American Capital talks $450 million term B at Libor plus 250-275 bps

By Sara Rosenberg

New York, Feb. 14 - American Capital Ltd. is talking its $450 million term loan B (BB-) at Libor plus 250 basis points to 275 bps with a 0.75% Libor floor and an original issue discount of 993/4, according to a market source.

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

J.P. Morgan Securities LLC is the lead arranger and bookrunner on the transaction that launched this past Wednesday.

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

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

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