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European Capital subsidiary pays down all €85 million under revolver
By Jennifer Chiou
New York, June 28 - European Capital Ltd. announced that its wholly owned subsidiary, European Capital SA Sicar, repaid the remaining €85 million balance on its unsecured multi-currency revolving credit facility.
The company's parent, American Capital, Ltd., also announced the completion of its debt restructuring.
According to a news release, American Capital funded $75 million to European Capital SA as a bridge loan, of which $15 million is outstanding as of May 31.
"I am pleased to complete the amendment and partial retirement of European Capital's debt, having delevered our balance sheet by more than €201 million over the past six months," Malon Wilkus, chairman and director of European Capital Ltd., said in the release.
Also as of May 31, another of European Capital's wholly owned subsidiaries, ECAS Sarl, had a €272 million balance under its amended term facility, which has a maturity date of Dec. 31, 2011.
European Capital now has €283 million of secured debt, €142 million of unsecured debt and €168 million of securitized debt, the release noted.
European Capital is an affiliate of American Capital Strategies Ltd., a Bethesda, Md., based company, which provides capital directly to private and small public companies for growth, acquisitions or recapitalizations.
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