American Capital Announces Proposed Refinancing of $600M Senior Secured Credit Facility

American Capital (Nasdaq: ACAS) announced today that it is launching a refinancing of its $600 millionsenior secured credit facility ($450 million after the scheduled August 22,2013 amortization payment). The proposed refinancing is expected to includechanges to the pricing terms of the existing credit facility to reflect morefavorable current market pricing, a six month extension of the callprotection period for lenders from the effective date and amendments tocertain covenants. Further details of the proposed refinancing will beprovided to potential participants at a lender meeting to be held on August1, 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 thedefinitive documentation. The terms of the refinancing could be materiallydifferent than described above and no assurances can be given that therefinancing will be consummated. J.P. Morgan Securities LLC will be joint lead arranger and joint bookrunneron the transaction. ABOUT AMERICAN CAPITAL American Capital, Ltd. (Nasdaq: ACAS) is a publicly traded private equityfirm and global asset manager. American Capital, both directly and throughits asset management business, originates, underwrites and managesinvestments 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 earningassets under management by affiliated managers, with $119 billion of totalassets 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 AmericanCapital Mortgage Investment Corp. (Nasdaq: MTGE) with approximately $1billion of net book value. From its eight offices in the U.S. and Europe,American Capital and its affiliate, European Capital, will considerinvestment opportunities from $10 million to $750 million. For furtherinformation, 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'sexisting secured debt. Forward-looking statements give our currentexpectations 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 notrelate strictly to historical or current facts. These statements may includewords 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 anydiscussion of the timing or nature of future operating or financialperformance or other events. Forward looking statements are not guaranteesof performance or results, and involve known and unknown risks,uncertainties (some of which are beyond the Company's control), assumptionsand other factors that may cause actual results or events to differmaterially from those anticipated in such forward-looking statements,including in particular the Company's ability to complete, on termssatisfactory to the Company, the negotiations relating to the proposedamended credit facility. Should one or more of these risks or uncertaintiesmaterialize, the Company's actual results may vary in material respects fromthose projected in any forward-looking statements. A detailed discussion ofthese and other factors that may affect future results is contained in ourfilings with the U.S. Securities and Exchange Commission. Anyforward-looking statement made by the Company in this press release speaksonly as of the date on which it is made. The Company undertakes noobligation to update any forward-looking statement, whether as a result ofnew information, future developments or otherwise, except as may be requiredby law.