American Capital Realizes $16 Million Gain From Portfolio Company Exit
15 9월 2009 - 3:00AM
PR Newswire (US)
BETHESDA, Md., Sept. 14 /PRNewswire-FirstCall/ -- American Capital
Ltd. (NASDAQ:ACAS) announced today that on August 14, 2009, in
connection with the sale of one of its portfolio companies, its
debt investment in the company was repaid and it sold associated
warrants. American Capital realized a gain of $16 million from the
transaction, subject to postclosing adjustments. American Capital's
total inception to date realized gain on this investment was $17
million and its compounded annual rate of return, including
interest and fees earned over the life of its investment, was 39%.
American Capital entered into a confidentiality agreement with the
buyer of the company, which prohibits American Capital from
announcing the company name and certain other transaction
information. American Capital received total proceeds of $37
million from the transaction. The proceeds received by American
Capital were greater than the second quarter 2009 valuation of the
investment by $1.5 million, or 4%. "We are very pleased with this
outcome, along with the many other exits we've experienced over the
past eleven months. Since the beginning of the fourth quarter of
2008, we've received approximately $700 million of proceeds from
realizations of portfolio investment repayments and exits,
including over 20 exits of portfolio companies," said Darin Winn,
Senior Vice President and Senior Managing Director. "Though this
exit volume is far lower than prior years, it represents a
significant amount of liquidity in today's market. Our proceeds for
these exits during this period were 1.8% higher than the prior
quarter's GAAP fair value of each investment, which speaks well of
our quarterly valuations." Since American Capital's August 1997 IPO
through the second quarter of 2009, the company has earned a 15%
compounded annual return, including interest, dividends, fees and
net gains, on 264 realizations of senior debt, subordinated debt
and equity investments, totaling $12 billion of committed capital.
These realizations represent 49% of all amounts invested by
American Capital since its August 1997 IPO. Proceeds from these
realizations exceeded the total associated prior quarter valuation
of the investments by less than 1%. American Capital earned a 30%
compounded annual return on the exit of its equity investments,
including dividends, fees and net gains. For a chart showing
American Capital's exited portfolio companies, please go to
http://www.americancapital.com/our_portfolio/exited.html. ABOUT
AMERICAN CAPITAL American Capital 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 and structured products.
Founded in 1986, American Capital has $11 billion(1) in capital
resources under management and ten offices in the U.S., Europe and
Asia. For further information, please refer to
http://www.americancapital.com/. (1) As of June 30, 2009. Contact:
Media - (301) 968-9400 DATASOURCE: American Capital Ltd. CONTACT:
Media, American Capital Ltd., +1-301-968-9400 Web Site:
http://www.americancapital.com/
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