYPE:	497AD
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230112
DATE AS OF CHANGE:		20230112

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:	333-256733
		FILM NUMBER:		23526599

	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>tm233240d5_497ad.htm
<DESCRIPTION>497AD
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule&nbsp;497(a)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-256733</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 85pt"><B>Rule&nbsp;482ad</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[TEXT OF COMMUNICATION SENT VIA BLOOMBERG]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>***THIS EMAIL MAY&nbsp;BE FORWARDED TO EXTERNAL
CLIENTS***</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>***THIS DOCUMENT MAY&nbsp;ONLY BE SENT EXTERNALLY
WITH THE DISCLAIMERS INCLUDED***</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>**THIS DOCUMENT IS NOT FOR DISTRIBUTION IN THE
EEA, UK, CANADA, JAPAN OR BRAZIL**</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&#9;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>**THIS DOCUMENT IS NOT FOR DISTRIBUTION IN CHINA
(PRC) EXCEPT IN COMPLIANCE WITH ALL APPLICABLE LAWS AND REGULATIONS**</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>**ONLY FOR DISTRIBUTION TO INVESTORS WHO FALL
WITHIN ONE OR MORE OF THE CATEGORIES OF INVESTORS UNDER SECTION&nbsp;708 OF THE AUSTRALIAN CORPORATIONS ACT TO WHOM AN OFFER MAY&nbsp;BE
MADE WITHOUT DISCLOSURE UNDER PART&nbsp;6D.2 OF THE AUSTRALIAN CORPORATIONS ACT.**</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm233240d5_497adimg01.jpg" ALT="" STYLE="height: 127px; width: 348px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Ares Capital Corp</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(&ldquo;ARCC&rdquo; / NASDAQ)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Ares Capital Corporation&nbsp;</B>is a management investment company.
The Company seeks to generate both income and capital appreciation through debt and equity investments by primarily investing in U.S.
middle market companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Joint Lead Book-Running Managers</B>: Morgan Stanley, BofA Securities,
UBS Investment Bank, RBC Capital Markets, Wells Fargo Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Joint Book-Running Managers</B>: Keefe, Bruyette&nbsp;&amp; Woods,
<I>A Stifel Company</I>, Raymond James</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Co-Managers</B>: Goldman Sachs &amp; Co. LLC, Janney Montgomery
Scott, J.P. Morgan, Oppenheimer&nbsp;&amp; Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Stabilization Agent</B>:&nbsp;Morgan Stanley</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>B&amp;D:&nbsp;</B>Morgan Stanley</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Base Offering Size</B>: 9,000,000 Shares (100% Primary)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Greenshoe:&nbsp;</B>15% (100% Primary)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Launch Date:&nbsp;</B>Thursday, January 12, 2023 (Post-Close)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Expected Pricing Date:&nbsp;</B>Thursday, January 12, 2023 (Post-Close)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">***THIS DOCUMENT MAY&nbsp;ONLY BE SENT EXTERNALLY
WITH THE DISCLAIMERS INCLUDED***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">**THIS DOCUMENT IS NOT FOR DISTRIBUTION IN THE
EEA, THE UK, CANADA, JAPAN OR BRAZIL**</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">**THIS DOCUMENT IS NOT FOR DISTRIBUTION IN CHINA
(PRC) EXCEPT IN COMPLIANCE WITH ALL APPLICABLE LAWS AND REGULATIONS**</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">**ONLY FOR DISTRIBUTION TO INVESTORS WHO FALL WITHIN
ONE OR MORE OF THE CATEGORIES OF INVESTORS UNDER SECTION&nbsp;708 OF THE AUSTRALIAN CORPORATIONS ACT TO WHOM AN OFFER MAY&nbsp;BE MADE
WITHOUT DISCLOSURE UNDER PART&nbsp;6D.2 OF THE AUSTRALIAN CORPORATIONS ACT.**</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The foregoing is a preliminary summary of terms
and is subject to change.&nbsp; Please contact your representative for more details.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investors are advised to carefully consider the investment objective,
risks, charges and expenses of Ares Capital before investing. The preliminary prospectus supplement dated January 12, 2023, together with
an accompanying prospectus dated June&nbsp;3, 2021, which have been filed with the Securities and Exchange Commission, contain this and
other information about Ares Capital and should be read carefully before investing.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The information in the preliminary prospectus supplement and the
accompanying prospectus, and in this announcement, is not complete and may be changed. The preliminary prospectus supplement, the accompanying
prospectus and this announcement 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.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>A shelf registration statement relating to these securities is on
file with and has been declared effective by the Securities and Exchange Commission. The offering may be made only by means of a preliminary
prospectus supplement and an accompanying prospectus. Copies of the preliminary prospectus supplement (and accompanying prospectus) may
be obtained from Morgan Stanley &amp; Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attn: Prospectus Department; BofA Securities,
NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department, or email dg.prospectus_requests@bofa.com;
UBS Securities LLC at 1285 Avenue of the Americas, New York, New York, 10019, Attn: Prospectus Department, by telephone at (888) 827-7275,
or by email: ol-prospectus-request@ubs.com; RBC Capital Markets, LLC at 200 Vesey Street, 8th Floor, New York, New York, 10281, Attn:
Prospectus Department, or by telephone at (877) 822-4089; or Wells Fargo Securities at 500 West 33rd Street, New York, New York, 10001,
Attn: Equity Syndicate Department, by calling toll free 1-800-326-5897, or by e-mail at cmclientsupport@wellsfargo.com.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ANY DISCLAIMERS OR OTHER NOTICES THAT MAY&nbsp;APPEAR AFTER THIS
MESSAGE ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED
AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
