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Ares Announces $320 million IPO of Ares Dynamic Credit Allocation Fund
Wednesday, November 28, 5:02 PM ET

Ares Management announced that Ares Dynamic Credit Allocation Fund (NYSE:ARDC) successfully priced an offering of 16 million shares at a price of $20.00 per share, for a total issuance of $320 million. The total issuance may reach up to $368 million should the underwriters exercise their over-allotment option in full, which may or may not occur. Shares will commence trading today on the New York Stock Exchange under the symbol "ARDC". Closing of the offering is expected to occur on November 30, 2012, subject to customary closing conditions.

ARDC seeks to provide an attractive level of total return primarily through current income and, secondarily, through capital appreciation, by investing primarily in a broad, dynamically managed portfolio of credit investments. In seeking to achieve its investment objective, the Fund will invest in senior secured loans, high yield corporate bonds and investment grade-rated collateralized loan obligations. ARDC will dynamically allocate its portfolio among investments in the various targeted credit markets to seek to manage interest rate and credit risk and the duration of the Fund's portfolio.

The lead managing underwriters were UBS Investment Bank, BofA Merrill Lynch, Citigroup, Morgan Stanley and Wells Fargo Securities.

For MarketNewsVideo.com, I'm Sayoko Murase.

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