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American Capital, Ltd. Message Board

  • njonge01 njonge01 Aug 30, 2013 9:26 AM Flag

    NMB - I SENT HIM AN EMAIL - A re-post

    Hi everyone, NMB and I go way back. I don't have near his insight on these things but I'm blessed that he'll share his insight. Here is an email from him:

    NJ

    They won't and can't do anything more than say they are looking at it until they do it. I called IR and tried to get something out of him regarding timing .. but he's a poker-faced professional (as one would expect him to be) so nothing there.

    He did say they are first focused on their bond rating/investment grade rating. By refinancing at competitive rates, like they just did, they feel that will help them improve their investment grade and that will in turn allow more institutions to come to the stock. I think it will help a little, but the dynamics of the NAV vs distributable income won't be over come by an upgrade IMO.

    At the same time, they are doing the work that it takes to possibly reorg in the background, which is aligning all the control companies into an integrated accounting system, and accounts, so that roll-up financials are possible and finally retiring the BLT debt this quarter, which encumbers assets to a possible realignment.

    They simply are not going to produce enough income to distribute to get the PPS over NAV, without aligning the income producing NAV with the income in a separate entity given the competitive landscape (again IMO). I'm still hoping for something in 2014, if not completion, an announcement.

    I've been way too busy and away to contribute on the board. Please send my regards and repost this email if you'd like. Most on the board know we go way back and would trust your repost.

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