BETHESDA, Md., Sept. 29, 2015 /PRNewswire/ -- American Capital,
Ltd. (Nasdaq: ACAS) ("American Capital" or the "Company") announced
today that in the third quarter of 2015 it made open market
purchases of approximately 9.7 million shares of American Capital
common stock, or 3.6% of the Company's outstanding shares as of
June 30, 2015. The shares were
purchased at an average price of $13.82 per share, totaling approximately
$134.6 million.
On August 5, 2015, American
Capital's Board of Directors modified its Share Repurchase Program
(the "Program") beginning in the third quarter of 2015. Under
the Program, American Capital will purchase between $300 million and $600 million of common stock at
prices per share below 85% of its most recent quarterly net asset
value per share, subject to certain conditions. The purchases
will be made prior to the previously announced spin-off of American
Capital Income, Ltd. by the Company.
Share repurchases under the Program started in the third quarter
of 2011. Since the inception of the Program, American Capital
has made open market purchases of 117.8 million shares, or 34.1% of
the Company's outstanding shares as of June
30, 2011, at an average price of $12.05 per share, totaling $1.4 billion. Purchases starting in the
third quarter of 2011 through June
2015 were $2.05 per share
accretive to the Company's $20.35 net
asset value ("NAV") per share as of June
30, 2015. Accretion from the purchases in the third
quarter of 2015 will be disclosed in the Company's third quarter
earnings release.
Under the Program, American Capital will consider quarterly
setting an amount to be utilized for stock repurchases.
Generally, the amount may be utilized for repurchases if the price
of American Capital's common stock represents a discount to its NAV
per share. In determining the quarterly amount, the Board of
Directors will be guided by American Capital's net cash provided by
operating activities in preceding quarters, its capital
requirements associated with completion of its previously announced
spin-off transaction, its cash position, operational issues,
economic conditions, the current trading price of American
Capital's common stock and other factors.
ABOUT AMERICAN CAPITAL
American Capital, Ltd. (Nasdaq:
ACAS) is a publicly traded private equity firm and global asset
manager. American Capital, both directly and through its
asset management business, originates, underwrites and manages
investments in middle market private equity, leveraged finance,
real estate, energy & infrastructure and structured
products. American Capital manages $23
billion of assets, including assets on its balance sheet and
fee earning assets under management by affiliated managers, with
$81 billion of total assets under
management (including levered assets). Through a wholly owned
affiliate, American Capital manages publicly traded American
Capital Agency Corp. (Nasdaq: AGNC), American Capital Mortgage
Investment Corp. (Nasdaq: MTGE) and American Capital Senior
Floating, Ltd. (Nasdaq: ACSF) with approximately $11 billion of total net book value.
From its eight offices in the U.S., Europe and Asia, American Capital and its wholly owned
affiliate, European Capital, will consider investment opportunities
from $10 million to $600
million. For further information, please refer to
www.AmericanCapital.com.
This press release contains forward-looking statements. The
statements regarding expected results of American Capital are
subject to various factors and uncertainties, including the
uncertainties associated with the timing of transaction closings,
changes in interest rates, availability of transactions, changes in
regional, national or international economic conditions, or changes
in the conditions of the industries in which American Capital has
made investments.
Contact: Investor Relations (301) 951-5917
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SOURCE American Capital, Ltd.