American Capital Has Committed to Invest $85 Million in the Project Financing of Three Ethanol Facilities
10 2월 2006 - 1:14AM
PR Newswire (US)
BETHESDA, Md., Feb. 9 /PRNewswire-FirstCall/ -- American Capital
Strategies Ltd. (NASDAQ:ACAS) announced today it has committed to
invest $85 million in ASAlliances Biofuels LLC, an entity developed
by Americas Strategic Alliances LLC to construct three large-scale
ethanol production facilities. American Capital's investment will
take the form of senior subordinated debt and preferred equity.
Laminar Direct Capital L.P., a member of the D. E. Shaw group, and
US Renewables Group LLC will also be providing senior subordinated
debt and equity. Fagen Inc. and Cargill Biofuels Investments LLC
will also invest in the equity. A syndicate led by WestLB will be
providing senior secured financing to the new Company. Post close,
American Capital owns approximately 41% of ASAlliances Biofuels, on
a fully diluted basis. "We are pleased to announce our Energy
Group's investment in ASAlliances Biofuels. This investment is
American Capital's tenth energy related investment over the past
eight and a half years," said American Capital Regional Managing
Director Darin Winn. "This was an exciting opportunity for the
Energy Group to lead the project financing of three ethanol
production plants in the rapidly growing ethanol market. We are
looking forward to growing the group as more opportunities arise in
all segments of the energy industry." American Capital invested
approximately $3.2 billion in 2005, approximately $1 billion in the
fourth quarter 2005 and $123 million year to date. These amounts do
not include American Capital's unfunded equity commitment and debt
funded to its portfolio company European Capital. For more
information about American Capital's portfolio, go to
http://www.acas.com/our_portfolio/our_portfolio.cfm. "When
construction is completed, ASAlliances Biofuels' plants are
anticipated to be among the most competitive ethanol production
facilities in the U.S. and the Company is expected to be one of the
largest U.S. producers of ethanol in this highly fragmented
industry," said American Capital Principal Kevin Kuykendall. "The
ethanol market is growing rapidly. The passage of the Energy Policy
Act of 2005, which mandates a schedule for blending renewable fuels
into gasoline, coupled with the need for environmentally beneficial
fuels and 'clean' octane sources, has accelerated the industry's
momentum. The support of Cargill, Fagen and United BioEnergy, all
strong project participants with extensive experience in the
ethanol industry, will result in low construction and technology
risks for the Company. In addition, with favorable legislation and
strategically located plants with proximity to low-cost corn
supply, premium-priced, large-volume ethanol markets on the east
and west coasts and railroad transportation, ASAlliances Biofuels
will be well positioned for the anticipated increases in ethanol
demand in the coming years." ASAlliances Biofuels' three ethanol
facilities will each produce 100 million gallons of fuel-grade
ethanol per year and will be located in Albion, Nebraska, Linden,
Indiana, and Bloomingburg, Ohio. Each plant will be designed and
constructed by Fagen, the recognized leader and premier design-
builder in the ethanol industry. Cargill, one of the leading corn
and grain suppliers in the U.S., will provide corn and natural gas
procurement services for each plant, as well as marketing and
transportation services. The three facilities will be located
adjacent to existing Cargill grain elevators. United BioEnergy, the
leading operator of ethanol facilities in the U.S., will provide
operation and maintenance management services for each plant.
Ethanol is produced from corn or other starch feedstock by milling,
fermentation, distillation and dehydration and is used almost
exclusively as a gasoline additive and provides a number of
valuable benefits as a clean burning gasoline additive. The ethanol
produced by ASAlliances Biofuels' plants will ultimately be sold to
crude oil refiners and gasoline blenders as either an oxygenate or
fuel extender. ABOUT AMERICAN CAPITAL American Capital is a
publicly traded buyout and mezzanine fund with capital resources of
approximately $7 billion. American Capital invests in and sponsors
management and employee buyouts, invests in private equity buyouts,
provides capital directly to private and small public companies and
through its asset management business is a manager of debt and
equity investments in private companies and commercial loan
obligations. American Capital provides senior debt, mezzanine debt
and equity to fund growth, acquisitions, recapitalizations and
securitizations. American Capital Energy Group The American Capital
Energy Group invests senior debt, subordinated debt and equity
across all segments of the energy industry, including equipment
manufacturing, production, transportation, distribution, and
services in oil & gas, ethanol and power. Companies interested
in learning more about American Capital's energy initiative should
contact Kevin Kuykendall at (214) 273-6634, or visit
http://www.acas.com/energy. As of January 31, 2006, American
Capital shareholders have enjoyed a total return of 403% since the
Company's IPO -- an annualized return of 21%, assuming reinvestment
of dividends. American Capital has paid a total of $961 million in
dividends and paid $19.11 dividends per share since its August 1997
IPO at $15 per share. Companies interested in learning more about
American Capital's flexible financing should contact Mark Opel,
Senior Vice President, Business Development, at (800) 248-9340, or
visit http://www.americancapital.com/. ABOUT AMERICAS STRATEGIC
ALLIANCES LLC Americas Strategic Alliances is a merchant banking
investment firm focused exclusively on the development of renewable
energy projects. Americas Strategic Alliances partners with
companies to develop, implement and manage proprietary strategic
initiatives. ABOUT LAMINAR DIRECT CAPITAL L.P. Laminar Direct
Capital L.P., a member of the D. E. Shaw group, is focused on
providing debt and equity capital to businesses across all industry
sectors throughout North America. The D. E. Shaw group is a
specialized investment firm that encompasses a number of closely
related entities with approximately $19 billion in capital under
management. ABOUT U.S. RENEWABLES GROUP LLC Founded and originally
capitalized in July 2004, U.S. Renewables Group (USRG) was formed
to assemble and manage a portfolio of renewable energy assets
(landfill methane, biomass, geothermal, gasification) and clean
fuels assets (ethanol, biodiesel and gas-to-liquid). USRG will
invest primarily in equity, and in special situations in debt, of
renewable energy generation projects and clean fuels projects. USRG
seeks to acquire operating assets, and invests in development-stage
assets and technology related to renewables acceleration.
Performance data quoted above represents past performance of
American Capital. Past performance does not guarantee future
results and the investment return and principal value of an
investment in American Capital will likely fluctuate. Consequently,
an investor's shares, when sold, may be worth more or less than
their original cost. Additionally, American Capital's current
performance may be lower or higher than the performance data quoted
above. This press release contains forward-looking statements. The
statements regarding expected results of American Capital
Strategies are subject to various factors and uncertainties,
including the uncertainties associated with the timing of
transaction closings, changes in interest rates, availability of
transactions, changes in regional, national or international
economic conditions, or changes in the conditions of the industries
in which American Capital has made investments. First Call Analyst:
FCMN Contact: Agnieszka.Opalka@AmericanCapital.com DATASOURCE:
American Capital Strategies Ltd. CONTACT: Kevin Kuykendall,
Principal, +1-214-273-6634, or Brian Maney, Director, Corporate
Communications, +1-301-951-6122, both of American Capital
Strategies Ltd. Web site: http://www.americancapital.com/
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