American Capital Senior Floating Reports Net Investment Income Of $0.31 Per Share For The Fourth Quarter 2015 And $1.27 Per Share For 2015

08 Feb, 2016, 16:47 ET from American Capital Senior Floating, Ltd.

BETHESDA, Md., Feb. 8, 2016 /PRNewswire/ -- American Capital Senior Floating, Ltd. ("ACSF" or the "Company") (Nasdaq: ACSF) today reported net investment income of $3.1 million, or $0.31 per share, for the quarter ended December 31, 2015 and net asset value ("NAV") of $117.9 million, or $11.79 per share, as of December 31, 2015.

FOURTH QUARTER 2015 FINANCIAL HIGHLIGHTS

  • Actively managed portfolio through periods of volatility
    • Invested $18.0 million into 17 new loan obligors and 1 new CLO equity position
    • Sold $11.6 million of investments and received $19.4 million of repayments, including distributions received from our CLO Portfolio
  • $0.31 per share net investment income, or $3.1 million
    • Decreased $0.02 per share from Q3 2015 net investment income of $0.33 per share
  • ($1.44) per share net loss from operations, or ($14.4) million
    • $0.72 per share decrease from Q3 2015 net loss from operations of $(0.72) per share
  • $11.79 NAV per share as of December 31, 2015, or $117.9 million
    • $1.74 per share decrease from September 30, 2015 NAV of $13.53 per share
    • $1.68 per share of the decrease is from unrealized depreciation during the quarter
  • $0.097 per share monthly dividend which equates to $0.291 per quarter
    • 9.9% annualized yield on the December 31, 2015 NAV per share
    • 11.8% annualized yield on the December 31, 2015 closing market price per share of $9.83
  • $229.1 million investment portfolio at fair value as of December 31, 2015
    • $169.6 million, or 74%, in first lien floating rate loans
    • $22.6 million, or 10%, in second lien floating rate loans
    • $36.9 million, or 16%, of equity in collateralized loan obligations ("CLOs")
  • 6.37% Investment Portfolio yield at cost as of December 31, 2015
    • 44 basis point decrease from 6.81% yield at cost as of September 30, 2015
    • Decrease driven by a 291 basis point decline in CLO Portfolio yields
  • 2.32% cost of funding as of December 31, 2015
  • 0.93x debt to equity ratio as of December 31, 2015
  • Amended credit facility with Bank of America, N.A. in October 2015 to extend maturity by 3 years and decrease the commitment from $140 million to $135 million
  • In October 2015, ACSF's Manager extended the 0.75% cap on other operating expenses until the date of the 2016 annual meeting where, subject to approval by shareholders, the cap will be extended through December 31, 2020

2015 FINANCIAL HIGHLIGHTS

  • Actively managed portfolio through periods of volatility
    • Invested $107.0 million into 82 new loan obligors and 5 new CLO equity positions
    • Sold $76.0 million of investments and received $58.4 million of repayments, including distributions received from our CLO Portfolio
  • $1.27 per share of net investment income, or $12.7 million
    • Increased $0.18 per share from 2014 net investment income of $1.09 per share
  • ($1.47) per share net loss from operations, or ($14.7) million
    • $1.85 per share decline from the 2014 net income from operations of $0.38 per share
  • $1.163 per share dividends declared in 2015
    • 9.9% annualized yield on the December 31, 2015 NAV per share
    • 11.8% annualized yield on the December 31, 2015 closing market price per share of $9.83
  • 6.37% Investment Portfolio yield at cost as of December 31, 2015
    • 55 basis point decrease from 6.92% yield at cost as of December 31, 2014

"This was another challenging quarter for the loan market," said Mark Pelletier, President and Chief Investment Officer.  "Commodity market declines, lower expected growth rates in China and emerging markets and reduced loan market liquidity drove prices down and widened yields.  Deterioration in the fair value of our CLO investments during the quarter further exacerbated the divergence between the cash flow performance of our CLO equity tranches, which generally remain strong, and market prices of these same tranches.  In fact, we experienced our highest quarterly cash flow ever from our CLO portfolio receiving $3.7 million during Q4 2015, of which $1.9 million was recorded as a reduction to our cost basis. Despite NAV volatility, we remain confident in our loan and CLO equity portfolio and believe we are well positioned for this volatile environment."

Malon Wilkus, Chair and Chief Executive Officer commented, "We were pleased to announce our monthly distributions for February, March and April 2016 of $0.097 per share. Since our IPO, we have paid $2.29 per share in dividends to our shareholders.  Our current annualized dividend represents a 9.9% yield on our December 31, 2015 NAV per share and a 11.8% yield on our December 31, 2015 closing share price."

PORTFOLIO AND INVESTMENT ACTIVITY

As of December 31, 2015, the fair market value of ACSF's portfolio totaled $229.1 million and was comprised of $169.6 million (or 74%) of first lien floating rate loans, $22.6 million (or 10%) of second lien floating rate loans (collectively, the "Loan Portfolio") and $36.9 million (or 16%) of CLO equity (the "CLO Portfolio" and, together with the Loan Portfolio, the "Investment Portfolio").  The Investment Portfolio had a yield at cost of 6.37% as of December 31, 2015.  The yield at cost on the Investment Portfolio decreased 44 basis points from 6.81% as of September 30, 2015, primarily due to a 291 basis point decrease in the yield on the CLO Portfolio due to a decrease in projected cash flows, partially offset by an increased yield on the Loan Portfolio of 12 basis points.

As a result of the decrease in projected future cash flows on the CLO Portfolio, ACSF recognized a $4.0 million Other-Than-Temporary Impairment ("OTTI") on five CLO investments as of December 31, 2015.  An OTTI does not affect the GAAP cost basis on our balance sheet, but does impact the amount of GAAP cost basis that is amortized as cash flows are received on these investments.  As a result of the $4.0 million OTTI recorded as of December 31, 2015, ACSF continues to accrete income on these five CLO investments but will amortize $4.0 million less GAAP cost basis over the life of these investments and will record a $4.0 million realized loss upon the sale or redemption of these investments.

As of December 31, 2015, ACSF's Loan Portfolio was diversified across 128 issuers and its CLO Portfolio was invested in 20 issuers and 15 collateral managers.  The Investment Portfolio was actively managed during the quarter with $18.0 million of purchases and $31.0 million of sales and repayments.  The following table depicts the Investment Portfolio activity by investment type for the quarter ended December 31, 2015:

 

Three Months Ended December 31, 2015

First Lien

Second Lien

CLO Equity

Total (1)

$ in millions

Amount

Yield

(at cost)

Amount

Yield (at cost)

Amount

Yield  (at cost)

Amount

Yield  (at cost)

September 30, 2015 - FV

$

187.0

4.9

%

$

25.5

7.9

%

$

45.3

13.0

%

$

257.8

6.8

%

Purchases

15.1

5.5

%

0.5

9.4

%

2.4

18.4

%

18.0

6.7

%

Sales

(11.6)

(4.3)

%

n/a

n/a

(11.6)

(4.3)

%

Repayments (2)

(13.3)

(4.5)

%

(2.4)

(7.3)

%

(3.7)

(13.3)

%

(19.4)

(6.3)

%

Net realized and unrealized loss

(7.6)

n/a

(1.0)

n/a

(8.9)

n/a

(17.5)

n/a

Other (3)

n/a

n/a

1.8

n/a

1.8

n/a

December 31, 2015 - FV

$

169.6

5.0

%

$

22.6

7.9

%

$

36.9

10.0

%

$

229.1

6.4

%

(1)

Excludes equity position of $47,000 due to immateriality.

(2)

CLO equity repayments reflect the amount of cash distributions received during the three months ended December 31, 2015.

(3)

Other includes amortization of discount/premium on the Loan Portfolio and income recognized on CLO equity using the effective interest method during the three months ended December 31, 2015.

 

RESULTS OF OPERATIONS

Net Investment Income

Net investment income totaled $3.1 million, or $0.31 per share, for the three months ended December 31, 2015.  Gross investment income was $4.6 million for the quarter, with $2.9 million, or 62%, generated from the Loan Portfolio and $1.7 million, or 38%, generated from the CLO Portfolio.  Net expenses totaled $1.5 million for the three months ended December 31, 2015, with interest and other debt related costs of $0.7 million, management fees of $0.5 million and $0.3 million of other operating expenses, net.

Net Realized and Unrealized Gain / (Loss) From Investments

Net unrealized depreciation from investments for the three months ended December 31, 2015 totaled $16.8 million and was comprised of $8.9 million of net unrealized depreciation on the CLO Portfolio and $7.9 million of net unrealized depreciation on the Loan Portfolio.  The decline in fair value of the CLO Portfolio was a result of a number of factors, including an increase in defaulted loan assets held by the CLOs, a decline in the NAV of the CLOs and a risk-off sentiment in the market which drove prices down significantly.  The primary drivers for the decline in fair value of the Loan Portfolio were an overall decline in market prices, reinvestment uncertainty and a further decline in the commodities sector, specifically those portfolio companies in the oil & gas and metals & mining industries.

LIQUIDITY AND CAPITAL RESOURCES

As of December 31, 2015, ACSF's wholly-owned consolidated financing subsidiary, ACSF Funding I, LLC ("ACSF Funding"), had $110.2 million outstanding on its $135.0 million revolving credit facility, resulting in a debt to equity ratio of 0.93x.  As of December 31, 2015, ACSF had $27.3 million of available liquidity consisting of $2.5 million of cash and cash equivalents and $24.8 million of available capacity on the ACSF Funding credit facility.

DIVIDENDS

On February 8, 2016, the Company announced the declaration of monthly dividends of $0.097 per share for each of February, March and April 2016.  This dividend rate represents a 9.9% annualized yield on the December 31, 2015 NAV per share of $11.79 and a 11.8% annualized yield on the December 31, 2015 closing market price per share of $9.83.  The monthly cash dividends will be paid to common stockholders of record as set forth in the table below:

Dividend

per Share

Record Date

Ex-Dividend Date

Payment Date

February 2016

$0.097

February 19, 2016

February 17, 2016

March 2, 2016

March 2016

$0.097

March 23, 2016

March 21, 2016

April 4, 2016

April 2016

$0.097

April 21, 2016

April 19, 2016

May 3, 2016

Since its January 2014 IPO, the Company has declared a total of $25.8 million in dividends, or $2.58 per share.

ACSF's Board of Directors considers estimated taxable income, GAAP income and economic performance when determining dividends.  Actual taxable income may differ from GAAP income due to temporary and permanent differences in income and expense recognition and changes in unrealized appreciation and depreciation on investments.

ACSF's 2015 distributions of $1.163 per share consisted entirely of ordinary dividends for federal income tax purposes.  Shareholders should receive an IRS Form 1099-DIV containing this information from their brokers, transfer agents or other institutions. For additional detail, please visit the Company's website at www.ACSF.com.

AMERICAN CAPITAL SENIOR FLOATING, LTD.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

($ in thousands, except per share data)

As of

December 31, 2015 (unaudited)

September 30,

2015

(unaudited)

June 30,

2015

(unaudited)

March 31, 2015

(unaudited)

December 31, 2014

Assets

Investments, fair value

$

229,056

$

257,732

$

272,191

$

272,560

$

276,370

Cash and cash equivalents

2,474

2,247

2,458

2,161

1,757

Receivable for investments sold

3,096

2,007

3,812

13,932

2,983

Other assets

1,179

1,227

1,215

1,442

1,367

Total assets

$

235,805

$

263,213

$

279,676

$

290,095

$

282,477

Liabilities

Credit facility payable

$

110,200

$

124,800

$

123,800

$

127,800

$

130,000

Payable for investments purchased

5,437

995

8,400

13,138

4,226

Dividends payable

970

970

970

2,900

2,900

Management fee payable

536

558

563

578

577

Other liabilities

733

634

580

553

539

Total liabilities

117,876

127,957

134,313

144,969

138,242

Net Assets

Common stock, par value $0.01 per

     share, 10,000,100 issued and

     outstanding, 300,000,000

     authorized

100

100

100

100

100

Paid-in capital in excess of par

150,903

151,131

151,131

151,131

151,131

Undistributed net investment income

1,363

1,037

602

293

133

Accumulated net realized loss from

     investments

(1,618)

(986)

(981)

(1,059)

(1,366)

Net unrealized depreciation on

     investments

(32,819)

(16,026)

(5,489)

(5,339)

(5,763)

Total net assets

117,929

135,256

145,363

145,126

144,235

Total liabilities and net assets

$

235,805

$

263,213

$

279,676

$

290,095

$

282,477

Net asset value per share

$

11.79

$

13.53

$

14.54

$

14.51

$

14.42

 

 

AMERICAN CAPITAL SENIOR FLOATING, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands, except per share data)

Three Months Ended

December 31, 2015

(unaudited)

September 30,

2015

(unaudited)

June 30,

2015

(unaudited)

March 31,

2015

(unaudited)

December 31, 2014

(unaudited)

Investment income:

Interest

$

4,636

$

4,987

$

4,880

$

4,741

$

4,832

Total investment income

4,636

4,987

4,880

4,741

4,832

Expenses:

Interest and other debt related costs

690

766

758

755

790

Management fee

536

558

563

578

577

Other operating expenses

510

479

510

523

447

Total expenses

1,736

1,803

1,831

1,856

1,814

Expense waiver

(234)

(193)

(227)

(245)

(164)

Net expenses

1,502

1,610

1,604

1,611

1,650

Net investment income before taxes

3,134

3,377

3,276

3,130

3,182

Income tax provision

(68)

(33)

(57)

(70)

(70)

Net investment income

3,066

3,344

3,219

3,060

3,112

Net realized and unrealized (loss) /     gain on investments:

Net realized (loss) / gain on investments

(690)

(5)

78

307

(45)

Net unrealized (depreciation) /

     appreciation on investments

(16,793)

(10,537)

(150)

424

(4,493)

Income tax benefit

11

Net realized and unrealized     (loss) / gain on investments

(17,483)

(10,542)

(61)

731

(4,538)

Net (decrease) / increase in net assets

     resulting from operations

     ("Net (loss) earnings")

$

(14,417)

$

(7,198)

$

3,158

$

3,791

$

(1,426)

Net investment income per share

$

0.31

$

0.33

$

0.32

$

0.31

$

0.31

Net (loss) earnings per share

$

(1.44)

$

(0.72)

$

0.32

$

0.38

$

(0.14)

Dividends per share

$

0.29

$

0.29

$

0.29

$

0.29

$

0.29

Weighted average shares outstanding

10,000

10,000

10,000

10,000

10,000

 

 

AMERICAN CAPITAL SENIOR FLOATING, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands, except per share data)

Year Ended

December 31, 2015 (unaudited)

December 31, 2014

Investment income:

Interest

$

19,245

$

17,773

Total investment income

19,245

17,773

Expenses:

Interest and other debt related costs

2,970

3,448

Management fee

2,236

2,186

Other operating expenses

2,021

2,122

Total expenses

7,227

7,756

Expense waiver

(899)

(1,001)

Net expenses

6,328

6,755

Net investment income before taxes

12,917

11,018

Income tax provision

(227)

(159)

Net investment income

12,690

10,859

Net realized and unrealized (loss) /     gain on investments:

Net realized (loss) / gain on investments

(310)

190

Net unrealized depreciation on investments

(27,056)

(7,060)

Income tax benefit / (provision)

11

(200)

Net realized and unrealized loss

(27,355)

(7,070)

Net (decrease) / increase in net assets      resulting from operations       ("Net (loss) earnings")

$

(14,665)

$

3,789

Net investment income per share

$

1.27

$

1.09

Net (loss) earnings per share

$

(1.47)

$

0.38

Dividends per share

$

1.16

$

1.03

Weighted average shares outstanding

10,000

10,000

 

 

AMERICAN CAPITAL SENIOR FLOATING, LTD.

KEY PORTFOLIO STATISTICS

($ in thousands, except per share data)

As of

December 31,  2015 (unaudited)

September 30, 2015 (unaudited)

June 30,  2015 (unaudited)

March 31,  2015 (unaudited)

December 31,  2014

Investment Portfolio at FV

First Lien Floating Rate Loans

$

169,580

$

186,950

$

190,427

$

192,728

$

194,952

Second Lien Floating Rate Loans

22,575

25,510

27,914

29,079

29,841

Total Loan Portfolio

192,155

212,460

218,341

221,807

224,793

Equity

47

n/a

n/a

n/a

n/a

CLO Equity

36,854

45,272

53,850

50,753

51,577

Total Investment Portfolio at FV

$

229,056

$

257,732

$

272,191

$

272,560

$

276,370

Investment Portfolio at Cost

First Lien Floating Rate Loans

$

181,367

$

191,863

$

192,480

$

194,099

$

198,028

Second Lien Floating Rate Loans

24,910

26,821

28,681

30,089

30,842

Total Loan Portfolio

206,277

218,684

221,161

224,188

228,870

Equity

n/a

n/a

n/a

n/a

CLO Equity

55,599

55,074

56,519

53,711

53,263

Total Investment Portfolio at Cost

$

261,876

$

273,758

$

277,680

$

277,899

$

282,133

Asset Yield at Cost

First Lien Floating Rate Loans

5.03

%

4.90

%

4.90

%

5.02

%

4.98

%

Second Lien Floating Rate Loans

7.90

%

7.85

%

7.79

%

7.81

%

7.81

%

Total Loan Portfolio

5.38

%

5.26

%

5.27

%

5.39

%

5.36

%

CLO Equity

10.04

%

12.95

%

14.69

%

14.02

%

13.64

%

Total Investment Portfolio

6.37

%

6.81

%

7.19

%

7.06

%

6.92

%

Quarterly Investment Activity (1)

Investment Purchases

$

17,984

$

13,913

$

38,904

$

36,180

$

17,705

Investment Sales

$

(11,641)

$

(7,954)

$

(19,725)

$

(36,663)

$

(23,139)

Investment Repayments (1)

$

(19,330)

$

(11,889)

$

(21,363)

$

(5,777)

$

(9,111)

Loan Portfolio Statistics

Number of Obligors

128

127

127

121

117

Number of Industries

46

46

43

41

40

Largest Exposure as a % of Total

     Portfolio at FV

1.5

%

1.4

%

1.3

%

1.5

%

1.4

%

Average Exposure as a % of Total

     Portfolio at FV

0.7

%

0.6

%

0.6

%

0.7

%

0.7

%

% with LIBOR Floor

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

Weighted-average LIBOR Floor

1.0

%

1.0

%

1.0

%

1.0

%

1.0

%

CLO Portfolio Statistics

Number of Issuers

20

19

19

17

16

CLO Managers

15

14

14

13

14

Largest Exposure as a % of Total

     Portfolio at FV

1.5

%

1.6

%

1.8

%

1.9

%

1.9

%

Average Exposure as a % of Total

     Portfolio at FV

0.8

%

0.9

%

1.0

%

1.1

%

1.2

%

Minimum % of Collateral in First

     Lien Loans (3)

91.0

%

91.0

%

91.0

%

91.0

%

91.0

%

Cumulative Cash Receipts as a %

     of Original Cost (4)

34.9

%

31.1

%

26.1

%

20.9

%

18.4

%

Liquidity and Capital Resources

Debt

Amount Available on Credit

     Facility

$

135,000

$

140,000

$

140,000

$

140,000

$

140,000

Amount Drawn on Credit Facility

$

110,200

$

124,800

$

123,800

$

127,800

$

130,000

Interest Rate on Debt as of Period-end

2.02

%

2.00

%

1.99

%

2.02

%

1.96

%

Cost of Funding as of Period-end (5)

2.32

%

2.41

%

2.40

%

2.40

%

2.32

%

Equity

NAV

$

117,929

$

135,256

$

145,363

$

145,126

$

144,235

NAV Per Share

$

11.79

$

13.53

$

14.54

$

14.51

$

14.42

Debt to Equity Ratio

0.93 x

0.92 x

0.85 x

0.88 x

0.90 x

Quarterly Dividends Per Share

$

0.291

$

0.291

$

0.291

$

0.290

$

0.290

Economic Return (6)

(10.2%)

(19.6%)

8.7

%

10.7

%

(3.8%)

(1)

Activity presented for the fourth quarter of 2014 is unaudited.

(2)

Investment repayments include the distributions received from CLO equity investments.

(3)

Represents the weighted-average minimum percent of assets as allowed by each CLO's indenture to be invested in first lien floating rate loans.  Actual amounts invested in first lien floating rate loans may be higher.

(4)

Original cost included only for CLOs that have begun to make quarterly distributions to ACSF and are held at each period-end reporting date.  The average holding period (in years) for the CLOs that have begun to make quarterly distributions is 1.6 as of December 31, 2015, 1.4 as of September 30, 2015, 1.2 as of June 30, 2015, 1.1 as of March 31, 2015 and 1.0 as of December 31, 2014. 

(5)

Cost of funding includes interest cost, amortization of upfront fees and unfunded commitment fees.

(6)

Economic return defined as the dividends paid in the quarter, plus the change in NAV per share for the quarter, over the starting NAV per share.  Quarterly returns have been annualized and are unaudited.

 

STOCKHOLDER CALL ACSF invites stockholders, prospective stockholders and analysts to attend the ACSF stockholder call on February 9, 2016 at 11:00 am ET.  Callers who do not plan on asking a question and have access to the internet are encouraged to utilize the free live webcast at www.ACSF.com.  Those who do plan on participating in the Q&A or do not have the internet available may access the call by dialing (877) 274-0811 (U.S. domestic) or (412) 902-6607 (international).  Please advise the operator you are dialing in for the American Capital Senior Floating stockholder call.

A slide presentation will accompany the stockholder call and will be available at www.ACSF.com.  Select the Q4 2015 Earnings Presentation link to download and print the presentation in advance of the stockholder call.

An archived audio replay of the stockholder call combined with the slide presentation will be made available on the ACSF website after the call on February 9, 2016.  In addition, there will be a phone recording available one hour after the live call on February 9, 2016 through February 23, 2016.  If you are interested in hearing the recording of the presentation, please access it for free on the ACSF website or dial (877) 344-7529 (U.S. domestic) or (412) 317-0088 (international).  The access code for both domestic and international callers is 10078466.

For further information, please contact Investor Relations at (301) 968-9310 or IR@ACSF.com.

ABOUT AMERICAN CAPITAL SENIOR FLOATING American Capital Senior Floating, Ltd. (Nasdaq: ACSF) is a non-diversified closed-end investment management company that invests primarily in senior secured first lien and second lien floating rate loans to large-market, U.S. based companies ("Senior Floating Rate Loans") and in debt and equity tranches of collateralized loan obligations collateralized by Senior Floating Rate Loans.  The Company has elected to be treated as a business development company under the Investment Company Act of 1940, as amended. The Company is externally managed by American Capital ACSF Management, LLC, an indirect subsidiary of American Capital Asset Management, LLC, a wholly-owned portfolio company of American Capital, Ltd. For further information, please refer to www.ACSF.com.

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 seven offices in the U.S. and Europe, 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.

FORWARD-LOOKING STATEMENTS This press release contains forward-looking information and statements. Forward-looking statements give the Company's current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "confident," "may," "should," "can have," "likely," "future" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Forward-looking statements are not guarantees of performance or results, and involve known and unknown risks, uncertainties (some of which are beyond the Company's control), assumptions and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Should one or more of these risks or uncertainties materialize, the Company's actual results may vary in material respects from those projected in any forward-looking statements. A detailed discussion of these and other factors that may affect future results is contained in our filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made by the Company in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

CONTACT: Investors - (301) 968-9310 Media - (301) 968-9400

SOURCE American Capital Senior Floating, Ltd.



RELATED LINKS

http://www.ACSF.com