Ares Capital (ARCC) established its inaugural commercial paper program, allowing the company to issue up to $1 billion of short-term unsecured commercial paper notes, the company said Monday in a filing.

The notes will be sold under customary terms in the US commercial paper market and will rank equally with Ares Capital's other senior unsecured debt obligations, it said.

The company expects to use available borrowing capacity under its $5.5 billion revolving credit facility as a liquidity backstop for repayment of notes issued through the program.

Ares Capital said net proceeds from issuances under the program are expected to be used for general corporate purposes.