BETHESDA, Md., April 19 /PRNewswire-FirstCall/ -- American
Capital, Ltd. (Nasdaq: ACAS) (the "Company") announced today the
pricing of a $295 million registered
direct offering of common stock to a group of institutional
investors. The Company has entered into subscription
agreements with the investors to sell an aggregate 58.3 million
shares of American Capital's common stock, including 43.725 million
shares to funds and accounts managed by Paulson & Co. Inc., at
$5.06 per share. The offering
is expected to close on Thursday, April 22,
2010, subject to the satisfaction of customary closing
conditions.
The offering will be made under American Capital's existing
shelf registration statement, previously filed with and declared
effective by the Securities and Exchange Commission. American
Capital expects to use substantially all of the net proceeds of
approximately $295 million for
general corporate purposes, including for the Company's investment
and lending activities and to repay indebtedness owed under its
existing unsecured debt obligations.
This press release is neither an offer to sell nor a
solicitation of an offer to buy any shares of common stock.
No offer, solicitation, or sale of common stock will be made
in any jurisdiction in which such offer, solicitation, or sale
would be unlawful. A prospectus supplement related to the
registered direct offering will be filed with the Securities and
Exchange Commission. Copies of the prospectus supplement
together with the accompanying prospectus can be obtained at the
Securities and Exchange Commission's website at
http://www.sec.gov.
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 $12.5 billion(1)
in assets under management and eight offices in the U.S.,
Europe and Asia. For further information, please
refer to www.AmericanCapital.com.
ABOUT PAULSON & CO. INC.
Paulson & Co. Inc. is an investment management company
founded in 1994 that specializes in merger and event arbitrage,
credit and distressed strategies. One of Paulson & Co.'s
core strategies is providing capital to companies so they can
strengthen their balance sheets, allowing them to grow and prosper.
Paulson & Co. manages approximately $32 billion and is headquartered in New York.
(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 Investor Relations: (301) 951-5917
SOURCE American Capital, Ltd.