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Energy Investing
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Managing Director Profile, Energy Group |
American Capital is targeting investment in energy sub-sectors with a capital need, stable cash flows and an active middle market. We invest throughout the capital structure, including senior debt, subordinated debt and equity, and typically invest up to $800 million in each transaction. For a prompt review please contact Kevin Kuykendall, Managing Director, at (214) 273-6634.
Targeted energy sectors
American Capital will consider opportunities in the following energy sectors:
Energy-Specific Manufacturing
Production
- Oil and gas
- Lower-risk exploration, production and development
- Gas gathering systems
- Oil sands mining
- Natural gas liquids
- Coal
- Coal Mining
- Coal-fired generation
- Nuclear
- Uranium mining
- Nuclear-fired generation
- Wind-powered generation
- Solar-powered generation
Transmission
- Oil and gas pipelines
- LNG tankers and re-gasification facilities
- Power transmission
Distribution
- Propane distribution (both bulk and pre-packaged)
- Gas distribution
- Electricity distribution
Services
- Oil and gas services
- Utility services (power, gas, etc.)
Excluded sectors
- High-risk oil and gas exploration
- Project finance with no expectation of near-term cash flows
- Early-stage alternative energy
Investment Structures
American Capital will consider investments in virtually every portion of the capital structure, including:
Senior secured debt
- Cash flow-based
- Asset-backed, including oil and gas reserves
- With rapid amortization and up to a five-year term
Subordinated debt
- Includes equity participation
- With no amortization and up to an eight-year term
"Stretch" or "Term B" senior
- Cash flow-based, or
- Asset-backed, with partial asset coverage
- With minimal amortization and up to a seven-year term
Preferred and common equity
- Minority positions
- Control positions