Ares Capital Corporation (NASDAQ:ARCC) shares are trading lower by 3.49% to $18.92 Friday morning after the company priced a public offering.
Ares Capital says the offering was upsized from its previously announced offering size of 9,000,000 shares. The company has granted the underwriters an option to purchase up to an additional 1,575,000 shares of common stock.
Ares says the offering is subject to customary closing conditions and is expected to close on January 18.
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The company expects to use the net proceeds of this offering to repay certain outstanding indebtedness under its credit facilities. Ares Capital may reborrow under its credit facilities for general corporate purposes, which include investing in portfolio companies in accordance with its investment objective.
According to data from Benzinga Pro, ARCC has a 52-week high of $23.00 and a 52-week low of $16.53.