WASHINGTON (August 19, 2009) – Sutherland Asbill & Brennan LLP represented Ares Capital Corporation (NASDAQ: ARCC) as special regulatory counsel in an underwritten public offering of 12,439,908 shares of its common stock (including 1,439,908 shares pursuant to the exercise by the underwriters of their overallotment option) at a price per share of $9.25 to the public, raising approximately $109.6 million in net proceeds after deducting underwriting discount and commissions and estimated offering expenses. No additional shares will be available for purchase by the underwriters pursuant to the overallotment option.
J.P. Morgan Securities Inc., Citi, UBS Investment Bank and Wells Fargo Securities, LLC acted as joint bookrunners for the offering, and SunTrust Robinson Humphrey, Inc., BMO Capital Markets Corp. and Stifel, Nicolaus & Company, Incorporated acted as co-managers.
Ares Capital Corporation is a specialty finance company that provides integrated debt and equity financing solutions to U.S. middle market companies. Ares Capital Corporation invests primarily in first and second lien loans and mezzanine debt, which in some cases includes an equity component. To a lesser extent, Ares Capital Corporation also makes equity investments.
The Sutherland team representing Ares Capital Corporation was led by Steven B. Boehm, John J. Mahon, Anne W. Gray and Vlad M. Bulkin.
Inquiries related to this transaction may be directed to Steven B. Boehm, a partner in Sutherland’s Financial Services Group, at 202.383.0176 or email@example.com, or John J. Mahon, a partner in Sutherland’s Corporate Group, at 202.383.0515 or firstname.lastname@example.org.
SUTHERLAND ASBILL & BRENNAN LLP
Sutherland Asbill & Brennan LLP is a law firm with global reach known for solving challenging business problems and resolving sophisticated legal issues for many of the world’s largest companies. Founded in 1924, the firm handles matters throughout the United States and worldwide. Seven major practice areas—corporate, energy and environmental, financial services, intellectual property, litigation, real estate, and tax—provide the framework for an extensive range of focus areas, allowing Sutherland attorneys to serve a diverse client base that ranges from small and medium-sized start-up businesses to a significant number of Fortune 100 companies.