BETHESDA, Md., Aug. 26, 2015 /PRNewswire/ -- American Capital,
Ltd. (Nasdaq: ACAS) ("American Capital" or the "Company") announced
today that an affiliate, ACAS CLO 2015-2, Ltd. ("ACAS CLO 2015-2"),
has closed on the sale of $510
million of collateralized loan obligation ("CLO")
bonds. The transaction was arranged by Wells Fargo
Securities, LLC. ACAS CLO 2015-2 is externally managed by
American Capital CLO Management, LLC, which is a subsidiary of
American Capital Asset Management, LLC, a wholly owned portfolio
company of American Capital, for an annual base management fee of
0.5% and up to 20% incentive fees, subject to performance
hurdles.
ACAS CLO 2015-2 has invested the proceeds of the bonds primarily
in broadly syndicated senior secured floating rate loans purchased
in the primary and secondary markets. American
Capital Asset Management, LLC manages approximately
$4.3 billion of loan and loan-related
assets in eight American Capital CLOs, in the equity of
approximately 65 third-party CLOs and American Capital Senior
Floating, Ltd. (Nasdaq: ACSF) as of June 30,
2015.
The bonds sold by ACAS CLO 2015-2 included tranches rated
Aaa(sf) through Ba3(sf) by Moody's, AAA(sf) tranches rated by Fitch
and non‑rated subordinated notes.
American Capital CLO Management, LLC purchased $29.5 million of the non‑rated subordinated
notes, with third party investors purchasing the remaining
$20.5 million. The retention of
a control equity investment by American Capital CLO Management, LLC
is intended to make ACAS CLO 2015-2 compliant with risk retention
rules applicable to credit institutions regulated in the European
Economic Area.
|
|
Capital
Structure
|
|
|
|
|
|
|
|
|
|
Tranche
|
% of Total
Capital
|
Principal Amount
($)
|
Moody's
|
Fitch
|
Spread/Coupon
|
Class A-1
|
44.1%
|
225,000,000
|
Aaa(sf)
|
AAA(sf)
|
L+1.50%
|
Class A-2
|
19.6%
|
100,000,000
|
Aaa(sf)
|
|
L+1.50%
|
Class B
|
7.9%
|
40,500,000
|
Aa2(sf)
|
|
L+2.25%
|
Class C
|
8.2%
|
42,000,000
|
A2(sf)
|
|
L+3.05%
|
Class D
|
5.4%
|
27,500,000
|
Baa3(sf)
|
|
L+3.75%
|
Class E
|
4.9%
|
25,000,000
|
Ba3(sf)
|
|
L+5.90%
|
Equity
|
9.8%
|
50,000,000
|
|
|
|
|
100.0%
|
510,000,000
|
|
|
|
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 $23
billion of assets, including assets on its balance sheet and
fee earning assets under management by affiliated managers, with
$81 billion of total assets under
management (including levered assets). Through a wholly owned
affiliate, American Capital manages publicly traded American
Capital Agency Corp. (Nasdaq: AGNC), American Capital Mortgage
Investment Corp. (Nasdaq: MTGE) and American Capital Senior
Floating, Ltd. (Nasdaq: ACSF) with approximately $11 billion of total net book value. From
its eight offices in the U.S., Europe and Asia, American Capital and its wholly owned
affiliate, European Capital, will consider investment opportunities
from $10 million to $600 million.
For further information, please refer to
www.americancapital.com.
The securities referred to herein have not been registered
under the Securities Act of 1933, as amended, and may not be
offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements of such act. This announcement does
not constitute an offer to sell or the solicitation of any offer to
buy any of the securities. This announcement appears as a matter of
record only.
This press release may contain forward-looking information
and statements. Forward-looking statements give our current
expectations and projections relating to the Company's financial
condition, results of operations, plans, objectives, future
performance and business. You can identify forward-looking
statements by the fact that they do not relate strictly to
historical or current facts. These statements may include words
such as "anticipate," "estimate," "expect," "project," "plan,"
"intend," "believe," "confident," "may," "should," "can have,"
"likely," "future" and other words and terms of similar meaning in
connection with any discussion of the timing or nature of future
operating or financial performance or other events. Forward looking
statements are not guarantees of performance or results, and
involve known and unknown risks, uncertainties (some of which are
beyond the Company's control), assumptions and other factors that
may cause actual results or events to differ materially from those
anticipated in such forward-looking statements. Should one or
more of these risks or uncertainties materialize, the Company's
actual results may vary in material respects from those projected
in any forward-looking statements. A detailed discussion of these
and other factors that may affect future results is contained in
our filings with the U.S. Securities and Exchange Commission.
Any forward-looking statement made by the Company in this press
release speaks only as of the date on which it is made. The Company
undertakes no obligation to update any forward-looking statement,
whether as a result of new information, future developments or
otherwise, except as may be required by law.
Contact: Investor Relations (301) 951-5917
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/american-capital-raises-510-million-managed-clo-300133783.html
SOURCE American Capital, Ltd.