BETHESDA, Md., March 28, 2013 /PRNewswire/ -- American Capital,
Ltd. (Nasdaq: ACAS) ("American Capital" or the "Company") announced
today that in the first quarter of 2013, it made open market
purchases of approximately 9.0 million shares of American Capital
common stock, or 3% of the Company's outstanding shares as of
December 31, 2012. The shares
were purchased at an average price of $14.23 per share, totaling approximately
$128.3 million.
Starting in the third quarter of 2011, American Capital has made
open market purchases of 61.4 million shares, or 17.8% of the
Company's outstanding shares as of June 30,
2011, at an average price of $10.16 per share, totaling $623.5 million. Purchases starting in the
third quarter of 2011 through December
2012 were $1.09 per share
accretive to the Company's $17.84 net
asset value per share ("NAV") as of December
31, 2012. Had these shares not been repurchased,
American Capital would have had to earn an additional $332 million during that six quarter period to
have produced the same NAV per share. Accretion from the
purchases in the first quarter of 2013 will be disclosed in the
Company's first quarter earnings release.
These share purchases were completed in accordance with the
Company's Share Repurchase and Dividend Policy under which 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 NAV, 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 NAV. 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.
ABOUT AMERICAN CAPITAL
American Capital, Ltd. (Nasdaq:
ACAS) 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 a $13 billion market
capitalization and American Capital Mortgage Investment Corp.
(Nasdaq: MTGE) with approximately a $1.5
billion 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.
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.