Ares Dynamic Credit Allocation Fund Declares Monthly Distribution of $0.117 Per Share
September 11 2015 - 8:00AM
Business Wire
Ares Dynamic Credit Allocation Fund, Inc. (the “Fund”)
(NYSE:ARDC) announced the declaration of the monthly
distribution of the Fund for the period ending September 30, 2015
of $0.117 per common share, payable as noted below.
Ex-Date:
September 17, 2015 Record Date: September 21, 2015
Payable Date: September 30, 2015 Per Share Amount:
$0.117
Based on the Fund’s initial public offering price of $20.00 per
share and current share price of $14.49 (as of its close on
September 10, 2015), the distribution represents an annualized
distribution rate of 7.02% and 9.69%, respectively (calculated by
annualizing the distribution amount and dividing it by the IPO
share price or current price, as the case may be). Information
regarding the distribution rate is included for informational
purposes only and is not necessarily indicative of future results,
the achievement of which cannot be assured. The distribution rate
should not be considered the yield or total return on an investment
in the Fund.
The timing and amount of future distributions, if any, are at
the discretion of the Fund. The Fund expects to resume its prior
practice of issuing regular dividend declarations three months in
advance during the fourth calendar quarter of 2015, now that the
reorganization of Ares Multi-Strategy Credit Allocation Fund, Inc.
(“ARMF”) into the Fund, whereby the Fund acquired all of the assets
and assumed the stated liabilities of ARMF in exchange for newly
issued shares of the Fund, with the Fund being the surviving fund
(the “Reorganization”), has been completed. The Reorganization was
approved at the joint special meeting of stockholders of the Fund
and ARMF on July 14, 2015, and closed prior to the opening for
business of the New York Stock Exchange on August 31, 2015.
As required by Section 19(a) of the Investment Company Act of
1940, a notice will be distributed to the Fund’s stockholders in
the event that a portion of a monthly distribution is derived from
sources other than undistributed net investment income, such as
from short-term capital gain, long-term capital gain, or return of
capital. Such notices will also be posted on the Fund’s website at
www.arespublicfunds.com.
The amounts and sources of distributions reported are only
estimates and are not provided for tax reporting purposes. The
actual amounts and sources of the amounts for tax reporting
purposes will depend upon the Fund’s investment performance during
the remainder of its fiscal year and may be subject to change based
on tax regulations. The final determination of the source of these
distributions will be made after the Fund’s fiscal year end. If
necessary, the Fund may elect to pay an adjusting distribution in
December that includes any additional income and net realized
capital gains in excess of the monthly distributions for that year
to satisfy the minimum distribution requirements of the Internal
Revenue Code. In January or February of each year, investors will
be sent a Form 1099-DIV for the previous calendar year that will
define how to report these distributions for federal income tax
purposes.
This press release is not intended to, and does not constitute,
an offer to purchase or sell shares of ARDC.
About Ares Dynamic Credit Allocation Fund, Inc.
Ares Dynamic Credit Allocation Fund, Inc. (“ARDC”) is a
non-diversified, closed-end management company that is externally
managed by Ares Capital Management II LLC, a subsidiary of Ares
Management, L.P. 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, L.P.
Ares Management, L.P. (NYSE: ARES) is a leading global
alternative asset manager with approximately $88 billion1 of assets
under management and more than 15 offices in the United States,
Europe and Asia as of June 30, 2015. Since its inception in 1997,
Ares has adhered to a disciplined investment philosophy that
focuses on delivering strong risk-adjusted investment returns
throughout market cycles. Ares believes each of its four distinct
but complementary investment groups in Tradable Credit, Direct
Lending, Private Equity and Real Estate is a market leader based on
assets under management and investment performance. Ares was built
upon the fundamental principle that each group benefits from being
part of the greater whole.
Forward-Looking Statements
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. 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. Ares Dynamic Credit Allocation Fund undertakes no duty to
update any forward-looking statements made herein.
This document 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.
Ares Dynamic Credit Allocation Fund is a closed-end fund, which
does not engage in a continuous offering of its shares. Since its
initial public offering, the Fund has traded on the New York Stock
Exchange under the symbol ARDC. Investors wishing to
purchase or sell shares may do so by placing orders through a
broker dealer or other intermediary.
1 As of June 30, 2015, AUM amounts include capital available to
vehicles managed or co-managed by Ares, including funds managed by
Ivy Hill Asset Management, L.P., a wholly owned portfolio company
of Ares Capital Corporation and a registered investment
adviser.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150911005077/en/
Mendel CommunicationsBill Mendel,
212-397-1030bill@mendelcommunications.comorDestra Capital
Investments877-855-3434ARDC@destracapital.comwww.arespublicfunds.com
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