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American Capital, Ltd. Message Board

  • lenyw lenyw Apr 1, 2013 12:23 PM Flag

    CLO Closing

    Please confirm. At 50 Basis Pts the does this mean another 2,070,000 in annual management fees?

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    • Straight from ACAS news section of the home page:

      BETHESDA, Md., April 1, 2013 /PRNewswire/ -- American Capital, Ltd. (Nasdaq: ACAS) ("American Capital") announced today that an affiliate, ACAS CLO 2013-1, Ltd. (the "CLO"), has closed on the sale of $414 million of collateralized loan obligation bonds. The transaction was arranged by Deutsche Bank Securities Inc. The CLO is externally managed by American Capital Leveraged Finance Management, LLC, a subsidiary of American Capital Asset Management, LLC, a wholly-owned portfolio company of American Capital, for an annual management fee of 50 basis points of total assets.

      The CLO has primarily invested the proceeds of the bonds in broadly syndicated senior secured loans purchased in the primary and secondary markets.

      "We are pleased that we materially improved pricing on the financing of our latest CLO versus the CLO that we raised last September," said Mark Pelletier, American Capital Managing Director, CDO and CLO Group. "We now manage three CLOs and have investments in the equity of 25 CLOs."

      "With this new CLO, American Capital Asset Management continues to expand its funds under management and now manages six private funds and two public REITs," said Malon Wilkus, American Capital Chairman and CEO.

    • That is the way I read it.

    • Plus the equity stake they are taking - 25m * libor + ??. My guess is another 2-3 million of income?

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