American Capital Announces Extension of Lock Up Agreement, Provides Disclosure Pursuant to NASDAQ Marketplace Rule 5250(b)(2)
10 3월 2010 - 8:24AM
PR Newswire (US)
BETHESDA, Md., March 9 /PRNewswire-FirstCall/ -- American Capital
Ltd. (the "Company") announced today that Wachovia Bank, N.A., as
Administrative Agent under the Company's revolving credit
agreement, agreed to extend the termination event date under a Lock
Up Agreement involving the credit agreement to March 31, 2010. As
previously announced, the Company and each of the lenders under the
credit agreement entered into the Lock Up Agreement, which, among
other things, provides that the parties will support an
out-of-court restructuring of the loans outstanding under the
credit agreement and of the Company's private and public unsecured
notes. The parties may terminate the Lock Up Agreement if certain
events do not occur by the termination event date. Any further
extension of the termination event date will require the agreement
of lenders holding a majority of the amount outstanding under the
revolving credit agreement. Additional information on the Lock Up
Agreement can be found in certain of the Company's recent reports
on Form 8-K and Form 10-K filed with the Securities and Exchange
Commission. The Company also announced, as required by NASDAQ
Marketplace Rule 5250(b)(2), that while its previously filed
consolidated financial statements for the fiscal year ended
December 31, 2009, included in the Company's Form 10-K filed with
the Securities and Exchange Commission on March 1, 2010, contained
an unqualified opinion on the Company's consolidated financial
statements from its independent registered public accounting firm,
the opinion included a going concern explanatory paragraph as a
result of the Company's covenant defaults under its unsecured debt
agreements. NASDAQ Marketplace Rule 5250(b)(2) requires separate
public disclosure of a previously issued audit opinion that
contains a going concern explanatory paragraph. This announcement
does not represent any change or amendment to the Company's fiscal
year 2009 financial statements or its Form 10-K. 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 $13 billion(1) in capital resources under
management and eight offices in the U.S., Europe and Asia. For
further information, please refer to
http://www.americancapital.com/. (1)As of December 31, 2009.
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 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. Contact: Investors - (301) 951-5917 DATASOURCE:
American Capital Ltd. CONTACT: Investors, American Capital,
+1-301-951-5917 Web Site: http://www.americancapital.com/
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