American Capital Prices Public Offering of Common Stock
07 9월 2007 - 10:09PM
PR Newswire (US)
BETHESDA, Md., Sept. 7 /PRNewswire-FirstCall/ -- American Capital
Strategies Ltd. ("American Capital" or the "Company") (NASDAQ:ACAS)
announced today it has priced its public offering of 6 million
shares of its common stock at $39.40 per share (the "Initial
Offering Price"). All of the shares are being offered by Citigroup
Global Markets Inc., UBS Securities LLC and Wachovia Capital
Markets, LLC or certain of their respective affiliates (the
"Counter-Parties" and each, a "Counter-Party") in connection with
agreements to purchase common stock from American Capital at a
future date, as discussed below. American Capital has granted the
underwriters an option to purchase up to an additional 900,000
shares of common stock to cover over-allotments, which shares would
be sold directly by the Company. The offering is subject to
customary closing conditions and is expected to close on Wednesday,
September 12, 2007. Citigroup Global Markets Inc., UBS Securities
LLC and Wachovia Capital Markets, LLC are the joint-lead
book-running managers for the offering. A.G. Edwards & Sons,
Inc., Robert W. Baird & Co. Incorporated, BB&T Capital
Markets, a division of Scott and Stringfellow, Inc., William Blair
& Company, L.L.C. and Stifel, Nicolaus & Company,
Incorporated are co-managers for the offering. The offering will be
made under American Capital's existing shelf registration statement
filed with the Securities and Exchange Commission. In connection
with the offering, American Capital has entered into agreements
(the "Forward Sale Agreements") with the Counter-Parties under
which American Capital will agree to sell to the Counter-Parties in
the aggregate 6 million shares of common stock (or a smaller number
of shares) at the Initial Offering Price, subject to certain
adjustments. The timing of these sales, which must occur within the
next year, will generally be determined by American Capital. The
Company will physically settle each Forward Sale Agreement by
delivering shares of common stock to the Counter-Party under the
relevant Forward Sale Agreement and such Counter-Party will deliver
the Offering Price subject to certain adjustments to the Company
upon each settlement. In connection with hedging their respective
exposures under the Forward Sale Agreements, the Counter-Parties
are expected to borrow from third party lenders and sell in the
aggregate 6 million (or such smaller number of shares that they are
able to borrow) of the offered shares of the Company's common stock
at the close of this offering at the Offering Price. American
Capital expects to use substantially all of the net proceeds from
the shares of common stock being offered pursuant to the Forward
Sale Agreements, which initially are valued at approximately $225
million, subject to certain adjustments, for general corporate
purposes, including for the Company's investment and lending
activities and to repay indebtedness owed under existing revolving
credit facilities. Reducing borrowings under the revolving credit
facilities will create availability under the facilities, which
will generally be used for funding future American Capital
investments and general corporate purposes. This press release is
neither an offer to sell nor a solicitation of an offer to buy
shares of common stock. The offering of these securities will be
made only by means of a prospectus and a related prospectus
supplement. When available, copies of the prospectus and prospectus
supplement may be obtained from Citi, Brooklyn Army Terminal, 140
58th Street, 8th Floor, Brooklyn, New York 11220 (telephone number:
718-765-6732), UBS Investment Bank, 299 Park Avenue, New York, NY
10171 or Wachovia Capital Markets, LLC, 375 Park Avenue, New York,
New York 10152-4077, Attn: Equity Syndicate, . ABOUT AMERICAN
CAPITAL American Capital is the only alternative asset management
company that is a member of the S&P 500. With $17 billion in
assets under management(1), including its investments in externally
managed funds, 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 euro 5 million to euro 500 million
per company in Europe. (1) Assets Under Management is an estimate
of internally and externally managed assets as of July 31, 2007 and
does not include any fair value adjustments subsequent to June 30,
2007. 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. DATASOURCE: American Capital Strategies Ltd.
CONTACT: John Erickson, Chief Financial Officer or Tom McHale,
Senior Vice President, Finance, both of American Capital Strategies
Ltd., +1-301-951-6122 Web site: http://www.americancapital.com/
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