<SEC-DOCUMENT>0001104659-24-057529.txt : 20240506
<SEC-HEADER>0001104659-24-057529.hdr.sgml : 20240506
<ACCEPTANCE-DATETIME>20240506171505
ACCESSION NUMBER:		0001104659-24-057529
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240506
DATE AS OF CHANGE:		20240506

SUBJECT COMPANY:	

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

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-279023
		FILM NUMBER:		24918590

	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
		ORGANIZATION NAME:           	
		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>
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<SEQUENCE>1
<FILENAME>tm2413645d1_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Filed Pursuant to Rule 433<BR>
Issuer Free Writing Prospectus dated May 6, 2024<BR>
Relating to Preliminary Prospectus Supplement dated May 6, 2024 and<BR>
Prospectus dated May 1, 2024<BR>
Registration No. 333-279023</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Ares Capital Corporation</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$850,000,000<BR>
5.950% Notes due 2029</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PRICING TERM SHEET<BR>
May 6, 2024</P>

<P STYLE="font: bold 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: justify">The following sets forth the final terms of the
5.950% Notes due 2029 (the &ldquo;Notes&rdquo;) and should only be read together with the preliminary prospectus supplement dated May
6, 2024, together with the accompanying prospectus dated May 1, 2024, relating to these securities (the &ldquo;Preliminary Prospectus&rdquo;),
and supersedes the information in the Preliminary Prospectus to the extent inconsistent with the information in the Preliminary Prospectus.
In all other respects, this pricing term sheet is qualified in its entirety by reference to the Preliminary Prospectus. Terms used herein
but not defined herein shall have the respective meanings as set forth in the Preliminary Prospectus. All references to dollar amounts
are references to U.S. dollars.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-weight: bold">Issuer</TD>
    <TD STYLE="width: 55%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Ares Capital Corporation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.4pt; font-weight: bold">Security</TD>
    <TD STYLE="padding: 6pt 5.4pt">5.950% Notes due 2029</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.4pt; font-weight: bold">Ratings (Moody&rsquo;s / S&amp;P / Fitch)*</TD>
    <TD STYLE="padding: 6pt 5.4pt">Baa3/BBB-/BBB (Positive/Positive/Positive)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.4pt; font-weight: bold">Aggregate Principal Amount Offered</TD>
    <TD STYLE="padding: 6pt 5.4pt">$850,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.4pt; font-weight: bold">Maturity</TD>
    <TD STYLE="padding: 6pt 5.4pt">July 15, 2029, unless earlier repurchased or redeemed</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.4pt; font-weight: bold">Trade Date</TD>
    <TD STYLE="padding: 6pt 5.4pt">May 6, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.4pt; font-weight: bold">Settlement Date**</TD>
    <TD STYLE="padding: 6pt 5.4pt">May 13, 2024 (T+5)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Interest Payment Dates</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">January 15 and July 15, commencing July 15, 2024</TD></TR>
  </TABLE>

<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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-weight: bold">Price to Public (Issue Price)</TD>
    <TD STYLE="width: 55%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">98.983% of the principal amount</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.4pt; font-weight: bold">Coupon (Interest Rate)</TD>
    <TD STYLE="padding: 6pt 5.4pt">5.950%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.4pt; font-weight: bold">Yield to Maturity</TD>
    <TD STYLE="padding: 6pt 5.4pt">6.185%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.4pt; font-weight: bold">Benchmark Treasury</TD>
    <TD STYLE="padding: 6pt 5.4pt">4.625% due April 30, 2029</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.4pt; font-weight: bold">Benchmark Treasury Price / Yield</TD>
    <TD STYLE="padding: 6pt 5.4pt">100-19 &frac34; &nbsp;/ 4.485%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.4pt; font-weight: bold">Spread to Benchmark Treasury</TD>
    <TD STYLE="padding: 6pt 5.4pt">+170 basis points</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.4pt; font-weight: bold">Change of Control</TD>
    <TD STYLE="padding: 6pt 5.4pt">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.</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; padding: 6pt 5.4pt; font-weight: bold">Optional Redemption</TD>
    <TD STYLE="width: 55%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to June 15, 2029 (one month prior to their maturity date) (the
    &ldquo;Par Call Date&rdquo;), Ares Capital may redeem the Notes at its option, in whole or in part, at any time and from time to time,
    at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:</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 0pt 0.5in; text-indent: -0.5in">1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption
    date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
    at the Treasury Rate plus 30 basis points less (b) interest accrued to the date of redemption, and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>100% of the principal amount of the Notes to be redeemed,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">plus, in either case, accrued and unpaid interest
    thereon to the redemption date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">On or after the Par Call Date, Ares Capital may redeem
    the Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the
    Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

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    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-weight: bold; width: 45%">Denomination</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; width: 55%">$2,000 and integral multiples of $1,000 in excess thereof</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.4pt; font-weight: bold">CUSIP / ISIN</TD>
    <TD STYLE="padding: 6pt 5.4pt">04010LBG7 / US04010LBG77</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.4pt; font-weight: bold">Joint Book-Running Managers</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">BofA Securities, Inc.<BR> J.P. Morgan Securities LLC<BR>  SMBC Nikko Securities America, Inc.<BR>  Wells Fargo Securities, LLC<BR> Mizuho Securities USA LLC<BR> MUFG Securities Americas Inc.<BR> RBC Capital Markets, LLC<BR> Truist Securities, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.4pt; font-weight: bold">Joint Lead Managers</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">CIBC World Markets Corp.<BR> ICBC Standard Bank Plc<BR> Morgan Stanley &amp; Co. LLC Barclays Capital Inc.<BR> BNP Paribas Securities Corp.<BR> BNY Mellon Capital Markets, LLC<BR> Capital One Securities, Inc.<BR> Goldman Sachs &amp; Co. LLC<BR> Natixis Securities Americas LLC<BR> Regions Securities LLC<BR> SG Americas Securities, LLC<BR> U.S. Bancorp Investments, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.4pt; font-weight: bold">Co-Managers</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">ING Financial Markets LLC<BR> R. Seelaus &amp; Co., LLC Academy Securities, Inc.<BR> Citigroup Global Markets Inc.<BR> Comerica Securities, Inc.<BR> Deutsche Bank Securities Inc.<BR> Keefe, Bruyette &amp; Woods, Inc.<BR> Loop Capital Markets LLC<BR> Samuel A. Ramirez &amp; Company, Inc.<BR> Siebert Williams Shank &amp; Co., LLC</TD></TR>
  </TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">**Ares Capital Corporation expects that delivery
of the Notes will be made to investors on or about May 13, 2024, which will be the fifth business day following the date hereof. Under
Rule 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investors are advised to carefully consider
the investment objective, risks, charges and expenses of Ares Capital before investing. 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.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information in the Preliminary Prospectus
and in this pricing term sheet is not complete and may be changed. 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>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&nbsp;<U>www.sec.gov</U>. 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, Inc. at 1-800-294-1322,
J.P. Morgan Securities LLC at 1-212-834-4533, SMBC Nikko Securities America, Inc. at 1-888-868-6856 or Wells Fargo Securities, LLC at
1-800-645-3751.</B></P>

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

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