SAN FRANCISCO (Thomson Financial) - American Capital Strategies Ltd. said Thursday it provided a $150 million commitment of senior subordinated debt financing in the fourth quarter of 2007 to support the growth of its portfolio company First Capital.
The Bethesda, Md.-based asset management company said the investment replaced its $50 million senior subordinated debt investment in First Capital made in August 2006.
'Dislocation in the credit markets has created especially strong demand for First Capital's prompt, professional and reliable service to middle market companies,' Bob Grunewald, American Capital's managing director of the financial services group, said in a statement. 'Our latest investment allows First Capital to seize new opportunities at a time when many of its competitors are being forced to reign in new investment activities and even sell off business units.'
American Capital shares were down $1.09, or about 3.6%, at $29.80. Katherine Hunt kh/vj COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
The Bethesda, Md.-based asset management company said the investment replaced its $50 million senior subordinated debt investment in First Capital made in August 2006.
'Dislocation in the credit markets has created especially strong demand for First Capital's prompt, professional and reliable service to middle market companies,' Bob Grunewald, American Capital's managing director of the financial services group, said in a statement. 'Our latest investment allows First Capital to seize new opportunities at a time when many of its competitors are being forced to reign in new investment activities and even sell off business units.'
American Capital shares were down $1.09, or about 3.6%, at $29.80. Katherine Hunt kh/vj COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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