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Jan. 26, 2015, 3:18 PM
- In addition to the debt - which comes from three different sources - American Capital (ACAS -0.5%) is putting $26.9M of equity into the 36 MW wind generation project.
Dec. 3, 2014, 3:28 PM
- American Capital's (ACAS +0.7%) investment is in the form of a second lien loan, and the funding will support the purchase of Teasdale Foods by Snow Phipps Group. It's ACAS's first time doing a deal with Snow Phipps.
Dec. 1, 2014, 9:49 AM
- Farrow & Ball was founded in 1946 and manufactures and sells premium paints and wallpaper through a network of more than 50 European and North American showrooms, and about 1.2K independent sellers globally.
- A fund managed by Ares Management's (NYSE:ARES) Private Equity unit has purchased the company from European Capital (an affiliate of ACAS).
- European Capital acquired Farrow & Ball in 2006 and realized a compounded annual rate of return of 22% on its debt and equity investments.
Nov. 25, 2014, 4:33 PM
- It's American Capital's (NASDAQ:ACAS) fifth CLO deal since the financial crisis and its sixth overall. The annual management fee is 50 basis points on total assets.
- The CLO has invested the proceeds in broadly syndicated senior secured floating-rate loans purchased in the primary and secondary markets, and American Capital Asset Management (soon to be spun off) now manages about $2.8B of these loans in six CLOs and American Capital Senior Floating, Ltd.
- Source: Press ReIease
Nov. 6, 2014, 9:14 AM
- Gainers: PLNR +74%. PESI +24%. SWIR +20%. MEET +13%. RVLT +11%. COT +11%. DATA +11%. ACAS +10%. NDLS +9%. KATE +8%. KATE +8%. WFM +9%. HZNP +6%. CECO +6%. DRYS +5%. TRUE +5%.
- Losers: AEZS -51%. SZYM -47%. SNMX -26%. GNW -24%. WWWW -22%. CSOD -19%. PHMD -17%. GERN -14%. MCP -12%. GNRC -11%. WAC -9%. QCOM -7%. Z -7%. PBR -5%.
Nov. 5, 2014, 4:27 PM
- American Capital (NASDAQ:ACAS) will spin off two BDCs - American Capital Growth and Income and American Capital Income - leaving ACAS primarily in the asset management business.
- American Capital Growth and Income's assets will be those primarily issued by companies purchased through American Capital One Stop Buyouts, senior floating rate loans to private companies, and CLO equity investments. This business is at present allocated about $3B of equity.
- American Capital Income's assets will mostly be second lien and mezzanine loans to middle market companies. This business is at present allocated about $1B of equity.
- Both new BDCs will be managed by American Capital. As part of the deal, American Capital will consolidate its operations and remaining assets with American Capital Asset Management. This business at present allocated about $1B of equity.
- The company expects about $25M in cost savings annually, beginning in 2015.
- Previously: American Capital beats by $0.02, beats on revenue
- The earnings conference call is set for tomorrow at 11 ET
- Shares +9.5% after-hours
Nov. 5, 2014, 4:14 PM
- American Capital (NASDAQ:ACAS): Q3 EPS of $0.18 beats by $0.02.
- Revenue of $129M (+21.7% Y/Y) beats by $17.1M.
- Shares +9.2%.
Nov. 4, 2014, 5:35 PM
- ABTL, ACAS, ACLS, ALNY, ALSK, ANDE, AR, AREX, ASH, ATO, ATSG, AVG, AWK, BALT, BCOR, BIOS, BKD, BREW, BWC, CBS, CDE, CF, CLR, CODI, CPE, CSOD, CTL, CVG, CXO, DATA, DEPO, DK, DPM, DRYS, DVR, DYN, ECOL, ECYT, EFC, ENS, ENSG, ETE, ETP, EXAR, EXXI, FMI, FNV, G, GNW, GPOR, GSM, HOLX, HTCH, IL, INWK, IO, JCOM, KGC, KW, LBTYA, LHCG, LPSN, MBI, MCHX, MCP, MDR, MDWD, MED, MHLD, MIDD, MRIN, MTDR, MTRX, MUSA, MWE, NDLS, NLY, NVAX, NWSA, OILT, ORA, ORIG, OSUR, PAA, PLNR, PMT, PODD, POWR, PPO, PRGN, PRU, PTC, QCOM, QEP, QUAD, RGP, RNDY, RUTH, SB, SBY, SCTY, SD, SKUL, SLF, SSNI, SSRI, STMP, SUSP, SWIR, SWM, SXL, SYMC, SZYM, TCAP, TEAR, TEG, TERP, THOR, TNGO, TPC, TRAK, TROX, TRUE, TS, TSLA, TSRO, TTEC, TXTR, UHAL, VVUS, WBMD, WFM, WMC, WMGI, WR, WTI, WWWW, XPO, Z
Oct. 31, 2014, 10:26 AM
- American Capital (ACAS +1.5%) closes on a $500M senior secured revolver provided by Deutsche Bank. The facility matures in two years and currently bears an interest rate of Libor plus 1.6%.
- The line gives American Capital more capacity to invest in senior secured floating rate loans. "Appropriately levered," says CFO John Erickson, "[these] can enhance our NOI."
Oct. 28, 2014, 10:57 AM
- The Sponsor Finance team made six investments in new platform companies along with several incremental investments in support of existing portfolio companies, says Ryan Brauns, the head of American Capital's (ACAS) Sponsor Finance. A total of about $220M was put to work.
Oct. 13, 2014, 10:40 AM
- The company was sold the Delphi Automotive, with American Capital (ACAS -0.2%) receiving $176M in debt and equity proceeds, and (along with its affiliated fund) realizing a $70M gain from the deal.
- American Capital's annualized IRR over the nine year life of its investment was 16%.
Oct. 2, 2014, 2:30 PM
- With the $180M sale, American Capital (ACAS -1.2%) realized a compounded annual rate of return of 19% on its equity investment, a bit below the 23% ACAS has averaged on ownership stakes since its 1997 IPO.
Sep. 24, 2014, 9:31 AM
- The fund will be a boost to American Capital's (NASDAQ:ACAS) asset management business, which now has about $13B of earning AUM, and $83B of total AUM.
- The investor group was led by funds advised by Coller Capital, GS Asset Management, and StepStone Group. In all, there are 39 limited partners in the new fund, named American Capital Equity III.
Aug. 18, 2014, 11:30 AM
- Prospect Capital's (PSEC +0.9%) sizable $210M lending deal announced this morning and 9 booked deals over $100M in the last year suggest it and many of its larger brethren are competing for larger borrowers who don't fit the mold of the larger syndicated loan market BDCs typically play in, writes Nicholas Marshi.
- On the good side, these "story credits" allow Prospect and other BDCs to charge higher rates and fees than are available in the "dirt cheap" syndicated loan market. And Prospect (and others) have become so big that typical middle market deals aren't enough to move the needle on their portfolios anymore.
- Ideally, though, no individual loan would represent more than a tiny fraction of the portfolio, so while "big fish" deals allow for good earnings and maintenance of the distribution today, Marshi worries about the impact of the blow-up of an individual company or of wider credit issues when the next economic downturn hits.
- Other large players today: Ares Capital (ARCC +0.8%), FS Investment (FSIC), American Capital (ACAS +1.4%), Apollo Investment (AINV +0.4%), Main Street Capital (MAIN +0.1%).
- ETFs: BDCL, BDCS, BIZD
Aug. 13, 2014, 12:28 PM
- American Capital's (ACAS -0.1%) Sponsor Finance Group is lead agent and investor on second lien financing used to fund the buyout of Tectum Holdings by TA Associates. American Capital's involvement includes an equity co-investment as well.
- Headquartered in Ann Arbor, Tectum is a manufacturer of pickup truck accessories.
- ACAS first invested in Tectum in March with a $25M facility to support an add-on acquisition and dividend recap by previous majority owner Kinderhook Industries.
Aug. 6, 2014, 4:47 PM
- Q2 net realized earnings of $19M or $0.07 per share off 14% from a year ago. Net unrealized appreciation of $193M or $0.69 per share up from essentially zero one year ago.
- NAV per share of $20.12 up $0.83 (17% annualized) from Q1, up 4% from a year ago. Today's close of $15.32 is a 23.9% discount to NAV.
- Management is finding the task of separating the management business from the rest of the company a difficult one, but nevertheless expects to have something concrete to present in Q4.
- Previously: American Capital misses on revenue
- ACAS -0.45% AH
American Capital Ltd is an asset management and private equity firm. The Company originates, underwrites and manages investments in the middle market private equity, leveraged finance, real estate, energy and structured products.
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