BETHESDA, Md., June 9 /PRNewswire-FirstCall/ -- American
Capital, Ltd. (Nasdaq: ACAS) (the "Company") announced today that
it has extended (i) the expiration time of its private offers to
exchange its outstanding unsecured public and private notes for
cash payments and new secured notes (the "Exchange Offers") and
consent solicitation of its outstanding public notes (the "Consent
Solicitation") and (ii) the voting deadline of its solicitation of
votes to accept a standby plan of reorganization (the "Standby Plan
Solicitation").
The Exchange Offers, the Consent Solicitation and the Standby
Plan Solicitation were previously scheduled to expire at
5.00 p.m. New York City time, on June 8, 2010 (as previously extended on
June 2, 2010). The Exchange
Offers, the Consent Solicitation and the Standby Plan Solicitation
have each been extended until 11:59
p.m., New York City time,
on June 9, 2010, unless further
extended or earlier terminated. All other terms of the
Exchange Offers, the Consent Solicitation and the standby plan of
reorganization (the "Standby Plan") remain unchanged. There
will continue to be no right to withdraw public and private notes
once tendered and no right to revoke votes to accept the Standby
Plan once submitted.
The Company has been advised of the following information by, as
applicable, the exchange agent for the Exchange Offers and the
voting agent for the Standby Plan, as of 5:00 p.m.
New York City time on June 8, 2010:
- With regard to lenders under the Company's existing credit
agreement, whose approximately $1.4
billion of claims constitute Class 3, Existing Credit
Agreement Claims, under the Standby Plan, all of the lenders by
outstanding principal amount participated in the solicitation of
votes for the Standby Plan, with 100% in principal amount and 100%
in number of votes cast supporting the Standby Plan. Although
the lenders under the existing credit agreement do not participate
in the Exchange Offers, as previously announced, they are parties
to a lockup agreement pursuant to which they are obligated to
undertake a restructuring of the credit agreement on terms
equivalent to those offered to the holders of the Company's
unsecured public and private notes in the Exchange Offers.
- With regard to the holders of the Company's unsecured private
notes (the "Private Notes"), whose approximately $406 million in claims constitute Class 4,
Private Notes Claims, under the Standby Plan, approximately 70% of
holders by outstanding principal amount participated in the
solicitation of votes for the Standby Plan, of which 100% in
principal amount and 100% in number of votes cast supported the
Standby Plan. With regard to the Exchange Offers, the
following unsecured private notes have been tendered:
- $83.7 million in aggregate
principal amount (100%) of outstanding 5.92% Senior Notes, Series A
due September 1, 2009.
- $94.9 million in aggregate
principal amount (100%) of outstanding 6.46% Senior Notes, Series B
due September 1, 2011.
- $134.2 million in aggregate
principal amount (100%) of outstanding 6.14% Senior Notes, Series
2005-A due August 1, 2010.
- None of the outstanding Floating Rate Senior Notes, Series
2005-B due October 30, 2020.
- euro 14.8 million in aggregate
principal amount (100%) of outstanding 5.177% Senior Notes, Series
2006-A due February 9, 2011.
- 3.3 million pounds Sterling in
aggregate principal amount (100%) of outstanding 6.565% Senior
Notes, Series 2006-B due February 9,
2011.
- With regard to the holders of the Company's unsecured public
6.85% Senior Notes due August 1,
2012 (the "Public Notes"), whose approximately $550 million in claims constitute Class 6,
Public Notes Claims, under the Standby Plan, approximately 79.7% of
holders by outstanding principal amount participated in the
solicitation of votes for the Standby Plan, of which approximately
5.71% in principal amount and 14.0% in number of votes cast
supported the Standby Plan. With regard to the Exchange
Offers, $37.4 million in aggregate
principal amount (approximately 6.8%) of outstanding unsecured
public notes have been tendered and the same percentage has voted
in favor of the Consent Solicitation.
- With regard to the holders of the Company's outstanding swap
agreements, whose claims constitute Class 7, Swap Claims, under the
Standby Plan, all of the holders by notional amount participated in
the solicitation of votes for the Standby Plan, with 100% in
notional amount and 100% in number of votes cast supporting the
Standby Plan.
This press release and its contents are not an offer to sell or
purchase or an offer to exchange or a solicitation of acceptance of
an offer to sell or purchase or offer to exchange any security.
Any such offer or solicitation shall be made solely by means
of an offering memorandum or other offer document furnished to
existing securityholders and any securities that are offered have
not been, and will not be, registered under the Securities Act of
1933, as amended, or any state securities laws and may not be
offered or sold in the United
States absent registration or an applicable exemption from
registration requirements.
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 $14 billion in
capital resources under management and eight offices in the U.S.,
Europe and Asia. For further information, please
refer to www.AmericanCapital.com.
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:
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Investors - (301) 951-5917
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SOURCE American Capital Ltd.