|American Capital Announces Offering of Common Stock|
Bethesda, MD - May 12, 2004 - American Capital Strategies Ltd. (Nasdaq:ACAS) announced today it plans to publicly offer 5,600,000 shares of its common stock. The net proceeds of the offering will be applied to reduce the borrowings under American Capital's existing revolving credit facilities. This will create availability under these facilities, which will generally be available for funding future American Capital investments.
Citigroup, Wachovia Securities, UBS Securities LLC and J.P. Morgan Securities Inc. are the underwriters. Citigroup is acting as book-running manager of the offering. American Capital expects to grant the underwriters an option to purchase an additional 840,000 shares to cover over-allotments.
American Capital is a publicly traded buyout and mezzanine fund with capital resources in excess of $2.7 billion. American Capital is an investor in and sponsor of management and employee buyouts; invests in private equity sponsored buyouts, and provides capital directly to private and small public companies. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions and recapitalizations.
All shares of common stock will be offered under American Capital's existing shelf registration statement filed with the Securities and Exchange Commission. 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. When available, copies of the prospectus may be obtained from Citigroup Global Markets Inc, 140 58th Street, 8th Floor, Brooklyn, New York 11220 (telephone number: 718-765-6732). 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, and changes in the conditions of the industries in which American Capital has made investments.
SOURCE: American Capital Ltd.www.americancapital.com
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