European Capital Obtains Euro 400 Million Credit Facility
01 3월 2006 - 5:23AM
PR Newswire (US)
LUXEMBOURG, Feb. 28 /PRNewswire-FirstCall/ -- European Capital, SA
SICAR ("European Capital") announced today that it has obtained
commitments from affiliates of Wachovia Bank, NA and Harris Nesbitt
Corp. for a euro 400 million multi-currency revolving credit
facility, denominated in Euros, Pounds Sterling and U.S. Dollars.
The ability to make draws under the facility expires in February
2008, unless the facility is extended prior to such date for an
additional one or two years. Interest on borrowings under the
facility is charged at either the applicable base rate, EURIBOR or
LIBOR, plus 110 basis points. The facility is secured by
investments made by European Capital and has a variable advance
rate. At closing, European Capital borrowed euro 111 million under
the facility to repay intercompany debts to its affiliate, American
Capital, associated with the formation of European Capital.
European Capital has invested approximately euro 300 million ($356
million) in 14 companies since its formation in August of 2005. For
more information about European Capital's portfolio, go to
http://www.europeancapital.com/. "We are pleased to announce the
establishment of European Capital's first external credit facility,
an expression of our lenders' confidence in us and our future,"
said Malon Wilkus, European Capital Chairman of the Board of
Directors. "With this facility, European Capital has one of the
lowest costs of capital in the industry, giving us a powerful
competitive advantage. Together with our ability to provide senior
debt, mezzanine debt and equity and One Stop Buyouts(TM), European
Capital is in an excellent position to invest in the very best
European companies." "We are excited about European Capital's new
working relationship with Wachovia and Harris Nesbitt, both of whom
have been very supportive of American Capital," said Tom McHale,
American Capital Senior Vice President, Finance. "We look forward
to continuing our long-term relationship with them as we meet our
capital needs in the most cost-effective manner." ABOUT EUROPEAN
CAPITAL European Capital is a buyout and mezzanine fund with
capital resources of euro 1.1 billion ($1.3 billion). European
Capital invests in and sponsors management and employee buyouts,
invests in private equity buyouts and provides capital directly to
private and mid-sized public companies. European Capital invests
from euro 5 million to euro 125 million per transaction in equity,
mezzanine debt and senior debt to fund growth, acquisitions and
recapitalizations. Companies interested in learning more about
European Capital's flexible financing should contact Jean
Eichenlaub at + 33 (0)1 40 68 06 66 in Paris, Simon Henderson or
Nathalie Faure Beaulieu at + 44 (0)207 539 7000 in London, or visit
the website at http://www.europeancapital.com/. ABOUT AMERICAN
CAPITAL American Capital (NASDAQ:ACAS) 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 early stage and mature 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 invests up to $300 million per
transaction. This press release contains forward-looking
statements. The statements regarding expected results of American
Capital 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: European Capital
CONTACT: John Erickson, Director, +1-301-951-6122, or Juan Carlos
Morales Cortes, Finance Director, +44 (0) 207 539 7000, or Brian
Maney, Corporate Communications, +1-301-951-6122, all of European
Capital Web site: http://www.americancapital.com/
http://www.europeancapital.com/
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