Ares Capital Corp. launched its first commercial paper program, creating capacity to issue up to $1 billion of short-term unsecured notes.
The company said the new program gives it a lower-cost funding option relative to other sources. It plans to use available borrowing capacity from its $5.5 billion revolving credit facility as a liquidity backstop for repayment of the notes.
The commercial paper program expands Ares Capital’s short-term financing toolbox alongside its existing credit line. The company did not disclose any notes already issued under the program.
Ares Capital said proceeds from any notes sold under the program will be used for general corporate purposes. The notes will rank equally with the company’s other senior unsecured debt.
The move comes as Ares Capital, founded in 2004, continues to operate as a specialty finance lender focused on direct loans to U.S. middle-market companies. It said it was the largest publicly traded BDC by market capitalization as of March 31, 2026. Following these announcements, the company's shares moved 0.21%, and are now trading at a price of $18.83. For the full picture, make sure to review ARES CAPITAL CORP's 8-K report.
