Ares Announces $320 million IPO of Ares Dynamic Credit Allocation Fund

Ares Management announced that Ares Dynamic Credit Allocation Fund (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,...