BETHESDA, Md., Nov. 3, 2015 /PRNewswire/ -- American
Capital, Ltd. (Nasdaq: ACAS) ("American Capital" or the "Company")
announced today that it has closed American Capital CLO Fund I, LP
("American Capital CLO Fund I" or the "Fund"), its new $450 million fund focused on investing in equity
tranches of collateralized loan obligations ("CLOs"). The
transaction further expands American Capital's asset management
business and increases American Capital's third-party earning
assets under management by approximately $450 million, or 3%.
"We are very pleased to announce the closing of American Capital
CLO Fund I," said Mark Pelletier,
President of American Capital CLO Management, LLC and President and
Chief Investment Officer of American Capital Senior Floating,
Ltd. "Our partners spent a significant amount of time
underwriting both the assets and our team. Their willingness
to acquire a large pool of these assets at our carrying value, in
conjunction with entrusting us to manage both these assets and the
new investments we will make on their behalf, speaks to the trust
they have placed in us."
As previously announced, the Fund purchased $300 million of American Capital's existing CLO
equity portfolio at its fair value as of June 30, 2015, subject to standard
adjustments. The Fund has $150
million of investment capacity and an affiliate of American
Capital's asset management company, American Capital Asset
Management, LLC ("ACAM"), manages the fund for customary management
and incentive fees.
"American Capital CLO Fund I is an important milestone in the
development of our asset management platform," said Tom McHale, American Capital Senior Vice
President, Finance. "This is our first fund dedicated to CLO
equity and it diversifies our asset management income while
leveraging an existing investment team."
Following the closing, ACAM manages fourteen private funds and
three public funds with approximately $15
billion of third-party earnings assets under management and
$81 billion of total assets under
management (including levered assets). ACAM manages publicly
traded American Capital Agency Corp. (Nasdaq: AGNC), American
Capital Mortgage Investment Corp. (Nasdaq: MTGE) and American
Capital Senior Floating, Ltd. (Nasdaq: ACSF). In addition,
ACAM manages private funds American Capital Equity I LLC, American
Capital Equity II LP, American Capital Equity III, LP, American
Capital CLO 2007-1, Ltd., American Capital CLO 2012-1, Ltd.,
American Capital CLO 2013-1, Ltd., American Capital CLO 2013-2,
Ltd., American Capital CLO 2014-1, American Capital CLO 2014-2,
Ltd., American Capital CLO 2015-1, Ltd., American Capital CLO
2015-2, Ltd., European Capital UK SME Debt and a European debt
fund.
American Capital announced the launch of American Capital CLO
Fund I on August 5, 2015. For
more information, please refer to the press release.
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.
This press release contains forward-looking statements. Such
statements are subject to various factors and uncertainties,
including the uncertainties associated with the timing of
transaction closing, 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.
This press release does not constitute an offer to sell or
the solicitation of an offer to buy any securities. The
offering of these securities have not and will not be registered
under the Securities Act of 1933, as amended and may not be offered
absent registration or an exemption from registration.
Contact: Investor Relations (301)
951-5917
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SOURCE American Capital, Ltd.