American Capital 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. 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.
AGNC with approximately $10 billion of net book value and American
Capital Mortgage Investment Corp. 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.
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