<SEC-DOCUMENT>0001104659-23-118224.txt : 20231114
<SEC-HEADER>0001104659-23-118224.hdr.sgml : 20231114
<ACCEPTANCE-DATETIME>20231114170507
ACCESSION NUMBER:		0001104659-23-118224
CONFORMED SUBMISSION TYPE:	497AD
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20231114
DATE AS OF CHANGE:		20231114

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:		231407798

	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>tm2330709d4_497ad.htm
<DESCRIPTION>497AD
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></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"><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"><B><U>Launch: Ares Capital Corporation</U></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">Launch: $300MM at T+235 bps</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">Issuer/Ticker: Ares Capital Corporation (ARCC)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ratings*: Moody&rsquo;s (Exp): Baa3/Positive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.75in">&nbsp;&nbsp;S&amp;P (Exp): BBB-/Stable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.75in">&nbsp;&nbsp;Fitch (Exp): BBB/Stable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tap (increase): Yes, ARCC 7.000% 01/15/27</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Total Size: USD 300MM</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Coupon: 7.000%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Coupon Frequency: Semi-Annually</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IPT: T+250a</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Maturity Date: Jan 15, 2027</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Optional Redemption: Make Whole Call</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Book Runner(s): Actives: BofA, JPM, SMBC, WFS (B&amp;D)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Use of Proceeds: The Company expects to use the net proceeds of this
offering to repay outstanding indebtedness under the Revolving Credit Facility ($1.4 billion aggregate principal amount outstanding as
of October 18, 2023), the Revolving Funding Facility ($888 million aggregate principal amount outstanding as of October 18, 2023), the
SMBC Funding Facility ($401 million aggregate principal amount outstanding as of October 18, 2023) and/or the BNP Funding Facility ($500
million aggregate principal amount outstanding as of October 18, 2023).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Change of Control: Yes, 100%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Settlement: T+3 (November 17, 2023)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Denominations: $2000 x $1000</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sales into Canada: Yes &ndash; Exemption</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Timing: Today&rsquo;s Business</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cusip: 04010LBE2</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">* 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.</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">A shelf registration statement relating to these securities is on file
with the Securities and Exchange Commission and has become effective. 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 BofA Securities,&nbsp;Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department,
or by calling 1-800-294-1322, or email dg.prospectus_requests@bofa.com; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179,
Attn: Investment Grade Syndicate Desk, 212-834-4533; SMBC Nikko Securities America,&nbsp;Inc. at 277&nbsp;Park Avenue, New York, New York
10172, Attn: Debt Capital Markets, 1-888-868-6856; or Wells Fargo Securities, LLC at 1-800-645-3751.</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">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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"><B>Investors are advised to carefully consider the investment objective,
risks, charges and expenses of Ares Capital before investing. The preliminary prospectus supplement dated November 14</B>, <B>2023, together
with an accompanying prospectus dated June 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">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.</P>

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

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