American Capital Announces the Repurchase of 20.7 Million Shares of Its Common Stock

04 Jan, 2016, 08:30 ET from American Capital, Ltd.

BETHESDA, Md., Jan. 4, 2016 /PRNewswire/ -- American Capital, Ltd. (Nasdaq: ACAS) ("American Capital" or the "Company") announced today that in the fourth quarter of 2015 it made open market purchases of approximately 20.7 million shares of American Capital common stock, or 8.0% of the Company's outstanding shares as of September 30, 2015, under its stock buyback program (the "Program").  The shares were purchased at an average price of $14.44 per share, totaling approximately $298.4 million.

On November 25, 2015, American Capital announced that its Board of Directors revised and expanded the Program by increasing it to a range of $600 million to $1 billion from the prior range of $300 million to $600 million.  Under the Program, purchases will only be made at per share prices below 85% of the Company's net asset value per share as of September 30, 2015 and will be subject to certain other conditions.  On December 7, 2015, the Company announced that it had entered into a Rule10b5-1 trading plan to undertake accretive share repurchases up to the limits of the Program.  The Company has purchased a total of $433 MM under this program and expects to complete the Program by June 30, 2016. 

Since American Capital began stock buybacks in August 2011 through December 31, 2015, American Capital made open market purchases of 138.5 million shares or 40% of shares outstanding as of June 30, 2011, for an aggregate of $1.7 billion, of American Capital common stock at an average price of $12.41 per share.

ABOUT AMERICAN CAPITAL American Capital, Ltd. (Nasdaq:  ACAS) is a publicly traded private equity firm and global asset manager.  American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate and structured products.  American Capital manages $23 billion of assets, including assets on its balance sheet and fee earning assets under management by affiliated managers, with $80 billion of total assets under management (including levered assets).  Through a wholly-owned affiliate, American Capital manages publicly traded American Capital Agency Corp. (Nasdaq: AGNC), American Capital Mortgage Investment Corp. (Nasdaq: MTGE) and American Capital Senior Floating, Ltd. (Nasdaq: ACSF) with approximately $10 billion of total net book value.   From its eight offices in the U.S., Europe and Asia, American Capital and its wholly-owned affiliate, European Capital, will consider investment opportunities from $10 million to $600 million.  For further information, please refer to www.AmericanCapital.com.

This press release contains forward-looking statements. The statements regarding expected results of American Capital 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, national or international economic conditions, or changes in the conditions of the industries in which American Capital has made investments.

Contact: Investor Relations (301) 951-5917

SOURCE American Capital, Ltd.



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http://www.americancapital.com