BETHESDA, Md., Feb. 11, 2013 /PRNewswire/ -- American Capital,
Ltd. ("American Capital" or the "Company") (Nasdaq: ACAS) announced
net operating income ("NOI") before income taxes for the quarter
and year ended December 31, 2012 of $115 million, or $0.36 per diluted share, and $383 million, or $1.16 per diluted share, respectively. NOI
after income taxes for the quarter and year ended December 31,
2012 was $83 million, or $0.26 per diluted share, and $397 million, or $1.20 per diluted share, respectively. Net
earnings for the quarter and year ended December 31, 2012 were
$123 million, or $0.38 per diluted share, and $1,136 million, or $3.44 per diluted share, respectively. As
of December 31, 2012, net asset value ("NAV") per share was
$17.84, a 10% annualized, or
$0.45 per share, increase from the
September 30, 2012 NAV per share of
$17.39 and a 29%, or $3.97 per share, increase from the
December 31, 2011 NAV per share of $13.87.
2012 FINANCIAL SUMMARY
- $1.16 NOI before income taxes per
diluted share, or $383 million
- $80 million increase over
2011
- $1.20 NOI after income taxes per
diluted share, or $397
million
- $0.38 net realized earnings per
diluted share, or $124
million
- $14 million decline from
2011
- $3.06 net unrealized appreciation
per diluted share, or $1,012
million
- $176 million increase over
2011
- $3.44 net earnings per diluted
share, or $1,136 million
- 22% annual return on average shareholders'
equity
- $162 million increase over
2011
- $1,498 million of cash proceeds
from realizations
- $487 million of securitized debt
repaid
- 34.8 million shares of American Capital common stock
repurchased, totaling $362
million
- $10.39 average price per
share
- $0.77 accretive to NAV per
share
- $17.84 NAV per
share
- $3.97 per share, or 29%, increase
over Q4 2011
Q4 2012 FINANCIAL SUMMARY
- $0.36 NOI before income taxes per
diluted share, or $115 million
- $31 million increase over Q4
2011
- $0.26 NOI after income taxes per
diluted share, or $83 million
- $0.31 net realized earnings per
diluted share, or $98 million
- $39 million decline from Q4
2011
- $0.08 net unrealized appreciation
per diluted share, or $25 million
- $432 million decline from Q4
2011
- $0.38 net earnings per diluted
share, or $123 million
- 9% annualized return on average shareholders' equity
- $471 million decline from Q4
2011
- $634 million of cash proceeds
from realizations
- $28 million of securitized debt
repaid
- 8.8 million shares of American Capital common stock
repurchased, totaling $103 million
- $11.72 average price per
share
- $0.18 accretive to NAV per
share
- $17.84 NAV per share
- $0.45 per share, or 10%
annualized, increase over Q3 2012
- S&P credit rating upgraded from B to B+
"The fourth quarter of 2012 capped an excellent year for
American Capital," said Malon
Wilkus, Chairman and Chief Executive Officer. "For the
year, NOI totaled $397 million,
American Capital Asset Management appreciated $329 million, previously depreciated assets
recovered approximately $325 million
of net value, and the net value of our remaining portfolio of
private finance companies grew by approximately $75 million, resulting in $1.1 billion in net earnings. These
earnings were 14% higher than our prior best in 2010. Our NAV
grew $3.97 per share to $17.84 per share as of December 31, 2012, increasing an impressive 29%
for the year. We also originated $719
million of new investments, which we believe will generate
attractive returns for our shareholders. Additionally, our
highly accretive stock repurchase program continues to be an
important enhancement to shareholder value."
PORTFOLIO VALUATION
For the quarter ended
December 31, 2012, net unrealized appreciation, before income
taxes, totaled $61 million. The
primary components of the net unrealized appreciation were:
- $50 million net unrealized
appreciation in American Capital's investment in European Capital,
primarily due to a strengthening of the Euro and an increase in the
NAV of European Capital.
- The Company's equity investment in European Capital was valued
at $700 million as of
December 31, 2012, or 75% of NAV, compared to $651 million as of September 30, 2012, or 75% of NAV;
- $5 million net unrealized
appreciation from American Capital's structured products
investments, generally as a result of improved projected cash
flows; and
- $2 million net unrealized
appreciation from American Capital's private finance
portfolio.
"In 2012, we experienced $1.5
billion of liquidity in our portfolio at excellent
valuations which coupled with our cash flows from operations
allowed us to continue to execute on our balance sheet management
strategies," said John Erickson,
Chief Financial Officer. "With net debt of $304 million compared to equity of $5,429 million, our balance sheet is
outstanding. In fact, our net debt is now about the amount of
the liquidity we generate on average in a quarter. Looking
forward to 2013, we believe that our liquidity can be invested in
new assets at attractive returns and in repurchasing our
shares. We remain laser focused on maximizing shareholder
value."
PORTFOLIO REALIZATIONS AND PERFORMANCE
In the fourth
quarter of 2012, $634 million of cash
proceeds were received from realizations of portfolio
investments. American Capital made $527 million in new committed investments during
the quarter. The weighted average effective interest rate on
American Capital's debt investments as of December 31, 2012
was 11.4%, 30 basis points higher than the September 30, 2012
rate of 11.1% and 70 basis points higher than the December 31,
2011 rate of 10.7%. As of December 31, 2012, loans with
a fair value of $177 million were on
non-accrual, representing 9.0% of total loans at fair value,
compared to $252 million fair value
of non-accrual loans, or 12.5% of total loans at fair value as of
September 30, 2012. The
$75 million decrease in the fair
value of loans on non-accrual was generally driven by loans removed
from non-accrual status as a result of improved company
performance.
"We are extremely pleased with the two One Stop
Buyouts® and six new Sponsor Finance investments we
completed during the fourth quarter of 2012," said Darin Winn, Senior Vice President and Senior
Managing Director. "Collectively, we committed more than a
half a billion dollars in the fourth quarter of 2012. We
believe that our two One Stop Buyouts® are synergistic
with our existing Health Care Products and Services segment and
energy investments and we will continue to seek One Stop
Buyouts® in 2013."
STOCK REPURCHASE AND DIVIDEND PROGRAM
During the third
quarter of 2011, American Capital's Board of Directors adopted a
program that may provide for repurchases of shares or dividend
payments through December 31,
2013. Under the program, American Capital will consider
quarterly setting an amount to be utilized for stock repurchases or
dividends. Generally, the amount may be utilized for
repurchases if the price of American Capital's common stock
represents a discount to the NAV of its shares, and the amount may
be utilized for the payment of cash dividends if the price of
American Capital's common stock represents a premium to the NAV of
its shares.
In determining the quarterly amount for repurchases or
dividends, the Company's Board will be guided by the Company's
cumulative net cash provided by operating activities in the prior
quarter and since the beginning of 2012, cumulative repurchases or
dividends, cash on hand, debt service considerations, investment
plans, forecasts of financial liquidity and economic conditions,
operational issues and the then current trading price of American
Capital stock.
The repurchase and dividend program may be suspended, terminated
or modified at any time for any reason. The program does not
obligate American Capital to acquire any specific number of shares,
and all repurchases will be made in accordance with SEC Rule
10b-18, which sets certain restrictions on the method, timing,
price and volume of stock repurchases. During the fourth
quarter of 2012, American Capital made open market purchases of 8.8
million shares, or $103 million, of
American Capital common stock at an average price of $11.72 per share. Since the inception of
the program, American Capital has made open market purchases of
52.4 million shares, or $495 million,
of American Capital common stock at an average price of
$9.46 per share.
|
AMERICAN CAPITAL, LTD.
|
|
CONSOLIDATED BALANCE SHEETS
|
|
As of
December 31, 2012 and 2011
|
|
(in
millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
Versus 2011
|
|
2012
|
|
2011
|
|
$
|
|
%
|
|
(unaudited)
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Investments at fair value (cost of $5,842 and $6,739,
respectively)
|
$
5,265
|
|
$
5,130
|
|
$
135
|
|
3%
|
|
Cash and
cash equivalents
|
331
|
|
204
|
|
127
|
|
62%
|
|
Restricted
cash and cash equivalents
|
140
|
|
80
|
|
60
|
|
75%
|
|
Interest
receivable
|
17
|
|
24
|
|
(7)
|
|
(29%)
|
|
Deferred
tax asset, net
|
455
|
|
428
|
|
27
|
|
6%
|
|
Derivative
agreements at fair value
|
11
|
|
10
|
|
1
|
|
10%
|
|
Other
|
100
|
|
85
|
|
15
|
|
18%
|
|
Total
assets
|
$
6,319
|
|
$
5,961
|
|
$
358
|
|
6%
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Debt
|
$
775
|
|
$
1,251
|
|
$
(476)
|
|
(38%)
|
|
Derivative
agreements at fair value
|
38
|
|
99
|
|
(61)
|
|
(62%)
|
|
Other
|
77
|
|
48
|
|
29
|
|
60%
|
|
Total
liabilities
|
890
|
|
1,398
|
|
(508)
|
|
(36%)
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
Undesignated preferred stock, $0.01 par
value, 5.0 shares authorized, 0 issued and
outstanding
|
-
|
|
-
|
|
-
|
|
-
|
|
Common stock, $0.01 par value, 1,000.0
shares authorized, 310.1 and 336.4 issued
and 304.4 and 329.1
outstanding, respectively
|
3
|
|
3
|
|
-
|
|
-
|
|
Capital in
excess of par value
|
6,783
|
|
7,053
|
|
(270)
|
|
(4%)
|
|
Distributions in excess of net realized
earnings
|
(875)
|
|
(999)
|
|
124
|
|
12%
|
|
Net
unrealized depreciation of investments
|
(482)
|
|
(1,494)
|
|
1,012
|
|
68%
|
|
Total
shareholders' equity
|
5,429
|
|
4,563
|
|
866
|
|
19%
|
|
Total
liabilities and shareholders' equity
|
$
6,319
|
|
$
5,961
|
|
$
358
|
|
6%
|
|
|
|
|
|
|
|
|
|
NAV per
common share outstanding
|
$
17.84
|
|
$
13.87
|
|
$
3.97
|
|
29%
|
|
AMERICAN CAPITAL, LTD.
|
|
CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
Three
Months and Fiscal Years Ended December 31, 2012 and
2011
|
|
(in
millions, except per share data)
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
Fiscal
Year Ended
|
|
Three
Months Ended
|
|
December 31,
|
|
Fiscal
Year Ended
|
|
December 31,
|
|
December 31,
|
|
2012
Versus 2011
|
|
December 31,
|
|
2012
Versus 2011
|
|
2012
|
|
2011
|
|
$
|
|
%
|
|
2012
|
|
2011
|
|
$
|
|
%
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
and dividend income
|
$
157
|
|
$
149
|
|
$
8
|
|
5%
|
|
$
586
|
|
$
543
|
|
$
43
|
|
8%
|
|
Fee
income
|
23
|
|
11
|
|
12
|
|
109%
|
|
60
|
|
48
|
|
12
|
|
25%
|
|
Total
operating revenue
|
180
|
|
160
|
|
20
|
|
13%
|
|
646
|
|
591
|
|
55
|
|
9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
12
|
|
21
|
|
(9)
|
|
(43%)
|
|
59
|
|
90
|
|
(31)
|
|
(34%)
|
|
Salaries,
benefits and stock-based
compensation
|
40
|
|
36
|
|
4
|
|
11%
|
|
148
|
|
143
|
|
5
|
|
3%
|
|
General
and administrative
|
13
|
|
19
|
|
(6)
|
|
(32%)
|
|
56
|
|
55
|
|
1
|
|
2%
|
|
Total
operating expenses
|
65
|
|
76
|
|
(11)
|
|
(14%)
|
|
263
|
|
288
|
|
(25)
|
|
(9%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
OPERATING INCOME BEFORE
INCOME TAXES
|
115
|
|
84
|
|
31
|
|
37%
|
|
383
|
|
303
|
|
80
|
|
26%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax
(provision) benefit
|
(32)
|
|
145
|
|
(177)
|
|
NM
|
|
14
|
|
145
|
|
(131)
|
|
(90%)
|
|
NET
OPERATING INCOME
|
83
|
|
229
|
|
(146)
|
|
(64%)
|
|
397
|
|
448
|
|
(51)
|
|
(11%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on
extinguishment of debt, net of tax
|
-
|
|
-
|
|
-
|
|
-
|
|
(3)
|
|
-
|
|
(3)
|
|
(100%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio company investments
|
9
|
|
(154)
|
|
163
|
|
NM
|
|
(271)
|
|
(335)
|
|
64
|
|
19%
|
|
Foreign currency transactions
|
-
|
|
-
|
|
-
|
|
-
|
|
1
|
|
-
|
|
1
|
|
100%
|
|
Derivative agreements
|
(3)
|
|
(13)
|
|
10
|
|
77%
|
|
(87)
|
|
(50)
|
|
(37)
|
|
(74%)
|
|
Tax benefit
|
9
|
|
75
|
|
(66)
|
|
(88%)
|
|
87
|
|
75
|
|
12
|
|
16%
|
|
Total net
realized gain (loss)
|
15
|
|
(92)
|
|
107
|
|
NM
|
|
(270)
|
|
(310)
|
|
40
|
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REALIZED EARNINGS
|
98
|
|
137
|
|
(39)
|
|
(28%)
|
|
124
|
|
138
|
|
(14)
|
|
(10%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
unrealized appreciation (depreciation)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio
company investments
|
22
|
|
309
|
|
(287)
|
|
(93%)
|
|
1,005
|
|
646
|
|
359
|
|
56%
|
|
Foreign
currency translation
|
36
|
|
(65)
|
|
101
|
|
NM
|
|
27
|
|
(31)
|
|
58
|
|
NM
|
|
Derivative
agreements
|
3
|
|
5
|
|
(2)
|
|
(40%)
|
|
62
|
|
13
|
|
49
|
|
377%
|
|
Tax
(provision) benefit
|
(36)
|
|
208
|
|
(244)
|
|
NM
|
|
(82)
|
|
208
|
|
(290)
|
|
NM
|
|
Total net
unrealized appreciation
|
25
|
|
457
|
|
(432)
|
|
(95%)
|
|
1,012
|
|
836
|
|
176
|
|
21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCREASE IN NET ASSETS
RESULTING FROM
OPERATIONS
("NET EARNINGS")
|
$
123
|
|
$
594
|
|
$
(471)
|
|
(79%)
|
|
$
1,136
|
|
$
974
|
|
$
162
|
|
17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
OPERATING INCOME PER
COMMON SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.27
|
|
$
0.68
|
|
$
(0.41)
|
|
(60%)
|
|
$
1.24
|
|
$
1.30
|
|
$
(0.06)
|
|
(5%)
|
|
Diluted
|
$
0.26
|
|
$
0.67
|
|
$
(0.41)
|
|
(61%)
|
|
$
1.20
|
|
$
1.26
|
|
$
(0.06)
|
|
(5%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REALIZED EARNINGS PER
COMMON SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.32
|
|
$
0.41
|
|
$
(0.09)
|
|
(22%)
|
|
$
0.39
|
|
$
0.40
|
|
$
(0.01)
|
|
(3%)
|
|
Diluted
|
$
0.31
|
|
$
0.40
|
|
$
(0.09)
|
|
(23%)
|
|
$
0.38
|
|
$
0.39
|
|
$
(0.01)
|
|
(3%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
EARNINGS PER COMMON
SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.40
|
|
$
1.76
|
|
$
(1.36)
|
|
(77%)
|
|
$
3.55
|
|
$
2.83
|
|
$
0.72
|
|
25%
|
|
Diluted
|
$
0.38
|
|
$
1.73
|
|
$
(1.35)
|
|
(78%)
|
|
$
3.44
|
|
$
2.74
|
|
$
0.70
|
|
26%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OF
COMMON STOCK
OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
309.7
|
|
337.1
|
|
(27.4)
|
|
(8%)
|
|
320.3
|
|
343.9
|
|
(23.6)
|
|
(7%)
|
|
Diluted
|
320.7
|
|
343.9
|
|
(23.2)
|
|
(7%)
|
|
330.3
|
|
355.3
|
|
(25.0)
|
|
(7%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NM = Not
meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAN CAPITAL, LTD.
|
|
OTHER
FINANCIAL INFORMATION
|
|
Three
Months Ended December 31, 2012 and September 30, 2012 and Fiscal
Years Ended December 31, 2012 and 2011
|
|
(in
millions, except per share data)
|
|
(unaudited)
|
|
|
|
|
|
Q4 2012
Versus
Q3 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
Versus 2011
|
|
Q4
2012
|
|
Q3
2012
|
|
$
|
|
%
|
|
2012
|
|
2011
|
|
$
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
Under Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
Capital Assets at Fair Value
|
$
6,319
|
|
$
6,266
|
|
$
53
|
|
1%
|
|
$
6,319
|
|
$
5,961
|
|
$
358
|
|
6%
|
|
Third-Party Assets at Fair Value(1)
|
110,481
|
|
112,083
|
|
(1,602)
|
|
(1%)
|
|
110,481
|
|
62,168
|
|
48,313
|
|
78%
|
|
Total
|
$
116,800
|
|
$
118,349
|
|
$
(1,549)
|
|
(1%)
|
|
$
116,800
|
|
$
68,129
|
|
$
48,671
|
|
71%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third-Party Earning Assets Under
Management(2)
|
$
12,381
|
|
$
12,359
|
|
$
22
|
|
-
|
|
$
12,381
|
|
$
7,593
|
|
$
4,788
|
|
63%
|
|
Total
Earning Assets Under Management(3)
|
$
18,642
|
|
$
18,567
|
|
$
75
|
|
-
|
|
$
18,642
|
|
$
13,496
|
|
$
5,146
|
|
38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior
Debt
|
$
349
|
|
$
-
|
|
$
349
|
|
100%
|
|
$
417
|
|
$
184
|
|
$
233
|
|
127%
|
|
Mezzanine
Debt
|
27
|
|
-
|
|
27
|
|
100%
|
|
56
|
|
57
|
|
(1)
|
|
(2%)
|
|
Preferred
Equity
|
79
|
|
6
|
|
73
|
|
NM
|
|
87
|
|
15
|
|
72
|
|
480%
|
|
Common
Equity
|
63
|
|
-
|
|
63
|
|
100%
|
|
149
|
|
59
|
|
90
|
|
153%
|
|
Equity
Warrants
|
-
|
|
-
|
|
-
|
|
-
|
|
1
|
|
1
|
|
-
|
|
-
|
|
Structured
Products
|
9
|
|
-
|
|
9
|
|
100%
|
|
9
|
|
1
|
|
8
|
|
800%
|
|
Total
|
$
527
|
|
$
6
|
|
$
521
|
|
NM
|
|
$
719
|
|
$
317
|
|
$
402
|
|
127%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
for Private Equity Buyouts
|
$
87
|
|
$
-
|
|
$
87
|
|
100%
|
|
$
109
|
|
$
25
|
|
$
84
|
|
336%
|
|
Investments in Managed Funds
|
50
|
|
-
|
|
50
|
|
100%
|
|
50
|
|
137
|
|
(87)
|
|
(64%)
|
|
American
Capital Buyouts
|
301
|
|
-
|
|
301
|
|
100%
|
|
301
|
|
1
|
|
300
|
|
NM
|
|
Direct and
Other Investments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
15
|
|
(15)
|
|
(100%)
|
|
Structured
Products
|
9
|
|
-
|
|
9
|
|
100%
|
|
9
|
|
-
|
|
9
|
|
100%
|
|
Add-on
Investment in American Capital Asset
Management, LLC
|
30
|
|
-
|
|
30
|
|
100%
|
|
116
|
|
11
|
|
105
|
|
955%
|
|
Add-on
Financing for Growth and Working Capital
|
6
|
|
-
|
|
6
|
|
100%
|
|
22
|
|
4
|
|
18
|
|
450%
|
|
Add-on
Financing for Working Capital in
Distressed Situations
|
5
|
|
-
|
|
5
|
|
100%
|
|
22
|
|
35
|
|
(13)
|
|
(37%)
|
|
Add-on
Financing for Acquisitions
|
10
|
|
6
|
|
4
|
|
67%
|
|
19
|
|
58
|
|
(39)
|
|
(67%)
|
|
Add-on
Financing for Recapitalizations, not
Including Distressed
Investments
|
29
|
|
-
|
|
29
|
|
100%
|
|
71
|
|
27
|
|
44
|
|
163%
|
|
Add-on
Financing for Purchase of Debt of a
Portfolio Company
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4
|
|
(4)
|
|
(100%)
|
|
Total
|
$
527
|
|
$
6
|
|
$
521
|
|
NM
|
|
$
719
|
|
$
317
|
|
$
402
|
|
127%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realizations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of
Equity Investments
|
$
129
|
|
$
56
|
|
$
73
|
|
130%
|
|
$
274
|
|
$
394
|
|
$
(120)
|
|
(30%)
|
|
Principal
Prepayments
|
403
|
|
24
|
|
379
|
|
NM
|
|
938
|
|
510
|
|
428
|
|
84%
|
|
Payment of
Accrued Payment-in-Kind Notes and
Dividends and Accreted Original
Issue
Discounts
|
93
|
|
42
|
|
51
|
|
121%
|
|
242
|
|
108
|
|
134
|
|
124%
|
|
Scheduled
Principal Amortization
|
6
|
|
14
|
|
(8)
|
|
(57%)
|
|
41
|
|
38
|
|
3
|
|
8%
|
|
Loan
Syndications and Sales
|
3
|
|
-
|
|
3
|
|
100%
|
|
3
|
|
16
|
|
(13)
|
|
(81%)
|
|
Total
|
$
634
|
|
$
136
|
|
$
498
|
|
366%
|
|
$
1,498
|
|
$
1,066
|
|
$
432
|
|
41%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appreciation, Depreciation, Gain and
Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Realized Gain
|
$
33
|
|
$
10
|
|
$
23
|
|
230%
|
|
$
66
|
|
$
158
|
|
$
(92)
|
|
(58%)
|
|
Gross
Realized Loss
|
(24)
|
|
(5)
|
|
(19)
|
|
(380%)
|
|
(337)
|
|
(493)
|
|
156
|
|
32%
|
|
Portfolio
Net Realized Gain (Loss)
|
9
|
|
5
|
|
4
|
|
80%
|
|
(271)
|
|
(335)
|
|
64
|
|
19%
|
|
Foreign
Currency Transactions
|
-
|
|
-
|
|
-
|
|
-
|
|
1
|
|
-
|
|
1
|
|
100%
|
|
Derivative
Agreements
|
(3)
|
|
(5)
|
|
2
|
|
40%
|
|
(87)
|
|
(50)
|
|
(37)
|
|
(74%)
|
|
Tax
Benefit
|
9
|
|
4
|
|
5
|
|
125%
|
|
87
|
|
75
|
|
12
|
|
16%
|
|
Net
Realized Gain (Loss)
|
15
|
|
4
|
|
11
|
|
275%
|
|
(270)
|
|
(310)
|
|
40
|
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Unrealized Appreciation of Private Finance
Portfolio Investments
|
103
|
|
152
|
|
(49)
|
|
(32%)
|
|
412
|
|
403
|
|
9
|
|
2%
|
|
Gross
Unrealized Depreciation of Private Finance
Portfolio Investments
|
(101)
|
|
(111)
|
|
10
|
|
9%
|
|
(218)
|
|
(428)
|
|
210
|
|
49%
|
|
Net
Unrealized Appreciation (Depreciation) of
Private Finance Portfolio
Investments
|
2
|
|
41
|
|
(39)
|
|
(95%)
|
|
194
|
|
(25)
|
|
219
|
|
NM
|
|
Unrealized
Appreciation (Depreciation) of
European Capital Investment
|
31
|
|
65
|
|
(34)
|
|
(52%)
|
|
146
|
|
(34)
|
|
180
|
|
NM
|
|
Unrealized
(Depreciation) Appreciation of
European Capital Foreign Currency
Translation
|
(16)
|
|
(15)
|
|
(1)
|
|
(7%)
|
|
(19)
|
|
3
|
|
(22)
|
|
NM
|
|
Unrealized
Appreciation of American Capital Asset
Management, LLC
|
-
|
|
1
|
|
(1)
|
|
(100%)
|
|
329
|
|
280
|
|
49
|
|
18%
|
|
Unrealized
Appreciation (Depreciation) of
American Capital Mortgage Investment
Corp.
|
-
|
|
-
|
|
-
|
|
-
|
|
12
|
|
(5)
|
|
17
|
|
NM
|
|
Net
Unrealized Appreciation of Structured
Products
|
5
|
|
20
|
|
(15)
|
|
(75%)
|
|
47
|
|
52
|
|
(5)
|
|
(10%)
|
|
Reversal
of Prior Period Net Unrealized
(Appreciation) Depreciation Upon
Realization
|
-
|
|
(3)
|
|
3
|
|
100%
|
|
296
|
|
375
|
|
(79)
|
|
(21%)
|
|
Net
Unrealized Appreciation of Portfolio Company
Investments
|
22
|
|
109
|
|
(87)
|
|
(80%)
|
|
1,005
|
|
646
|
|
359
|
|
56%
|
|
Foreign
Currency Translation - European Capital
|
35
|
|
27
|
|
8
|
|
30%
|
|
26
|
|
(29)
|
|
55
|
|
NM
|
|
Foreign
Currency Translation - Other
|
1
|
|
2
|
|
(1)
|
|
(50%)
|
|
1
|
|
(2)
|
|
3
|
|
NM
|
|
Derivative
Agreements
|
3
|
|
6
|
|
(3)
|
|
(50%)
|
|
7
|
|
8
|
|
(1)
|
|
(13%)
|
|
Reversal
of Prior Period Net Unrealized
Depreciation Upon Realization of
Terminated
Swaps
|
-
|
|
-
|
|
-
|
|
-
|
|
55
|
|
5
|
|
50
|
|
NM
|
|
Tax
(Provision) Benefit
|
(36)
|
|
(20)
|
|
(16)
|
|
(80%)
|
|
(82)
|
|
208
|
|
(290)
|
|
NM
|
|
Net
Unrealized Appreciation of
Investments
|
25
|
|
124
|
|
(99)
|
|
(80%)
|
|
1,012
|
|
836
|
|
176
|
|
21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Gains,
Losses, Appreciation and
Depreciation
|
$
40
|
|
$
128
|
|
$
(88)
|
|
(69%)
|
|
$
742
|
|
$
526
|
|
$
216
|
|
41%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV per
Share
|
$
17.84
|
|
$
17.39
|
|
$
0.45
|
|
3%
|
|
$
17.84
|
|
$
13.87
|
|
$
3.97
|
|
29%
|
|
Debt at
Cost
|
$
775
|
|
$
803
|
|
$
(28)
|
|
(3%)
|
|
$
775
|
|
$
1,251
|
|
$
(476)
|
|
(38%)
|
|
Debt at
Fair Value
|
$
781
|
|
$
797
|
|
$
(16)
|
|
(2%)
|
|
$
781
|
|
$
1,210
|
|
$
(429)
|
|
(35%)
|
|
Market
Capitalization
|
$
3,659
|
|
$
3,509
|
|
$
150
|
|
4%
|
|
$
3,659
|
|
$
2,215
|
|
$
1,444
|
|
65%
|
|
Total
Enterprise Value(4)
|
$
4,103
|
|
$
4,008
|
|
$
95
|
|
2%
|
|
$
4,103
|
|
$
3,262
|
|
$
841
|
|
26%
|
|
Asset
Coverage Ratio
|
801
%
|
|
769
%
|
|
|
|
|
|
801
%
|
|
465
%
|
|
|
|
|
|
Debt to
Equity Ratio
|
0.1x
|
|
0.1x
|
|
|
|
|
|
0.1x
|
|
0.3x
|
|
|
|
|
|
Credit
Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average Effective Interest Rate on
Private Finance Debt Investments at
Period End
|
11.4
%
|
|
11.1
%
|
|
|
|
|
|
11.4
%
|
|
10.7
%
|
|
|
|
|
|
Loans on
Non-Accrual at Cost
|
$
260
|
|
$
370
|
|
$
(110)
|
|
(30%)
|
|
$
260
|
|
$
419
|
|
$
(159)
|
|
(38%)
|
|
Loans on
Non-Accrual at Fair Value
|
$
177
|
|
$
252
|
|
$
(75)
|
|
(30%)
|
|
$
177
|
|
$
219
|
|
$
(42)
|
|
(19%)
|
|
Non-Accrual Loans at Cost as a Percentage
of
Total Loans at Cost
|
12.9%
|
|
17.4%
|
|
|
|
|
|
12.9%
|
|
15.3%
|
|
|
|
|
|
Non-Accrual Loans at Fair Value as a
Percentage
of Total Loans at Fair Value
|
9.0%
|
|
12.5
%
|
|
|
|
|
|
9.0%
|
|
8.7
%
|
|
|
|
|
|
Non-Accruing Loans at Fair Value as a
Percentage
of Non-Accruing Loans at Cost
|
68.1%
|
|
68.1%
|
|
|
|
|
|
68.1%
|
|
52.3%
|
|
|
|
|
|
Past Due
Loans at Cost
|
$
53
|
|
$
9
|
|
$
44
|
|
489%
|
|
$
53
|
|
$
22
|
|
$
31
|
|
141%
|
|
Debt to
Equity Conversions at Cost
|
$
-
|
|
$
2
|
|
$
(2)
|
|
(100%)
|
|
$
60
|
|
$
153
|
|
$
(93)
|
|
(61%)
|
|
Return
on Average Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LTM Net
Operating Income Return on Average
Shareholders' Equity
|
7.7
%
|
|
11.1
%
|
|
|
|
|
|
7.7
%
|
|
10.7
%
|
|
|
|
|
|
LTM Net
Realized Earnings Return on Average
Shareholders' Equity
|
2.5
%
|
|
3.5
%
|
|
|
|
|
|
2.5
%
|
|
3.3
%
|
|
|
|
|
|
LTM Net
Earnings Return on Average
Shareholders' Equity
|
22.1
%
|
|
33.0
%
|
|
|
|
|
|
22.1
%
|
|
23.3
%
|
|
|
|
|
|
Current
Quarter Annualized Net Operating Income
Return on Average Shareholders'
Equity
|
6.1
%
|
|
5.3
%
|
|
|
|
|
|
6.1
%
|
|
21.4
%
|
|
|
|
|
|
Current
Quarter Annualized Net Realized Earnings
Return on Average Shareholders'
Equity
|
7.3
%
|
|
5.7
%
|
|
|
|
|
|
7.3
%
|
|
12.8
%
|
|
|
|
|
|
Current
Quarter Annualized Net Earnings Return
on Average Shareholders'
Equity
|
9.1
%
|
|
14.7
%
|
|
|
|
|
|
9.1
%
|
|
55.4
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NM = Not
meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes total assets of American Capital
Agency Corp., American Capital Mortgage Investment Corp., European
Capital, American Capital Equity I, American Capital Equity II,
ACAS CLO 2007-1 and ACAS CLO 2012-1, less
American Capital's investment
in the funds.
|
|
(2)
Represents third-party earning assets under management from which
the associated base management fees are calculated.
|
|
|
|
(3)
Represents total assets of American Capital less American Capital's
investment in the funds as well as third-party earning assets under
management from which the associated base management fees are
calculated.
|
|
(4)
Enterprise value is calculated as debt at cost plus market
capitalization less cash and cash equivalents on hand.
|
|
Static
Pool (1)
|
|
Portfolio Statistics
($ in millions,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Pre-2001 -
2012
Static
Pools
Aggregate
|
|
Aggregate
|
Pre-
2001
|
2001
|
2002
|
2003
|
2004
|
2005
|
2006
|
2007
|
2008
|
2011
|
2012
|
|
IRR at
Fair Value of All Investments(2)
|
8.1
%
|
18.1
%
|
7.6
%
|
20.4
%
|
13.6
%
|
12.7
%
|
10.8
%
|
(3.0%)
|
7.9
%
|
23.5
%
|
NM
|
8.8
%
|
|
IRR of
Exited Investments(3)
|
9.2
%
|
18.6
%
|
9.7
%
|
20.0
%
|
15.8
%
|
22.1
%
|
8.4
%
|
(5.2%)
|
3.7
%
|
32.5
%
|
NM
|
10.2
%
|
|
IRR at
Fair Value of Equity Investments Only(2)(4)(5)
|
6.2
%
|
46.4
%
|
11.2
%
|
27.6
%
|
26.2
%
|
11.5
%
|
14.9
%
|
(7.5%)
|
19.8
%
|
30.8
%
|
NM
|
11.1
%
|
|
IRR of
Exited Equity Investments Only(3)(4)(5)
|
10.9
%
|
46.4
%
|
21.4
%
|
36.7
%
|
45.8
%
|
50.2
%
|
11.5
%
|
9.5
%
|
35.3
%
|
35.1
%
|
N/A
|
26.6
%
|
|
IRR at
Fair Value of All One Stop Buyout® Investments(2)
|
1.9
%
|
17.1
%
|
9.9
%
|
18.9
%
|
16.0
%
|
28.4
%
|
13.0
%
|
2.7
%
|
15.4
%
|
—%
|
NM
|
13.7
%
|
|
IRR at
Fair Value of Current One Stop Buyout® Investments(2)
|
10.0
%
|
N/A
|
(2.6%)
|
17.6
%
|
5.6
%
|
24.3
%
|
11.9
%
|
0.4
%
|
15.5
%
|
—%
|
NM
|
11.3
%
|
|
IRR of
Exited One Stop Buyout® Investments(3)
|
1.4
%
|
17.1
%
|
14.7
%
|
16.3
%
|
21.4
%
|
30.8
%
|
11.9
%
|
14.8
%
|
13.9
%
|
N/A
|
N/A
|
15.2
%
|
|
Committed
Investments(7)
|
$1,065
|
$376
|
$966
|
$1,437
|
$2,267
|
$4,943
|
$5,297
|
$7,501
|
$1,045
|
$137
|
$419
|
$25,453
|
|
Total
Exits and Prepayments of Committed Investments(7)
|
$999
|
$367
|
$836
|
$1,267
|
$2,081
|
$2,611
|
$4,384
|
$5,275
|
$503
|
$50
|
$2
|
$18,375
|
|
Total
Interest, Dividends and Fees Collected
|
$400
|
$143
|
$344
|
$448
|
$702
|
$1,259
|
$1,375
|
$1,358
|
$355
|
$19
|
$12
|
$6,415
|
|
Total Net
Realized (Loss) Gain on Investments
|
$(135)
|
$(23)
|
$(118)
|
$143
|
$18
|
$375
|
$(305)
|
$(1,137)
|
$(104)
|
$10
|
$
—
|
$(1,276)
|
|
Current
Cost of Investments
|
$75
|
$4
|
$110
|
$166
|
$218
|
$2,038
|
$682
|
$1,850
|
$355
|
$60
|
$284
|
$5,842
|
|
Current
Fair Value of Investments
|
$27
|
$
—
|
$62
|
$343
|
$145
|
$2,147
|
$792
|
$1,096
|
$320
|
$61
|
$272
|
$5,265
|
|
Current
Fair Value of Investments as a % of Total Investments at
Fair Value
|
0.5
%
|
—%
|
1.2
%
|
6.5
%
|
2.7
%
|
40.8
%
|
15.0
%
|
20.8
%
|
6.1
%
|
1.2
%
|
5.2
%
|
100.0
%
|
|
Net
Unrealized (Depreciation) Appreciation
|
$(48)
|
$(4)
|
$(48)
|
$177
|
$(73)
|
$109
|
$110
|
$(754)
|
$(35)
|
$1
|
$(12)
|
$(577)
|
|
Non-Accruing Loans at Cost
|
$
—
|
$
—
|
$47
|
$
—
|
$10
|
$58
|
$48
|
$75
|
$22
|
$
—
|
$
—
|
$260
|
|
Non-Accruing Loans at Fair Value
|
$
—
|
$
—
|
$22
|
$
—
|
$6
|
$53
|
$16
|
$49
|
$31
|
$
—
|
$
—
|
$177
|
|
Equity
Interest at Fair Value(4)
|
$
—
|
$
—
|
$
—
|
$305
|
$82
|
$1,743
|
$411
|
$348
|
$96
|
$5
|
$71
|
$3,061
|
|
Debt to
Adjusted EBITDA(8)(9)(12)(13)(16)
|
6.5
|
N/A
|
13.2
|
2.8
|
3.4
|
1.8
|
4.5
|
6.4
|
6.4
|
5.1
|
4.6
|
4.3
|
|
Interest
Coverage(10)(12)(13)(16)
|
1.9
|
N/A
|
1.2
|
3.4
|
3.9
|
0.9
|
2.7
|
1.9
|
2.3
|
1.9
|
3.0
|
1.9
|
|
Debt
Service Coverage(11)(12)(13)(16)
|
1.8
|
N/A
|
1.2
|
3.1
|
3.5
|
0.6
|
1.7
|
1.7
|
2.1
|
1.6
|
2.4
|
1.5
|
|
Average
Age of Companies(13)(16)
|
43
yrs
|
N/A
|
29
yrs
|
41
yrs
|
40
yrs
|
17
yrs
|
37
yrs
|
29
yrs
|
19
yrs
|
26
yrs
|
19
yrs
|
26
yrs
|
|
Diluted
Ownership Percentage(4)(17)
|
62
%
|
—%
|
—%
|
56
%
|
73
%
|
49
%
|
48
%
|
61
%
|
58
%
|
26
%
|
90
%
|
53
%
|
|
Average
Revenue(13)(14)(16)
|
$48
|
$
—
|
$42
|
$220
|
$47
|
$162
|
$154
|
$189
|
$87
|
$168
|
$190
|
$162
|
|
Average
Adjusted EBITDA(8)(13)(16)
|
$5
|
$
—
|
$8
|
$48
|
$13
|
$65
|
$41
|
$32
|
$21
|
$45
|
$47
|
$44
|
|
Total
Revenue(13)(14)
|
$81
|
$225
|
$78
|
$1,513
|
$243
|
$1,319
|
$3,043
|
$4,553
|
$1,209
|
$354
|
$2,913
|
$15,531
|
|
Total
Adjusted EBITDA(8)(13)
|
$7
|
$2
|
$10
|
$204
|
$40
|
$296
|
$431
|
$628
|
$213
|
$108
|
$576
|
$2,515
|
|
% of
Senior Loans(12)(13)(15)
|
75
%
|
—%
|
77
%
|
—%
|
39
%
|
32
%
|
31
%
|
51
%
|
29
%
|
27
%
|
69
%
|
43
%
|
|
% of Loans
with Lien(12)(13)(15)
|
100
%
|
—%
|
100
%
|
100
%
|
100
%
|
84
%
|
90
%
|
85
%
|
67
%
|
27
%
|
100
%
|
67
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Majority Owned Portfolio Companies
("MOPC")(6)
|
Pre-2001 - 2012
Static
Pools
Aggregate
|
|
|
|
|
|
|
|
|
|
|
|
Total
Number of MOPC
|
45
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue(14)
|
$3,299
|
|
|
|
|
|
|
|
|
|
|
|
Total
Gross Profit(14)
|
$1,691
|
|
|
|
|
|
|
|
|
|
|
|
Total
Adjusted EBITDA(8)
|
$768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Capital Expenditures(14)
|
$118
|
|
|
|
|
|
|
|
|
|
|
|
Total
Current ACAS Investment in MOPC at Fair Value
|
$3,384
|
|
|
|
|
|
|
|
|
|
|
|
Total
Current ACAS Investment in MOPC at Cost Basis
|
$3,178
|
|
|
|
|
|
|
|
|
|
|
|
Total
Current ACAS Debt Investment in MOPC at Fair Value
|
$1,207
|
|
|
|
|
|
|
|
|
|
|
|
Total
Current ACAS Debt Investment in MOPC at Cost Basis
|
$1,260
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Ownership Percentage of ACAS in MOPC(17)
|
72
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Cash(18)
|
$212
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets(18)
|
$4,506
|
|
|
|
|
|
|
|
|
|
|
|
Total
Debt(18)
|
$3,895
|
|
|
|
|
|
|
|
|
|
|
|
Total
Third-party Debt at Cost(18)
|
$2,164
|
|
|
|
|
|
|
|
|
|
|
|
Total
Shareholders' Equity(18)(19)
|
$3,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NM - Not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Static pool classification is based
on the year the initial investment was made. Subsequent add-on
investments are included in the static pool year of the original
investment. There were no investments made in 2009 and 2010 static
pool years.
|
|
(2) Assumes investments are exited at
current fair value.
|
|
(3) Includes fully exited investments of
existing portfolio companies.
|
|
(4) Excludes investments in Structured
Products.
|
|
(5) Excludes equity investments that are
the result of conversions of debt and warrants received with the
issuance of debt.
|
|
(6) MOPC investments represent portfolio
company investments in which American Capital, or its affiliates,
have a fully diluted ownership percentage of 50% or more or have
over 50% board representation at the portfolio company.
Excludes
our investment in
European Capital.
|
|
(7) Represents committed investment
amount at the time of origination.
|
|
(8) Adjusted EBITDA may reflect certain
adjustments to the reported EBITDA of a portfolio company for
non-recurring, unusual or infrequent items or other pro-forma items
or events to normalize current earnings which a buyer may consider
in
a change in control
transactions. These adjustments may be material and are highly
subjective in nature. Portfolio company reported EBITDA is for the
most recently available twelve months, or when appropriate,
the forecasted twelve
months or current
annualized run-rate.
|
|
(9) Debt, which represents the debt and
other liabilities senior to ACAS and the total of ACAS's debt in
each portfolio company's debt capitalization, divided by Adjusted
EBITDA. For portfolio companies with a nominal Adjusted EBITDA
amount,
the portfolio company's
maximum debt leverage is limited to 15 times Adjusted
EBITDA.
|
|
(10)
Adjusted EBITDA divided by the total cash interest expense of the
portfolio company during the most recent twelve month period, or
when appropriate as a result of a new debt capital structure, the
forecasted twelve months.
|
|
(11)
Adjusted EBITDA divided by the total scheduled principal
amortization and total cash interest expense of the portfolio
company during the most recent twelve month period, or when
appropriate, the forecasted twelve months.
|
|
(12)
Excludes investments in which we own only equity.
|
|
(13)
Excludes investments in Structured Products and managed
funds.
|
|
(14) For
the most recent twelve months, or when appropriate, the forecasted
twelve months.
|
|
(15) As a
percentage of our total debt investments.
|
|
(16)
Weighted average based on fair value.
|
|
(17)
Weighted average based on fair value of equity
investments.
|
|
(18) As of
the most recent month end available.
|
|
(19)
Calculated as the estimated enterprise value of the MOPC less the
cost basis of any outstanding debt of the MOPC.
|
SHAREHOLDER CALL
American Capital invites
shareholders, analysts and interested parties to attend the
shareholder call on February 11, 2013
at 11:00 am ET. The shareholder
call can be accessed through a live webcast, free of charge, at
www.AmericanCapital.com or by dialing (888) 317-6016 (U.S.
domestic) or (412) 317-6016 (international). All callers are
asked to dial in 10-15 minutes prior to the call to register.
Please advise the operator you are dialing in for the American
Capital shareholder call. Callers who do not plan on asking a
question and have access to the internet are asked to utilize the
webcast.
A slide presentation will accompany the shareholder call and
will be available at www.AmericanCapital.com. Select the Q4
2012 Earnings Presentation link to download and print the
presentation in advance of the shareholder call.
An archived audio replay of the shareholder call combined with
the slide presentation will be made available on our website after
the call on February 11, 2013.
In addition, there will be a phone recording available from
2:00 pm ET February 11, 2013 until 9:00 am ET February
26, 2013. If you are interested in hearing the
recording of the presentation, please dial (877) 344-7529 (U.S.
domestic) or (412) 317-0088 (international). The access code
for both domestic and international callers is 10024416.
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. American Capital manages $18.6 billion of assets, including assets on its
balance sheet and fee earning assets under management by affiliated
managers, with $117 billion of total
assets under management (including levered assets). Through an
affiliate, American Capital manages publicly traded American
Capital Agency Corp. (Nasdaq: AGNC) with approximately $10 billion market capitalization and American
Capital Mortgage Investment Corp. (Nasdaq: MTGE) with approximately
$850 million market capitalization.
From its eight offices in the U.S. and Europe, American Capital and its affiliate,
European Capital, will consider investment opportunities from
$10 million to $750 million.
For further information, please refer to
www.AmericanCapital.com.
ADDITIONAL INFORMATION
Persons considering an
investment in American Capital should consider the investment
objectives, risks and charges and expenses of the Company carefully
before investing. Such information and other information
about the Company is available in the Company's annual report on
Form 10-K, quarterly reports on Form 10-Q and in the prospectuses
the Company issues from time to time in connection with its
offering of securities. Such materials are filed with the
Securities and Exchange Commission ("SEC") and copies are available
on the SEC's website, www.sec.gov. Prospective investors
should read such materials carefully before investing.
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.
Forward-looking statements are based on estimates, projections,
beliefs and assumptions of management of the Company at the time of
such statements and are not guarantees of future performance.
Forward-looking statements involve risks and uncertainties in
predicting future results and conditions. Actual results
could differ materially from those projected in these
forward-looking statements due to a variety of factors, including,
without limitation, 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. Certain
factors that could cause actual results to differ materially from
those contained in the forward-looking statements are included in
the "Risk Factors" section of the Company's Annual Report on Form
10-K for the fiscal year ended December 31,
2011 and the Company's subsequent periodic filings. Copies
are available on the SEC's website at www.sec.gov.
Forward-looking statements are made as of the date of this press
release, and are subject to change without notice. We
disclaim any obligation to update or revise any forward-looking
statements based on the occurrence of future events, the receipt of
new information, or otherwise.
CONTACT:
Investors - (301) 951-5917
Media - (301) 968-9400
SOURCE American Capital, Ltd.