On SEP 1 ALD did their debt accord which is probably the single most reason they agreed to be bought out.

I found in the press release that ALD paid a $50M restructuring fee. The fee will be applied toward the principal balance of the Notes if the Notes are refinanced on or before 1/31/10.

I have to believe PRIORITY ONE for ARCC is to refinance that debt and get the $50M debt reduction from that fee that ALD paid. The interest rate escalators and demands for 50% of proceeds from ALD portfolio company sales to be applied to debt reduction are sufficient to want ARCC to refinance ASAP. To get $50M bonus would be gravy that should more than cover ARCC's costs. The question is will ARCC have to do another secondary?