American Capital Realizes $4 Million Gain
04 5월 2004 - 5:42AM
PR Newswire (US)
American Capital Realizes $4 Million Gain BETHESDA, Md., May 3
/PRNewswire-FirstCall/ -- American Capital Strategies Ltd.
announced today that it has realized a $4 million gain on the
repayment of its $18.75 million senior subordinated debt investment
in Atlantech International Inc. American Capital retains its
preferred equity, common equity and warrant investments totaling
approximately 7% diluted ownership in Atlantech. Based on the most
recent quarterly valuation of its equity investments in Atlantech,
American Capital has earned a total return of 20% on its total
Atlantech investment. The repayment occurred as part of a debt
refinancing led by an existing senior lender. In December 2000,
American Capital invested $19.75 million in support of the
acquisition of Atlantech by KRG Capital Partners. Atlantech is a
holding company for The Tensar Corporation, the largest
manufacturer of polymeric earthwork geogrid reinforcement products
and systems in the world. Geogrids permit cheaper, faster and more
durable construction of transportation and environmental
infrastructure projects, including roadways, parking lots,
retaining walls and coastal protection systems. Atlantech packages
these products with valued-added engineering services to provide
complete solutions for its clients. Tensar's customers include
municipal, county and state departments of transportation and
environmental regulatory agencies, as well as customers from the
commercial and industrial sectors. For more information about
American Capital's investment, go to:
http://www.acas.com/our_portfolio/companies/company.cfm?p_comp=7
Through the first quarter of 2004, American Capital enjoyed a 14%
compounded annual return on 59 announced exits and repayments of
senior debt, subordinated debt and equity, totaling $708 million
since its August 1997 IPO. In the same period, American Capital
exited or received prepayments totaling 25% of all announced
investments made since its 1997 IPO. Thirty-one percent of these
exits and prepayments were from portfolio companies that had at one
time been either a loan grade 1 or 2 in its four point loan grading
system, with 1 being the lowest loan grade. From its 1997 IPO
through the first quarter of 2004, American Capital's annual rate
of net realized loss on its investments was 1% of assets based on
American Capital's cash investments less its cash exits and
repayments including the cost basis of its cash investments at
period end. For a chart detailing American Capital capital 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 April
30, 2004, American Capital shareholders have enjoyed a total return
of 213% since the Company's IPO -- an annualized return of 19%,
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 $2.7 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/. KRG Capital is a
private equity firm located in Denver, CO that manages in excess of
$800 million. KRG specializes in acquiring and recapitalizing
unique and profitable middle-market companies. KRG seeks investment
opportunities where the KRG professionals can work in concert with
the owners and operating managers who are committed to expanding
their companies and becoming industry leaders. 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, Chief Financial Officer, +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/ http://www.acas.com/
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