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S&P gives American Capital loans BB-
Standard & Poor's said it assigned its BB- senior secured debt rating on American Capital Ltd.'s proposed $450 million term loan maturing in August 2017.
Additionally, the agency assigned its BB- senior secured debt rating to the company's existing $250 million revolver maturing in August 2016, which is expected to remain undrawn.
The long-term issuer credit rating on American Capital remains BB- and the outlook is stable.
The company intends to use the proceeds of the proposed term loan to repay its existing $450 million term loan, which it entered into in August 2012 and amended in August 2013. The proposed refinancing is expected to include changes to the pricing terms to reflect more favorable current market conditions, a one-year maturity date extension to 2017 and a six-month extension of the call protection period for lenders from the effective date.
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