BETHESDA, Md., Sept. 26, 2013 /PRNewswire/ -- American Capital,
Ltd. (Nasdaq: ACAS) ("American Capital" or the "Company") announced
today that in the third quarter of 2013, it made open market
purchases of approximately 13.4 million shares of American Capital
common stock, or 4.6% of the Company's outstanding shares as of
June 30, 2013. The shares were
purchased at an average price of $13.11 per share, totaling approximately
$175.5 million.
Starting in the third quarter of 2011, American Capital has made
open market purchases of 83.8 million shares, or 24.3% of the
Company's outstanding shares as of June 30,
2011, at an average price of $11.02 per share, totaling $923.9 million. Purchases starting in the
third quarter of 2011 through June
2013 were $1.40 per share
accretive to the Company's $19.28 net
asset value per share ("NAV") as of June
30, 2013. Had these shares not been repurchased,
American Capital would have had to earn an additional $405 million during that eight quarter period to
have produced the same NAV per share. Accretion from the
purchases in the third quarter of 2013 will be disclosed in the
Company's third 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, energy & infrastructure and structured
products. American Capital manages $21
billion of assets, including assets on its balance sheet and
fee earning assets under management by affiliated managers, with
$119 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 of net book value and American Capital Mortgage
Investment Corp. (Nasdaq: MTGE) with approximately $1 billion of net book value. 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.