American Capital to launch $600 million term loan B on Thursday

By Sara Rosenberg

New York, July 31 - American Capital Ltd. set a call for 11 a.m. ET on Thursday to launch a $600 million term loan B that is talked at Libor plus 325 basis points to 350 bps with a 1% Libor floor and a par offer price, according to a market source.

The B loan has 101 soft call protection for six months, the source said.

Following an amortization payment on Aug. 22, the term loan B will be sized at $450 million.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance an existing term loan B that is priced at Libor plus 425 bps with a 1.25% Libor floor.

American Capital is a Bethesda, Md.-based private equity firm and global asset manager.

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