Bethesda, MD - May 3, 2004 - American Capital Strategies Ltd. (Nasdaq:ACAS)announced today that subsidiaries of Wachovia Corporation (NYSE: WB), have increased the amount available under American Capital's Commercial Paper Conduit Credit Facility to $350 million from $225 milion.
"The credit facility expansion helps us meet the demands of a growing pipeline of investment opportunities," said American Capital CFO John Erickson. "Wachovia continues to be a tremendous relationship and their willingness to increase the facility is another indicator of the the quality of our portfolio."
As of April 30, 2004, American Capital shareholders have enjoyed a total return of 213% since the Company's IPO - an annualized return of 19%, assuming reinvestment of dividends. American Capital has declared a total of $13.82 per share in dividends since its August 1997 IPO.
American Capital is a publicly traded buyout and mezzanine fund with capital resources in excess of $2.7 billion. American Capital is an investor in and sponsor of management and employee buyouts; invests in private equity sponsored buyouts, and provides capital directly to private and small public companies. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions and recapitalizations.
Companies interested in learning more about American Capital's flexible financing should contact Mark Opel, Principal, at (800) 248-9340, or visit our website.
This press release contains forward-looking statements. The statements regarding expected results of American Capital Strategies 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 or national economic conditions, or changes in the conditions of the industries in which American Capital has made investments.
