European Capital Limited Announces Sale of euro 288 Million of AAA-Rated Investment Grade Notes
By European Capital Limited, PRNETuesday, June 28, 2011
ST. PETER PORT, Guernsey, June 29, 2011 -
European Capital Limited (”European Capital”) announced today
that its consolidated subsidiary ECAS 2011-1 Loan B.V. (”ECAS
2011-1″) has sold and issued euro 288 million of AAA-rated secured
floating rate notes, backed by assets with a par value of euro 865
million originated by other European Capital consolidated
subsidiaries. The notes were rated by Standard & Poor’s
and comply with recent regulations affecting securitisations.
The notes have a coupon payment of Euribor plus 320 basis
points, payable semi-annually, and are due in 2024. Deutsche
Bank AG London acted as the arranger and lead manager and
syndicated the notes to institutional investors. The proceeds
of the sale will be used to refinance two existing debt obligations
of European Capital consolidated subsidiaries, including a secured
senior multicurrency term loan facility and an issuance of secured
senior notes, as well as to make new investments.
“This securitisation makes a very positive statement about the
quality of European Capital’s assets, particularly in this
environment where everyone is focused on the underlying credit
quality of the portfolio,” said Ira Wagner, President of European
Capital Financial Services Limited, European Capital’s
submanager.
“We are happy to have worked with Deutsche Bank AG on this
transaction, which is our second European securitisation with
them,” said Juan Carlos Morales Cortes, Director of European
Capital Financial Services Limited. ”The securitisation
provides European Capital with certainty in its debt obligations,
with no scheduled debt payments until 2022, and liquidity for new
investments with a two year reinvestment period, allowing it to
redeploy capital from realisations. This is especially
attractive at a time when European Capital can capitalize on
increasing activity in the European leveraged loan market.”
ABOUT EUROPEAN CAPITAL
European Capital is an investment company for pan-European
equity, mezzanine and senior debt investments with euro 1.0 billion
in assets under management. European Capital is wholly-owned
affiliate of American Capital, Ltd (”American Capital”). It
is managed by European Capital Financial Services (Guernsey)
Limited (”ECFSG” or the “Investment Manager”), a wholly-owned
affiliate of American Capital. The Investment Manager’s
subsidiary has offices in London and Paris. As of 31 March
2011 the Investment Manager had 5 investment teams with 18
investment professionals and employed 27 support staff.
European Capital and its affiliates will consider mezzanine
debt investment opportunities from 10 million to 40 million in
either euros or sterling and up to 100 million for transactions
utilizing European Capital’s One Stop Buyout® services.
For further information, please refer to
ABOUT AMERICAN CAPITAL
American Capital (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.
Founded in 1986, American Capital has $37 billion in assets
under management and eight offices in the U.S., Europe and Asia.
American Capital and its affiliates will consider investment
opportunities from $10 million to $300 million. For further
information, please refer to
Contact: European Capital Financial Services
Limited,
+44-207-539-7000
Ira Wagner, President
Juan Carlos Morales Cortes, Director
Richard Smith, Finance Director
.
Tags: European Capital Limited, Guernsey, June 29, St peter port
