American Capital amends facility to cut interest, extend maturity

By Jennifer Chiou

New York, Feb. 26 - American Capital, Ltd. entered into an amendment to its $450 million senior secured term loan credit facility with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment reduced interest to Libor plus 275 bps with a Libor floor of 0.75% from Libor plus 300 bps with a Libor floor of 1%.

The filing said that the maturity date was extended by one year to August 2017.

Based in Bethesda, Md., American Capital is a publicly traded private equity firm and global asset manager.

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