Ares Capital (ARCC) Announces Plans to Raise Private Debt Fund
Ares Capital Corporation (NASDAQ: ARCC) announced that it plans to privately raise up to $250 million through a private debt fund that would invest principally in newly originated and secondary senior secured debt. The new fund would be managed by a wholly owned subsidiary of Ares Capital. The purpose of the new fund is to capitalize on current market opportunities by leveraging Ares Capital's investment and management infrastructure.
In connection with the private fund raise Ares Capital anticipates selling a warrant for fair value to the new fund for cash that would permit the fund, upon certain circumstances, to purchase up to 20% of Ares Capital's common stock.
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