|
FOR IMMEDIATE RELEASE:
June 17, 1999
AMERICAN CAPITAL'S CREDIT FACILITY EXPANDS TO $125 MILLION
BETHESDA, Md., June 17 -- American Capital Strategies, Ltd. (Nasdaq:ACAS) announced today that First Union Capital National Bank has approved an increase in availability under the credit facility of an ACS subsidiary from $100 million to $125 million. Interest payable under the facility remains at LIBOR plus 250 and the loan remains secured by the investment assets of the American Capital subsidiary. The increase in the facility is subject to completion of documentation and should close within the next few weeks.
Chief Financial Officer John Erickson commented, "We closed the credit facility in March and are very pleased that First Union has quickly increased our capital availability. First Union continues to demonstrate their confidence in American Capital, the quality of our assets and our business plan."
American Capital is a buyout and specialty finance company with capital resources exceeding $275 million. American Capital invests $3 to $20 million in senior debt, subordinated debt and equity in middle market companies in need of capital for growth, acquisitions, ESOP buyouts, management buyouts, liquidity and restructurings. Companies interested in learning more about American Capital and its unique and flexible financing should contact John Hoffmire, Vice President of Sales and Marketing, at (800) 248-9340 or visit its website at www.American-Capital.com or its shareholder site at www.ACASOnline.com.
|
