American Capital and UBS Underwrite $710 Million In Committed Financing for Appleseed's Brands
28 7월 2007 - 4:34AM
PR Newswire (US)
BETHESDA, Md., July 27 /PRNewswire-FirstCall/ -- American Capital
Strategies Ltd. (NASDAQ:ACAS) announced today that it has arranged,
together with UBS Securities LLC, a $710 million committed
financing package for Appleseed's Brands, the largest multi-channel
marketer of private label apparel for men and women aged 55 and
over. The investment supports Appleseed's Brands' recent
acquisitions and the refinancing of existing debt. American Capital
is serving as Joint Lead Arranger and Administrative Agent for the
facilities and has funded $480 million in a revolving credit
facility, first and second lien loans and junior notes at closing.
UBS is serving as Joint Lead arranger for the facilities and has
funded $230 million in a revolving credit facility and first lien
loans. Following the syndication of the first lien facilities,
American Capital will hold the majority of the $200 million second
lien facilities and $50 million in junior notes. Golden Gate
Capital is the equity sponsor. "We are delighted to be leading this
transaction as we continue to support the growth of Golden Gate
Capital's catalog portfolio," said Darin Winn, American Capital
Regional Managing Director. "We have now partnered with Golden Gate
seven times over 18 months in highly successful collaborations.
They have again chosen us as their partner from an intensely
competitive field due to our deep understanding of the Company's
business, ability to syndicate the first lien facilities
post-closing and to hold the second lien facility. " American
Capital has invested directly and through its funds under
management over $11 billion in the last twelve months, over $7
billion year to date and approximately $990 million quarter to
date. Not including funds under management, American Capital has
invested over $8 billion in the last twelve months, approximately
$5.4 billion year to date and approximately $800 million quarter to
date. For more information about American Capital's portfolio, go
to http://www.acas.com/our_portfolio/our_portfolio.html. "Golden
Gate Capital has established an unparalleled track record of
achieving significant operational improvements across its rapidly
growing and diverse multi-channel marketing portfolio," said
Natasha Volyanskaya, American Capital Principal. "Led by a
world-class management team, Appleseed's Brands has established
itself as the leading multi-channel marketer of apparel for the
aging baby boomer generation -- the fastest-growing U.S.
demographic." Appleseed's Brands, the largest direct marketer of
private label apparel for men and women aged 55 and over in the
U.S., was formed in 2005 when Golden Gate Capital bought Johnny
Appleseed's and The TOG Shop. During 2005, the Company also
purchased Draper's and Damon's and then acquired Norm Thompson
Outfitters and Haband the following year. Appleseed's manages eight
catalogs, each targeting a distinct profile of mature women and
together providing merchandise across the entire price-point
spectrum. Appleseed's uses a combination of catalogues, letter
mailings and the Internet for direct marketing. The Company is
headquartered in Beverly, MA. "We selected American Capital as our
financing partner once again due to their attractive and flexible
financing structure, ability to hold junior debt tranches and high
level of professionalism," said Joshua Olshansky, Golden Gate
Capital Principal. "American Capital has played a critical role in
facilitating our growth strategy within the multi-channel marketing
industry and we are pleased with their continued commitment and our
growing partnership." ABOUT AMERICAN CAPITAL American Capital is
the only alternative asset management company that is a member of
the S&P 500. With $15(1) billion in assets under management,
American Capital is the largest U.S. publicly traded private equity
fund and one of the largest publicly traded alternative asset
managers. American Capital, both directly and through its global
asset management business, is an investor in management and
employee buyouts, private equity buyouts, and early stage and
mature private and public companies. American Capital provides
senior debt, mezzanine debt and equity to fund growth,
acquisitions, recapitalizations and securitizations. American
Capital and its affiliates invest from $5 million to $800 million
per company in North America and 5 million euro to 500 million euro
per company in Europe. As of June 30, 2007, American Capital
shareholders have enjoyed a total return of 578% since the
Company's August 1997 IPO -- an annualized return of 22% assuming
reinvestment of dividends. American Capital has paid a total of
$1.7 billion in dividends and paid $24.24 dividends per share since
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/ or
http://www.europeancapital.com/ . ABOUT GOLDEN GATE CAPITAL Golden
Gate Capital is a San Francisco-based private equity investment
firm with approximately $3.4 billion of capital under management.
In addition to Appleseed Brands, American Capital has invested with
Golden Gate in six other portfolio companies, including Inovis
International Inc., a leading provider of business-to-business
(B2B) software and services; Aspect Software Inc., the leading
provider of contact center software solutions for businesses
worldwide; Appleseed's Inc. and The Tog Shop, the leading direct
marketers of specialty apparel; Haband Inc., one of America's
oldest direct mail-order houses; and Venus Swimwear Inc., a leading
direct marketer of women's swimwear and sportswear. 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. (1) Includes internally and externally managed
assets at fair value as of 3/31/07, including our investments in
externally managed funds, plus investments at cost through 6/30/07
and less repayments through 6/30/07. DATASOURCE: American Capital
Strategies Ltd. CONTACT: Natasha Volyanskaya, Principal,
+1-415-591-0120, or Eric Heith, Vice President, +1-415-591-0120, or
Brian Maney, Director, Corporate Communications, +1-301-951-6122,
all of American Capital Strategies Ltd. Web site:
http://www.americancapital.com/ http://www.europeancapital.com/
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