Business Context and Reporting Period
This Form 8-K Current Report was filed by Ares Capital Corporation on August 6, 2020, covering events occurring between August 6, 2020, and August 10, 2020. The filing details changes to the Company's "at the market" equity distribution program.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. It is a report on corporate actions regarding equity distribution agreements.
Material Changes
- Addition of Sales Agent: On August 10, 2020, the Company entered into an Equity Distribution Agreement with Regions Securities LLC. This adds Regions as an additional sales agent to the existing program alongside Truist Securities, Inc.
- Termination of Sales Agent: On August 6, 2020, the Company notified Capital One Securities, Inc. of its election to terminate the Equity Distribution Agreement dated November 8, 2019. The termination became effective on August 7, 2020.
- Program Capacity: The updated Equity Distribution Agreements allow the Company to issue and sell shares of common stock with an aggregate offering price of up to $500,000,000 through the Sales Agents.
Guidance, Outlook, and Risks
The filing does not provide financial guidance, outlook, or management commentary on future performance. The primary risk disclosed relates to the execution of the equity offering, noting that the report does not constitute an offer to sell securities in jurisdictions where such an offer would be unlawful prior to registration.
Investor Verification Checklist
- Verify the full text of the new Equity Distribution Agreement with Regions Securities LLC (Exhibit 10.1).
- Confirm the effective date of the termination of the Capital One Securities agreement (August 7, 2020).
- Review the Company's Registration Statement on Form N-2 (File No. 333-230351) for details on the share issuance.
- Check subsequent filings for actual share sales executed under the updated $500 million program.