Ares Dynamic Credit Allocation Fund Announces $100 Million Private Placement of Preferred Stock
15 Juillet 2021 - 10:00PM
Business Wire
Ares Dynamic Credit Allocation Fund, Inc. (NYSE: ARDC) (the
“Fund”) announced today that it completed an initial $20 million
closing in the first of two closings for a total of $100 million in
privately placed mandatory redeemable preferred stock (“MRPS”). The
second closing for the remaining $80 million of MRPS is expected to
be completed in the third quarter of 2021. Net proceeds from the
MRPS will be used to repay existing debt and for investment and
general corporate purposes.
The table below summarizes key terms of the MRPS.
Series
Size
Dividend
Rate
Mandatory
Redemption Date
Series A
$20 million
2.58%
July 15, 2026
Series B
$30 million
2.58%
September 15, 2026
Series C
$50 million
3.03%
September 15, 2028
Total
$100 million
2.81%*
*Represents the weighted average fixed rate of the MRPS.
The MRPS will not be and have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”) or any
state securities laws and may not be offered or sold absent
registration under the Securities Act, or pursuant to an applicable
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws.
This press release is not an offer to sell securities and is not
soliciting an offer to buy securities in any jurisdiction where the
offer or sale is not permitted. An investor should consider the
Fund’s investment objective, risks, charges and expenses carefully
before investing.
Statements included herein may constitute “forward-looking
statements” within the meaning of the U.S. securities laws, and may
relate to future events or our future performance or financial
condition. These statements are not guarantees of future
performance, condition or results and involve a number of risks and
uncertainties, including the impact of COVID-19 and related changes
in interest rates and significant market volatility on our
portfolio companies, our industry and the global economy. Actual
results may differ materially from those in the forward-looking
statements as a result of a number of factors, including those
described from time to time in our filings with the Securities and
Exchange Commission and others beyond the Fund’s control. The Fund
undertakes no duty to update any forward-looking statements made
herein.
About Ares Dynamic Credit Allocation Fund, Inc.
ARDC is a closed-end management company that is externally
managed by Ares Capital Management II LLC, a subsidiary of Ares
Management Corporation. ARDC seeks to provide an attractive level
of total return primarily through current income and, secondarily,
through capital appreciation. ARDC invests in a broad,
dynamically-managed portfolio of credit investments. There can be
no assurance that ARDC will achieve its investment objective.
ARDC’s net asset value may be accessed through its NASDAQ ticker
symbol, XADCX. Additional information is available at
www.arespublicfunds.com.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global
alternative investment manager offering clients complementary
primary and secondary investment solutions across the credit,
private equity, real estate and infrastructure asset classes. We
seek to provide flexible capital to support businesses and create
value for our stakeholders and within our communities. By
collaborating across our investment groups, we aim to generate
consistent and attractive investment returns throughout market
cycles. As of March 31, 2021, including the acquisition of Landmark
Partners, which closed on June 2, 2021, and the acquisition of
Black Creek Group, which closed on July 1, 2021, Ares Management's
global platform had approximately $239 billion of assets under
management with approximately 2,000 employees operating across
North America, Europe, Asia Pacific and the Middle East. For more
information, please visit www.aresmgmt.com. Follow Ares on Twitter
@Ares_Management.
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version on businesswire.com: https://www.businesswire.com/news/home/20210715005823/en/
Media: Mendel Communications LLC Bill Mendel
bill@mendelcommunications.com (212) 397-1030
Investors: Ares Dynamic Credit Allocation Fund, Inc. Carl
Drake cdrake@aresmgmt.com (888) 818-5298 or John Stilmar
jstilmar@aresmgmt.com (888) 818-5298 or Destra Capital Advisors LLC
ARDC@destracapital.com (877) 855-3434
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