Freshfields advises the underwriters on Ares Capital Corporation’s offering of $750,000,000 aggregate principal amount of 5.500% Notes due 2030. The underwriters were led by BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC. Ares Capital is the largest public U.S. business development company by market capitalization, with approximately $28.3 billion of total assets as of March 31, 2025.

The Freshfields capital markets team consisted of partner Michael Levitt, counsels Jeremy Barr and Tracy Zhang, associates Jerome Chan, Ariana Negron, law clerk Mila Amstislavskaya and summer associates Marcus Bengzon and Miquael Williams. Tax advice was provided by partner Joe Soltis and associate Hannah Golden.