American Capital cuts pricing on term loan B to Libor plus 300 bps

By Sara Rosenberg

New York, Aug. 8 - American Capital Ltd. trimmed the spread on its $600 million term loan B (BB-) to Libor plus 300 basis points from talk of Libor plus 325 bps to 350 bps, according to a market source.

The B loan still has a 1% Libor floor, a par offer price and 101 soft call protection for six months.

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

Recommitments were due by 5 p.m. ET on Thursday, the source said.

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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