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American Capital amends revolvers; subsidiaries to return proceeds
By Tali Rackner
Norfolk, Va., Dec. 16 – American Capital, Ltd. amended two of its revolving credit facilities, which were used to fund its investments in senior floating-rate loans, according to an 8-K filing with the Securities and Exchange Commission.
The company amended its $1.25 billion secured revolver with ACAS Funding I, LLC and $500 million secured revolver with ACAS Funding II, LLC to allow each wholly owned financing subsidiary to repatriate the remaining proceeds from its senior floating-rate loan portfolio sales while settling any associated liabilities.
In addition, the total commitment amount under the $1.25 billion facility will automatically be reduced to the greater of the total debt outstanding and $100 million after Dec. 27.
During the fourth quarter of 2015, American Capital began to sell down its senior floating rate loan portfolios and expects to have sold a significant majority of such assets by Dec. 31.
The publicly traded private equity firm and global asset manager is based in Bethesda, Md.
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