American Capital Ltd. (ACAS: Quote) announced that it has completed the refinancing of all of its recourse debt with a new four-year $600 million institutional term loan facility with J.P. Morgan Chase Bank, N.A. as administrative agent and collateral agent. In addition to repaying the existing recourse debt, the proceeds will be used for working capital and general corporate purposes.
The term loan facility is priced at LIBOR plus 4.25%, with a LIBOR floor of 1.25%, and has a first lien on certain non-securitized assets of the Company and a second lien on most of its remaining non-securitized assets.
American Capital also announced that it has obtained a new four-year $250 million senior secured revolving credit facility with J.P. Morgan Chase Bank, N.A. as administrative agent and collateral agent. Draws on the revolving credit facility will be used for working capital and general corporate purposes.
The revolving credit facility has a three year revolving period and may be expanded through additional commitments up to $375 million. The revolving credit facility is priced at LIBOR plus 3.75%, and has a first lien on certain non-securitized loan assets of the Company and a second lien on most of its remaining non-securitized assets.
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by RTT Staff Writer
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