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Ares Capital Launches $1 Billion Commercial Paper Program

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Ares Capital (ARCC) said Monday it started a commercial paper program to issue up to $1 billion in short-term unsecured notes.

The securities will rank equally with the company's other senior unsecured debt. The company expects funding cost advantages and plans to use its $5.5 billion revolving credit facility as a liquidity backstop for repayment of the notes.

Net proceeds from the issuance will be used for general corporate purposes, Ares Capital said.

Price: $18.80, Change: $+0.01, Percent Change: +0.03%

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