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Nearly $7 billion invested, $957 million in dividends paid since 1997 IPO
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Vol. 7 No. 1
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(800) 248-9340
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January 2006
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American Capital Invests Approximately $3.2 Billion in 2005
American Capital Raises $469 in November, January Equity Offerings
Total Capital Resources of Approximately $7 Billion
$3.08 in Dividends Paid or Declared in 2005
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Table of Contents
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NEW INVESTMENTS
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J.P. Morgan Chase Commercial Mortgage 2005-LDP5
$81 million in the BBB-, BB+, BB, BB-, B+, B, B- and non-rated tranches of J.P. Morgan Chase Commercial Mortgage 2005-LDP5, a $4.2 billion commercial mortgage backed security trust
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Ranpak Corporation
$284 Million in the buyout of Ranpak Corporation, leading manufacturer and marketer of paper-based "in-the-box" protective packaging systems and materials in North America, Europe and the Pacific Rim
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Inovis International, Inc.
$90 million in the recapitalization of Inovis International, Inc., a leading provider of business-to-business (B2B) software and services |
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DelStar Technologies, Inc.
$114 million in the One Stop Buyout™ of DelStar Technologies, Inc., a leading manufacturer of highly-engineered, thermoplastic nonwoven products used by OEMs in filtration, healthcare and industrial applications |
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Value Plastics, Inc.
Undisclosed investment in the recapitalization of Value Plastics, Inc., a leading designer and manufacturer of branded, disposable fluid connectors used mainly in medical applications |
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Stein World, LLC
$32 million in the debt refinancing of Stein World LLC, a leading designer, importer and distributor of residential accent furniture and portable lighting |
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PORTFOLIO COMPANY NEWS
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The Tensar Corporation
$104 million to support the acquisition of The Tensar Corporation, a current portfolio company and a full-service provider of specialty products and engineering services used for site development and transportation and environmental infrastructure |
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EUROPEAN CAPITAL NEWS
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European Capital
European Capital Invests €148 Million in Buyout and Mezzanine Transactions |
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Eau Ecarlate
€35 million in Eau Ecarlate, the leading supplier of branded fabric care products to the French retail market |
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Marco Polo Foods
€29 million in the One Stop Buyout™ of Marco Polo Foods, the leading commercial producer of fresh and frozen
sushi products to the European retail markets |
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2005 New Investments Total Approximately $3.2 Billion, Up 60% From 2004
January Equity Offering Totaling $160 Million
November Equity Offering Totaling $309 Million
$3.08 in Dividends Paid or Declared in 2005
Fitch Upgrades and Affirms American Capital Securitizations
Exit Events
American Capital Receives Total Proceeds of $212 Million From Exits and Prepayments of Five Portfolio Companies
Corporate News
American Capital Promotions
Les Brownlee, Former U.S. Army Acting Secretary, To Work With American Capital to Identify and Invest in Federal Contractors
Charts
Dividends
Growth in Total Investments, 2001 - 2005
Total Return to Investors
Total Term Debt and Equity Raised: 1997 IPO to Date
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2005 New Investments Total Approximately $3.2 Billion, Up 60% From 2004 |
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January Equity Offering Totaling $160 Million
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On January 11, 2006, an affiliate of Wachovia Capital Markets, LLC (the "Counter-Party"), at American Capital's request, borrowed and sold an aggregate of 4,000,000 million shares of American Capital's common stock with a sale value of approximately $139 million at $35.20 per share in connection with an agreement to purchase common stock from American Capital at a future date (the "January 2006 Forward Sale Agreement"). American Capital also granted the underwriter an option to purchase up to an additional 600,000 shares of common stock to cover over-allotments, which shares were sold directly by the Company, and exercised in full on January 11, resulting in net proceeds of $21 million.
American Capital did not initially receive any proceeds from the sale of shares of common stock borrowed and sold by the Counter-Party under the January 2006 Forward Sale Agreement. If American Capital elects to settle the January 2006 Forward Sale Agreement at a later date or dates specified by American Capital within approximately 12 months of January 11, 2006, American Capital expects to use substantially all of the net proceeds from the subsequent sale of shares pursuant to the January 2006 Forward Sale Agreement to reduce borrowings under the Company's existing revolving credit facilities and to fund investments. The repayments under the revolving credit facilities will create availability under the facilities, which will generally be used for funding future American Capital investments and general corporate purposes.
This newsletter is neither an offer to sell nor a solicitation of an offer to buy shares of common stock. The offering of securities can be made only by means of a prospectus and a related prospectus supplement.
For the complete press release click here.
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November Equity Offering Totaling $309 Million
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On November 23, 2005, American Capital and each of an affiliate of Wachovia Capital Markets, LLC and Citigroup Global Markets, Inc. (the "Counter-Parties") sold an aggregate of 8,050,000 shares of American Capital's common stock at $38.38 per share to the public. American Capital offered directly 2 million shares of the shares and received approximately $73 million in immediate net proceeds. Five million shares, with a sale value of approximately $185 million, were offered by the Counter-Parties in connection with agreements to purchase common stock from American Capital at a future date (the "November 2005 Forward Sale Agreements"). American Capital also granted the underwriters an option to purchase up to an additional 1,050,000 shares of American Capital's common stock, at the public offering price, less the underwriting discount, to cover over-allotments, which was exercised in full on November 23, resulting in net proceeds of $39 million.
American Capital did not initially receive any proceeds from the sale of shares of common stock borrowed and sold by the Counter-Parties under the November 2005 Forward Sale Agreements. If American Capital elects to settle the November 2005 Forward Sale Agreements at a later date or dates specified by American Capital within approximately 12 months of November 23, 2005, American Capital expects to use substantially all of the net proceeds from the direct sale of shares and from the subsequent sale of shares pursuant to the Forward Sale Agreements to reduce borrowings under the Company's existing revolving credit facilities and to fund investments. The repayments under the revolving credit facilities will create availability under the facilities, which will generally be used for funding future American Capital investments and general corporate purposes.
This newsletter is neither an offer to sell nor a solicitation of an offer to buy shares of common stock. The offering of securities can be made only by means of a prospectus and a related prospectus supplement.
For the complete press release click here.
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$3.08 in Dividends Paid or Declared in 2005 |
In November, American Capital declared a fourth quarter 2005 regular dividend of $0.79 per share, an 8% increase over the fourth quarter 2004 regular dividend of $0.73 per share. In December, American Capital declared an additional dividend on its common stock of $0.03 per share. Total dividends declared for 2005 were $3.08 per share, an increase of 6% over 2004.
This additional dividend reflected a change in American Capital dividend practices. Previously, the Company has paid an additional year-end dividend in an amount sufficient to avoid the imposition of excise taxes. However, for 2005, the Company intends to retain a portion of its ordinary taxable income and pay a 4% excise tax on the retained portion.
For the complete press release click here.
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Fitch Upgrades and Affirms American Capital Securitizations
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In December, Fitch Ratings upgraded the ratings of six classes of American Capital securitizations and affirmed four classes.
1. Fitch Upgrades 1 Class of ACAS Business Loan Trust 2002-2
2. Fitch Upgrades 3 Classes of ACAS Business Loan Trust 2003-2
3. Fitch Upgrades 2 Classes of ACAS Business Loan Trust 2003-1
4. Fitch Affirms 4 Classes of ACAS Business Loan Trust 2004-1
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$81 Million in J.P. Morgan Chase Commercial Mortgage 2005-LDP5 |
In December, American Capital invested $81 million in the BBB-, BB+, BB, BB-, B+, B, B- and non-rated tranches of J.P. Morgan Chase Commercial Mortgage 2005-LDP5 (2005-LDP5), a $4.2 billion commercial mortgage backed security trust (CMBS), the largest completed in 2005. This represents a 41% discount to the $136 million face value of these tranches. The CMBS is a pool of 195 commercial mortgage loans sold by JPMorgan Chase Bank, N.A., Eurohypo AG, Nomura Credit and Capital, Inc., PNC Bank, N.A., IXIS Real Estate Capital, Inc. and AIG Mortgage Capital, LLC. The portfolio is composed of 195 loans secured by first liens on 313 commercial and multifamily properties.
The tranches and corresponding face values in which American Capital has invested are rated by Fitch and S&P as follows:
| TRANCHE |
RATING |
FACE VALUE (000) |
| K |
BBB- |
$5,000 |
| L |
BB+ |
$26,232 |
| M |
BB |
$15,739 |
| N |
BB- |
$15,738 |
| O |
B+ |
$5,247 |
| P |
B |
$5,246 |
| Q |
B- |
$10,493 |
| Non-Rated |
Non-Rated |
$52,463 |
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Average loan balance for 2005-LDP5 is $21.5 million while average balance per mortgaged property is $13.4 million.
For the complete press release, click here
Contact Douglas Cooper, Managing Director, Commercial Mortgage Asset Management Group, at (301) 951-6122.
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$284 Million in Buyout of Ranpak Corporation |
In December, American Capital invested $284 million in the buyout of Ranpak Corporation from First Atlantic Capital Ltd. Ranpak is a leading manufacturer and marketer of paper-based "in-the-box" protective packaging systems and materials in North America, Europe and the Pacific Rim. American Capital's investment took the form of senior and junior subordinated debt and redeemable preferred and common equity. A syndicate led by GE Antares Capital, a unit of GE Commercial Finance, invested in a senior term B loan and is also providing a revolving credit facility. Rankpak's management team also invested in the equity. American Capital now owns approximately 85% of Ranpak, on a fully diluted basis.
Founded in 1972, Ranpak manufactures a patented line of machines that convert paper into specialized sizes and shapes of desired specifications to cushion and protect products during shipment. Ranpak currently assembles two different types of machines: PadPak, cushioning machines used to create paper padding that protects a package's contents from shock and vibration, and FillPak, void-fill machines designed to fold paper specifically to fill the empty space in a package, in addition to bracing the packaged item in place. Ranpak's customers are typically OEMs and distributors operating in a wide array of industries, including industrial, automotive, medical, consumer products and technology. In addition to its headquarters in Concord Township, Ohio, Ranpak operates two manufacturing facilities located in Nevada and The Netherlands.
For more information about Ranpak, click here
Contact Todd Wilson, Principal, or Robert Klein, Managing Director, at (212) 213-2009.
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$90 Million in Inovis International, Inc. |
  In December, American Capital invested $90 million in the recapitalization of Inovis International, Inc., a leading provider of business-to-business (B2B) software and services. A portion of the proceeds of the investment will be used for a shareholder distribution. American Capital's investment took the form of a senior term B loan. A syndicate led by Wells Fargo Foothill is providing a revolving credit facility and also invested in a senior term A loan. Golden Gate Capital and Cerberus Capital Management LP are the majority owners of Inovis.
Headquartered in Alpharetta, Georgia, Inovis is a leading provider of B2B solutions for global trading relationships. With more than 20 years of experience, Inovis enables collaborative business processes and solves the B2B integration challenge for more than 20,000 customers and their trading partners. The Company's customers include small to mid-sized businesses as well as multinational corporations. Inovis' comprehensive line of B2B software and services help companies speed transaction flows, synchronize product information and improve supply chain processes.
For more information about Inovis, click here
Contact Natasha Volyanskaya, Vice President, at (415) 591-0120.
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$114 Million in One Stop Buyout™of DelStar Technologies, Inc. |
 In December, American Capital invested $114 million in the One Stop Buyout™ of DelStar Technologies, Inc., a leading manufacturer of highly-engineered, thermoplastic nonwoven products used by OEMs in filtration, healthcare and industrial applications. American Capital's investment took the form of senior term loans, senior subordinated debt and equity. American Capital is also providing a revolving credit facility. DelStar's management team and employees retain an equity stake in the Company. American Capital now owns approximately 83% of DelStar, on a fully diluted basis.
Headquartered in Middletown, Delaware, DelStar Technologies is a leading manufacturer of highly-engineered and customized thermoplastic nonwoven products. The Company's product offering consists of approximately 4,000 SKUs across five product lines: Naltex, bi-planar extruded netting; Delnet, apertured films; Coretec, extruded cores and precision parts; DelPore, meltblown media; and Stratex, engineered composites. The Company's customers utilize its products as components for a diverse range of applications including the core, support and media layers of air, water and liquid filters; highly breathable and/or protective fabrics used in healthcare applications such as finger bandages, wound dressings and surgical masks; and in industrial end-market applications including HVAC, automotive, clothing and food packaging. DelStar's well-diversified customer base of over 1,000 includes a wide range of OEMs involved in the filtration, healthcare and a number of industrial end-markets. In addition to its headquarters, DelStar has four manufacturing facilities in Texas, Pennsylvania, California and China and employs over 350 people.
For more information about Delstar, click here
Contact Todd Wilson, Principal, or Robert Klein, Managing Director, at (212) 213-2009.
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Undisclosed Investment in Value Plastics, Inc. |
 In October, American Capital invested in the recapitalization of Value Plastics, Inc., a leading designer and manufacturer of branded, disposable fluid connectors used mainly in medical applications. American Capital's investment took the form of senior term loans, senior and junior subordinated debt and common equity. American Capital is also providing a revolving credit facility. Value Plastics management invested in the equity and continues to manage the Company. American Capital owns a controlling interest in Value Plastics with the Company's management maintaining a significant ownership interest.
Founded in 1968 and based in Fort Collins, Colorado, Value Plastics designs and manufactures a proprietary line of plastic, disposable fluid connectors used to link flexible tubing in medical devices, analytical equipment and healthcare products of all types. These products transport blood, air, irrigation solutions and medications, among other fluids. Value Plastics manufactures over 2,800 SKUs in over 400 separate shapes and configurations of disposable fluid connectors, including barbed plastic luer fittings, tube-to-tube fittings, blood pressure components and threaded fittings. The Company's products are used in a wide variety of medical device, biopharmaceutical and instrumentation applications. The products are also used in certain, high value industrial applications where high precision and consistent quality are demanded. Value Plastics has a unique and diverse global customer base, which includes many of the top tier medical industry players as well as large and small medical device manufacturers.
For more information about Value Plastics, click here
Contact Frank Do, Managing Director, at (310) 806-6280.
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$32 Million in Stein World, LLC |
  In October, American Capital invested $32 million in the debt refinancing of Stein World LLC, a leading designer, importer and distributor of residential accent furniture and portable lighting. American Capital's investment took the form of a senior term B loan and senior and junior subordinated debt. GE Antares Capital, a unit of GE Commercial Finance, and Dymas Capital Management invested in a senior term A loan and are also providing a revolving credit facility. Goense Bounds & Partners, New York Life Insurance Company, Stein World management and private investors are currently invested in the equity. Goense Bounds is the majority equity investor.
Headquartered in Memphis, Tennessee, Stein World offers a broad selection of attractive, upscale residential accent furniture, including credenzas, chests (pictured at left), cabinets, tables and armoires under The Painted Treasures Collection and the Andrew Marc Collection brand names. Earlier in 2005, the Company expanded its product offering by introducing a new line of lighting products under the Stein World Decorative Lighting trade name. The Company sells to a well-diversified base of customers, including 78 of the top 100 furniture retail chains, as well as specialty retailers, wholesale clubs, department stores, lighting stores and other home décor stores throughout the United States and Canada. The Company produces over 750 SKUs through several accent furniture and lighting manufacturers in China.
For more information about Stein World, click here
Contact Ian Larkin, Managing Director, at (312) 681-7400.
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$104 Million in The Tensar Corporation |
  In October, American Capital invested $104 million to support the acquisition of The Tensar Corporation, a current portfolio company, by an affiliate of Arcapita Bank B.S.C. Tensar is a full-service provider of specialty products and engineering services used for site development and transportation and environmental infrastructure. American Capital's new investment took the form of senior second lien debt and junior subordinated debt and facilitated Arcapita's acquisition of Tensar from KRG Capital Partners. AIG Global Investment Group invested alongside American Capital in the junior subordinated debt. Credit Suisse First Boston underwrote a senior first lien term loan as well as a revolving credit facility. American Capital and AIG were existing investors in the Company.
American Capital first invested $19.75 million in Tensar in December 2000 in support of the acquisition of Tensar (then known as Atlantech International) by KRG Capital Partners. In April 2004, American Capital was repaid its original $18.75 million debt investment while retaining its equity investment. In December 2004, American Capital invested $24 million in senior subordinated notes and junior subordinated debt in support of the recapitalization of Tensar. At that time, KRG Capital Partners was the lead investor. American Capital has now received net proceeds of $43 million for the full repayment of the senior subordinated notes, junior subordinated debt and sale of its equity interest, realizing a gain of $11 million in the fourth quarter and earning a combined 27% compounded annual rate of return, including all fees, interest and principal received over the life of American Capital's investment. The amount realized by American Capital was equal to the third quarter 2005 valuation of the investment.
Founded in 1983 and based in Atlanta, Georgia, Tensar is the largest manufacturer of polymeric earthwork geogrid reinforcement products 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. Tensar holds over 70 patents worldwide, including a method of use patent that provides the Company exclusive rights for use of its UXTM and BXTM geogrids for all civil construction applications in the U.S. The Company is also a full-service provider of specialty products and engineering services used for cost-effective site development of commercial, residential, industrial and municipal properties as well as in transportation and environmental infrastructure. 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. Tensar employs over 300 people in its four operating divisions: Tensar Earth Technologies, the largest manufacturer of polymeric earthwork reinforcement products in the world; North American Green, the leading manufacturer and wholesaler of erosion control products in the U.S.; Geopier Foundation Company, a provider of patented Rammed Aggregate Pier intermediate foundation systems; and Tensar Polytechnologies, a manufacturer and marketer of products used in containment, separation and reinforcement applications.
For more information about Tensar, click here
Contact Jeff MacDowell, Managing Director, at (214) 273-6633.
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European Capital Invests €148 Million in Buyout and Mezzanine Transactions |
 In December, European Capital Limited and its wholly owned subsidiary European Capital, S.A. SICAR announced it had invested approximately €148 million ($173 million) in seven companies since its formation in August of 2005. Six of these companies are majority owned by private equity sponsors.
Five of the investments, totaling € 84 million ($98 million), were implemented by the London office of European Capital Financial Services Limited, the sub manager of European Capital. European Capital Services' Paris office implemented two transactions totaling €64 million ($75 million): €29 million in the One Stop Buyout™ of Marco Polo Foods, the leading producer in the European commercial sushi market, and €35 million in Eau Ecarlate, the leading supplier of branded fabric care products to the French retail market, to support Axa Private Equity's buyout.
For more information about European Capital, go to www.EuropeanCapital.com.
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€35 million in Eau Ecarlate
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In November, European Capital invested €35 million in Eau Ecarlate, the leading supplier of branded fabric care products to the French retail market. European Capital's investment took the form of mezzanine bonds and equity and supported Axa Private Equity's buyout of Eau Ecarlate. Eau Ecarlate management invested in the equity.
 The Eau Ecarlate brand was established more than 150 years ago and is widely recognized as the leading laundry aid brand in France. The Company's products include Eau Ecarlate linen care products, Vigor surface cleaners, Vu eye glasses cleaner, Javel Dose bleach products, Allume Vite fire lighters, and Septifos toilette and septic system cleaner, all highly recognized brands. Eau Ecarlate sells to every major supermarket and hypermarket in France. The Company has seen revenues increase at nearly 18%, annualized, over the last ten years. Pictured here is an array of the Company's linen care products.
For more information about Eau Ecarlate, click here.
Contact Jean Eichenlaub, Managing Director, European Capital Services, at +33 (0)1 40 68 06 66.
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€29 million in the One Stop Buyout™ of Marco Polo Foods
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In November, European Capital invested approximately €29 million in the One Stop Buyout™; of Marco Polo Foods, the leading producer in the European commercial sushi market. European Capital's investment took the form of senior term debt, senior subordinated debt, redeemable bonds and common equity. Marco Polo management invested in redeemable bonds and common equity.
Marco Polo Foods was established in 1999 as the first commercial producer of fresh and frozen sushi products to the French and European retail markets. The Company's ISO certified manufacturing facility is located approximately 100 miles south of Paris in Contres, France, where it operates from a top quality controlled newly built production site. The Company, which has consistently improved operating margins, currently has 120 employees producing more than 300,000 sushi per day.
For more information about Marco Polo Foods, click here.
Contact Jean Eichenlaub, Managing Director, European Capital Services, at +33 (0)1 40 68 06 66.
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American Capital Receives Total Proceeds of $221 Million From Exits and Prepayments of Five Portfolio Companies
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In the fourth quarter of 2005, American Capital received total proceeds of $221 million from exits and prepayments of five portfolio companies, realizing a total net gain of $56 million.
| EXITED COMPANIES |
| Company Name |
Description |
Date
Funded |
American Capital
Financing (000) |
Transaction Type |
IRR |
Date
Exited |
| Erickson Construction,LLC |
Cost-Effective Manufacturer of Panelized Building Components for the Homebuilding Industry |
9/04 |
$40,000 |
Mezzanine in Private Equity Buyout |
14% |
10/05 |
| Vigo Remittance Corp. |
Largest Privately Held Worldwide Electronic Funds Transfer Service Firm |
3/03 |
$50,000 |
Mezzanine in Private Equity Buyout |
29% |
10/05 |
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For the complete press release, click here.
For a chart showing American Capital's realized gains as of the end of third quarter of 2005, click here.
For a chart showing American Capital's exited portfolio companies, click here.
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American Capital Promotions
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In the American Capital Los Angeles office, Kimberly Chu Reed has been promoted to Principal. In New York, Adam Spence has been promoted to Principal and Alex Popov to Vice President. In Dallas, Adam Stern has been promoted to Vice President. In San Francisco, Doug Bodel and Nate Horvath have been promoted to Vice President. In Bethesda, Evan Eason and Vipul Tandon have been promoted to Vice President.
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Les Brownlee, Former U.S. Army Acting Secretary, To Work With American Capital to Identify and Invest in Federal Contractors
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In November, American Capital announced that Les Brownlee, former Acting Secretary of the Army, became an advisor to American Capital with a mandate to identify investment opportunities in the federal contracting market and to work in support of those investments. Brownlee joined an ongoing effort led by David Ehrenfest Steinglass, Managing Director in the Bethesda, Maryland office of American Capital. Together, Steinglass and Brownlee will build upon American Capital's track record of successful government services investing, which includes investments in Weston Solutions Inc., PaR Systems Inc., Texstars Inc., Compusearch Software Systems Inc., MATCOM International Corporation, Transcore Holdings Inc., Soil Safe Holdings Inc., Schoor DePalma Inc., Global Dosimetry Solutions Inc., T-Netix Inc. and DigitalNet Inc.
Brownlee retired from government service in December 2004, having served since November 2001 as the 27th Under Secretary of the Army. From May 2003 to November 2004, he served concurrently as the Acting Secretary of the Army for eighteen months. Brownlee previously served on the staff of the Senate Armed Services Committee from 1987 until March 1996, when he was named Staff Director of the Senate Committee on Armed Services by then Chairman Strom Thurmond (R-SC). In January 1999, he was selected to continue as Staff Director for the Committee's current Chairman John Warner (R-VA), where he served until November 2001, when he became the Under Secretary of the Army. Brownlee is a retired Army Colonel. He is a distinguished honor graduate of the U.S. Army Ranger Course, an honor graduate of both the Infantry Officer Advanced Course and the Command and General Staff College, and a graduate of the Army's airborne course as well as the U.S. Army War College. Brownlee served two tours in Vietnam, and his military decorations include the Silver Star with Oak Leaf Cluster, the Bronze Star with two Oak Leaf Clusters, and the Purple Heart.
For more information, please contact Jon Isaacson, at 301-951-6122.
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Total Return to Investors |
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Total Term Debt and Equity Raised: 1997 IPO to Date |
| American Capital |
| Term Debt and Equity Raised: 1997 IPO to Date |
| Term Debt |
Amount Raised |
| December 2000 |
$115,400,000 |
| March 2002 |
$147,300,000 |
| August 2002 |
$157,900,000 |
| May 2003 |
$238,700,000 |
| December 2003 |
$317,500,000 |
| December 2004 |
$410,000,000 |
| October 2005 |
$830,000,000 |
| TOTAL TERM DEBT RAISED |
$2,216,800,000 |
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| Equity Offerings |
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| August 1997 |
$154,900,000 |
| September 1999 |
$95,285,000 |
| June 2000 |
$129,662,500 |
| November 2000 |
$67,533,750 |
| June 2001 |
$131,962,500 |
| September 2001 |
$50,850,000 |
| December 2001 |
$54,153,500 |
| July 2002 |
$76,850,000 |
| December 2002 |
$53,820,000 |
| January 2003 |
$107,266,250 |
| March 2003 |
$150,742,250 |
| September 2003 |
$54,381,740 |
| November 2003 |
$235,106,000 |
| February 2004 |
$71,812,000 |
| May 2004 |
$192,182,250 |
| July 2004 |
$123,900,000 |
| September 2004 |
$417,910,000* |
| March 2005 |
$315,000,000* |
| September 2005 |
$278,325,000* |
| November 2005 |
$ 308,959,000* |
| January 2006 |
$161,920,000* |
| TOTAL EQUITY RAISED |
$3,232,521,740 |
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| TOTAL TERM DEBT AND EQUITY |
$5,449,321,740 |
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* Offering included forward equity sale. Amount raised assumes that all forward equity sales were at original offering price.
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Performance data quoted above represents past performance of American Capital. Past performance does not guarantee future results and the investment return and principal value of an investment in American Capital will likely fluctuate. Consequently, an investor's shares, when sold, may be worth more or less than their original cost. Additionally, American Capital's current performance may be lower or higher than the performance data quoted above.
This newsletter 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, national and international economic conditions, and changes in the conditions of the industries in which American Capital has made investments. This newsletter is neither an offer to sell nor a solicitation of an offer to buy shares of common stock. The offering of securities can be made only by means of a prospectus and a related prospectus supplement.
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Two Bethesda Metro Center
14th Floor
Bethesda, MD 20814
Phone: (301) 951-6122
Fax: (301) 654-6714
Info@AmericanCapital.com
Nasdaq: ACAS
www.acas.com
(800) 248-9340
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