Ares Capital Corporation Prices Public Offering of $650.0 Million 4.200% Unsecured Notes Due 2024

NEW YORK–(BUSINESS WIRE)–Ares Capital Corporation (Nasdaq:ARCC) announced that it has priced an
underwritten public offering of $650.0 million in aggregate principal
amount of 4.200% notes due 2024. The notes will mature on June 10, 2024
and may be redeemed in whole or in part at Ares Capital’s option at any
time at par plus a “make-whole” premium, if applicable.

BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo
Securities, LLC, BMO Capital Markets, LLC, Mizuho Securities USA LLC,
MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc. and
SunTrust Robinson Humphrey, Inc. are acting as joint book-running
managers for this offering. Barclays Capital Inc., BNP Paribas
Securities Corp., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc.,
Morgan Stanley & Co. LLC, Natixis Securities Americas LLC, RBC Capital
Markets, LLC, Regions Securities LLC and SG Americas Securities, LLC are
acting as joint lead managers for this offering. Capital One Securities,
Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., ICBC
Standard Bank Plc, Santander Investment Securities Inc., U.S. Bancorp
Investments, Inc., BNY Mellon Capital Markets, LLC, CIBC World Markets
Corp., Comerica Securities, Inc., Credit Suisse Securities (USA) LLC,
JMP Securities LLC and Keefe, Bruyette & Woods, Inc. are acting as
co-managers for this offering. The offering is expected to close on June
10, 2019, subject to customary closing conditions.

Ares Capital expects to use the net proceeds of this offering to repay
certain outstanding indebtedness under its debt facilities. Ares Capital
may reborrow under its debt facilities for general corporate purposes,
which include investing in portfolio companies in accordance with its
investment objective.

Investors are advised to carefully consider the investment objective,
risks, charges and expenses of Ares Capital before investing.
The
pricing term sheet dated June 5, 2019, the preliminary prospectus
supplement dated June 5, 2019 and the accompanying prospectus dated May
29, 2019, each of 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.

The information in the pricing term sheet, the preliminary prospectus
supplement, the accompanying prospectus and this press release is not
complete and may be changed.
The pricing term sheet, the
preliminary prospectus supplement, the accompanying prospectus and this
press release 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.

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, Inc., NC1-004-03-43, 200 North College Street, 3rd
floor, Charlotte NC
28255-0001, Attn: Prospectus Department, or
email
dg.prospectus_requests@baml.com;
J.P. Morgan Securities LLC, 383 Madison Avenue, New York NY 10179, Attn:
Investment Grade Syndicate Desk, 212-834-4533; or Wells Fargo
Securities, LLC, Attention: WFS Customer Service, 608 2nd Avenue, Suite
1000, Minneapolis, MN 55402, Attn: WFS Customer Service, or by calling
(800) 645-3751, or by email:
wfscustomerservice@wellsfargo.com.

ABOUT ARES CAPITAL CORPORATION

Ares Capital is a leading specialty finance company that provides
one-stop debt and equity financing solutions to U.S. middle market
companies and power generation projects. Ares Capital originates and
invests in senior secured loans, mezzanine debt and, to a lesser extent,
equity investments through its national direct origination platform.
Ares Capital’s investment objective is to generate both current income
and capital appreciation through debt and equity investments primarily
in private companies. Ares Capital has elected to be regulated as a
business development company (“BDC”) and is the largest BDC by both
market capitalization and total assets. Ares Capital is externally
managed by a subsidiary of Ares Management Corporation (NYSE: ARES), a
publicly traded, leading global alternative asset manager.

FORWARD-LOOKING STATEMENTS

Statements included herein may constitute “forward-looking statements,”
which relate to future events or Ares Capital’s future performance or
financial condition. These statements are not guarantees of future
performance, condition or results and involve a number of risks and
uncertainties. Actual results and conditions may differ materially from
those in the forward-looking statements as a result of a number of
factors, including those described from time to time in Ares Capital’s
filings with the Securities and Exchange Commission. Ares Capital
undertakes no duty to update any forward-looking statements made herein.

Contacts

INVESTOR RELATIONS
Ares Capital Corporation
Carl G.
Drake or John Stilmar
888-818-5298
irarcc@aresmgmt.com

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