American Capital Realizes 27% Return on Investment in Plastech
24 2월 2004 - 7:09AM
PR Newswire (US)
American Capital Realizes 27% Return on Investment in Plastech
BETHESDA, Md., Feb. 23 /PRNewswire-FirstCall/ -- American Capital
Strategies Ltd. announced today Plastech Engineered Products Inc.
has prepaid American Capital's remaining subordinateddebt
investment, together with accrued interest and fees. Plastech
prepaid $20 million of the original $30 million subordinated debt
investment in the first quarter of 2003, resulting in a $1.6
million realized gain. In the first quarter of 2004, Plastech has
prepaid the remaining $10 million subordinated debt investment,
resulting in an additional $0.7 million realized gain. American
Capital earned a 27% total return on its $30 million subordinated
debt investment, including interest and fees received over the life
of American Capital's investment. Plastech's repayment occurred as
part of an acquisition and recapitalization. American Capital
retains its warrants for common stock representing a 2% diluted
ownership of the company. In November2001, American Capital
invested $30 million in senior subordinated debt in Plastech.
Headquartered in Dearborn, MI, Plastech is a privately-held leading
Tier I automotive supplier. With annual anticipated sales in excess
of $1 billion, Plastech becomes one of the four largest injection
molders in North America. Click here for more information about the
Plastech transaction:
http://www.acas.com/our_portfolio/companies/company.cfm?p_comp=plastech
For a chart detailing American Capital realized gains and losses,
go to http://www.acas.com/investor_relations/capital_gains.cfm For
a chart listing American Capital's exited portfolio companies, go
to http://www.acas.com/our_portfolio/exited_companies.cfm As of
January 31, 2004, American Capital shareholders have enjoyed a
total return of 273% since the Company's IPO -- an annualized
return of 23%, assuming reinvestment of dividends. American Capital
has declared a total of $13.82 per share in dividends since its
August 1997 IPO. American Capital is a publicly traded buyout and
mezzanine fund with capital resources in excess of $2.5 billion.
American Capital is an investor in and sponsor of management and
employee buyouts; invests in private equity sponsored buyouts, and
provides capital directly to private and small public companies.
American Capital provides senior debt, mezzanine debt and equity to
fund growth, acquisitions and recapitalizations. Companies
interested in learning more about American Capital's flexible
financing should contact Mark Opel, Principal, at (800) 248-9340,
or visit our website at http://www.americancapital.com/. This press
release contains forward-looking statements. The statements
regarding expected results of American Capital Strategies 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 or national economic conditions, or changes in the
conditions of the industries in which American Capital has made
investments. DATASOURCE: American Capital Strategies Ltd. CONTACT:
John Erickson, CFO, +1-301-951-6122, or Brian Maney, Director,
Corporate Communications, +1-301-951-6122, both of American Capital
Strategies Ltd. Web site: http://www.americancapital.com/
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