American Capital to launch $450 million term loan B on Wednesday

By Sara Rosenberg

New York, Feb. 11 - American Capital Ltd. will hold a call on Wednesday to launch a new $450 million term loan B (BB-), according to a market source.

J.P. Morgan Securities LLC is the sole lead arranger and sole bookrunner on the transaction.

Proceeds will be used to refinance an existing $450 million senior secured term loan B that is priced at Libor plus 300 basis points with a 1% Libor floor.

"The proposed refinancing is expected to include changes to the pricing terms of the existing credit facility to reflect more favorable current market pricing, a one-year maturity date extension and a six-month extension of the call protection period for lenders from the effective date," a company news release said.

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

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