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Ares Capital prices 16.7M public stock offering

NEW YORK (AP) -- Ares Capital Corp. said Wednesday that it priced a public offering of approximately 16.7 million shares of its common stock, but did not disclose the price.

The specialty finance company anticipates using the offering's net proceeds to pay back certain outstanding debt and for general corporate purposes, which could include investing in companies.

Ares is giving the underwriters an option to buy up to an additional 2.5 million shares. The offering is expected to close on Monday.

A call to the company for an explanation of why the price wasn't disclosed was referred to the company's public relations staff which did not immediately return the call.

Shares of Ares Capital fell 62 cents, or 3.4 percent, to $17.41 in afternoon trading. The stock has traded between $14.60 and $18.67 over the past year.