American Capital terminates senior secured term loan due 2017

By Marisa Wong

Morgantown, W.Va., July 1 – American Capital, Ltd. terminated its senior secured term loan credit agreement dated Aug. 22, 2012 on Friday in connection with its merger with Ares Capital Corp., according to an 8-K filing with the Securities and Exchange Commission.

All borrowings under the credit agreement were repaid in full.

The credit facility was scheduled to mature on Aug. 22, 2017.

The credit agreement was secured by a first priority lien on some of the company’s assets and bore interest at Libor plus 275 basis points, subject to a 0.75% Libor floor.

JPMorgan Chase Bank, NA was the administrative agent, J.P. Morgan Securities LLC, BMO Capital Markets Corp. and UBS Securities LLC were syndication agents, joint bookrunners and joint lead arrangers, and Citibank, NA, Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA were managing agents.

The private equity firm and global asset manager is based in Bethesda, Md.

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