ARES CAPITAL WILL OFFER 9.2 MILLION SHARES
It was said this Thursday that Ares Capital Corporation will sell 8 million common shares for a public offering, and to the underwriters, 1.2 million shares in case the first offering is undersold.
Ares is a specialty finance company that gives solutions to United States middle market companies by providing integrated debt and equity financing. Primarily, Ares Capital Corporation invest in first and second lien loans. It also makes equity investments.
The cost of shares still remain unknown, since it has not currently been priced. Based on this Thursday’s closing price of $9.71, the total offering would raise $89.3 million. After the offering was announced, Ares shares fell 4.7 percent, or 46 cents, from $9.71 down to $9.25.
For general corporate purposes, Ares would use the money. It would also use the money to repay debt for investments, of which is about 97.2 common shares.
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Carmela 15Sep09
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