Ares Capital Corporation ("Ares Capital" or the "Company") (NASDAQ: ARCC) announced today the establishment of its inaugural commercial paper program. The program allows the Company to issue up to a maximum aggregate amount outstanding at any time of $1 billion of short-term, unsecured commercial paper notes. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with the Company's other senior unsecured indebtedness. The Company expects to realize cost benefits in the commercial paper market relative to other funding sources, and it expects to use available borrowing capacity from its $5.5 billion Revolving Credit Facility as a liquidity backstop for the repayment of the notes issued under the commercial paper program. Net proceeds from the issuance of any notes pursuant to the commercial paper program are expected to be used for general corporate purposes.