Bethesda, MD - March 31, 2003 - American Capital Strategies Ltd.
(Nasdaq:ACAS) announced today that the underwriters in its previously announced
offering of common stock have exercised their over-allotment and
have purchased an additional 870,000 shares of its common stock
at $22.60 per share. With the over-allotment, a total of 6,670,000
shares of common stock were sold to the public. The total proceeds
from the offering, including the over-allotment, were approximately
$151 million. The transaction closed today.
The offering was underwritten by Salomon Smith Barney, Wachovia Securities and Legg Mason Wood Walker, Incorporated.
American Capital paid $2.55 in regular dividends in 2002, a 15% increase over 2001, and including the bonus dividend, paid and declared a total of $2.57 in dividends in 2002. American Capital has paid a total of $11.00 in dividends since its August 1997 IPO at $15 per share.
American Capital is a publicly traded buyout and mezzanine fund with capital resources of exceeding $1.5 billion. American Capital is an equity partner in management and employee buyouts; invests in private equity sponsored buyouts, and provides capital directly to private middle-market and small public companies. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions and recapitalizations.
Companies interested in learning more about American Capital's flexible financing and ability to provide senior debt, subordinated debt and equity should contact Mark Opel, Principal, at (800) 248-9340, or visit our website.
This press release is neither an offer to sell nor a solicitation of an offer to buy shares of common stock. The offering of these securities will be made only by means of a prospectus. This press release 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 or national economic conditions, or changes in the conditions of the industries in which American Capital has made investments.
