BETHESDA, Md., July 31, 2013 /PRNewswire/ -- American
Capital, Ltd. (Nasdaq: ACAS) announced today that it is launching a
refinancing of its $600 million
senior secured credit facility ($450
million after the scheduled August
22, 2013 amortization payment). The proposed
refinancing is expected to include changes to the pricing terms of
the existing credit facility to reflect more favorable current
market pricing, a six month extension of the call protection period
for lenders from the effective date and amendments to certain
covenants. Further details of the proposed refinancing will
be provided to potential participants at a lender meeting to be
held on August 1, 2013, in
New York, NY.
The entry into the refinancing will be contingent upon, among
other things, a successful syndication and the satisfaction of
conditions precedent to the definitive documentation. The terms of
the refinancing could be materially different than described above
and no assurances can be given that the refinancing will be
consummated.
J.P. Morgan Securities LLC will be joint lead arranger and joint
bookrunner on the transaction.
ABOUT AMERICAN CAPITAL
American Capital, Ltd. (Nasdaq: ACAS) is a publicly traded private
equity firm and global asset manager. American Capital, both
directly and through its asset management business, originates,
underwrites and manages investments in middle market private
equity, leveraged finance, real estate, energy & infrastructure
and structured products. American Capital manages
$21 billion of assets, including
assets on its balance sheet and fee earning assets under management
by affiliated managers, with $119
billion of total assets under management (including levered
assets). Through an affiliate, American Capital manages
publicly traded American Capital Agency Corp. (Nasdaq: AGNC) with
approximately $10 billion of net book
value and American Capital Mortgage Investment Corp. (Nasdaq: MTGE)
with approximately $1 billion of net
book value. From its eight offices in the U.S. and
Europe, American Capital and its
affiliate, European Capital, will consider investment opportunities
from $10 million to $750
million. For further information, please refer to
www.AmericanCapital.com.
FORWARD LOOKING STATEMENTS
This press release
contains forward-looking information and statements, including but
not limited to the potential refinancing of the Company's existing
secured debt. Forward-looking statements give our current
expectations and projections relating to the Company's financial
condition, results of operations, plans, objectives, future
performance and business. You can identify forward-looking
statements by the fact that they do not relate strictly to
historical or current facts. These statements may include words
such as "anticipate," "estimate," "expect," "project," "plan,"
"intend," "believe," "confident," "may," "should," "can have,"
"likely," "future" and other words and terms of similar meaning in
connection with any discussion of the timing or nature of future
operating or financial performance or other events. Forward looking
statements are not guarantees of performance or results, and
involve known and unknown risks, uncertainties (some of which are
beyond the Company's control), assumptions and other factors that
may cause actual results or events to differ materially from those
anticipated in such forward-looking statements, including in
particular the Company's ability to complete, on terms satisfactory
to the Company, the negotiations relating to the proposed amended
credit facility. Should one or more of these risks or uncertainties
materialize, the Company's actual results may vary in material
respects from those projected in any forward-looking statements. A
detailed discussion of these and other factors that may affect
future results is contained in our filings with the U.S. Securities
and Exchange Commission. Any forward-looking statement made by the
Company in this press release speaks only as of the date on which
it is made. The Company undertakes no obligation to update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
law.
Contact:
Investors – (301) 951-5917
SOURCE American Capital, Ltd.