Ares Capital May Sell 10M Shares
Ares Capital (Nasdaq: ARCC), the diversified financial services company, said it may sell up to 10 million shares to raise capital to reduce debt and cover other corporate costs.
Underwriters will be granted an allotment to purchase an additional 1.5 million shares.
Ares said it expects to use the net proceeds of the offering to repay certain outstanding debts under its credit facilities and a revolving securitized facility, and for general corporate purposes, according to the Associated Press.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.