American Capital Reports NOI Before Income Taxes of $0.31 Per Diluted Share, Net Earnings of $0.47 Per Diluted Share and NAV Per Share of $20.77

Mittwoch, 03.08.2016 12:05 von

PR Newswire

BETHESDA, Md., Aug. 3, 2016

BETHESDA, Md., Aug. 3, 2016 /PRNewswire/ -- American Capital, Ltd. ("American Capital" or the "Company") (NASDAQ: ACAS) announced consolidated net operating income ("NOI") before income taxes for the quarter ended June 30, 2016 of $71 million, or $0.31 per diluted share, a 6% annualized return on equity.  Consolidated NOI for the quarter ended June 30, 2016 was $46 million, or $0.20 per diluted share.  Consolidated net earnings for the quarter ended June 30, 2016 was $106 million, or $0.47 per diluted share.  As of June 30, 2016, net asset value ("NAV") per share was $20.77, a $0.63 per share increase from the March 31, 2016 NAV per share of $20.14.

On May 23, 2016, American Capital entered into a Merger Agreement (the "Merger Agreement") with Ares Capital Corporation ("Ares Capital") and certain of its affiliates under which Ares Capital will acquire American Capital.  In connection with the Merger Agreement, American Capital incurred non-recurring costs of approximately $13 million in the quarter ended June 30, 2016.  American Capital also agreed under the Merger Agreement to certain restrictions on its operations going forward, including restrictions on new investment activity, asset dispositions, personnel actions and certain other matters.  Also on May 23, 2016, American Capital agreed to the sale of its wholly-owned affiliate American Capital Mortgage Management, LLC ("ACMM") to American Capital Agency Corp. ("AGNC") for $562 million.  That transaction closed on July 1, 2016.

Q2 2016 CONSOLIDATED FINANCIAL SUMMARY

  • $20.77 NAV per share outstanding
    • $0.63 per share increase from Q1 2016
    • 13% annualized economic return from Q1 2016
  • $0.31 NOI before income taxes per diluted share, or $71 million
    • (23%), or $(0.09) per diluted share, decline over Q1 2016, or $(23) million
    • 6% annualized return on equity
    • 8% annualized return on equity, excluding non-recurring costs
      • $13 million of transaction costs associated with the strategic review process
  • $0.20 NOI after income taxes per diluted share, or $46 million
    • (35%), or $(0.11) per diluted share, decline over Q1 2016, or $(28) million
  • $0.47 net earnings per diluted share, or $106 million
    • $0.81 per diluted share improvement over Q1 2016, or $186 million
  • $877 million of cash proceeds from realizations
    • $562 million from American Capital One Stop Buyouts®
    • $222 million from Sponsor Finance and Other Investments
  • $166 million of new committed investments
    • $119 million in Sponsor Finance Investments
    • $46 million in American Capital Asset Management, LLC ("ACAM")
  • 11.5 million shares of American Capital common stock repurchased for $180 million
    • 5.2% of shares outstanding as of March 31, 2016
    • $15.74 average price per share
    • Share repurchases terminated in May 2016
  • On July 1, 2016, American Capital repaid in full and terminated its secured term loan facility.  Additionally, American Capital provided notice of its election to redeem its $350 million senior unsecured five-year notes ("Private Notes") on September 15, 2016, and irrevocably deposited with the trustee the aggregate redemption price of 101.625% of the principal amount plus accrued and unpaid interest required to redeem all of the Private Notes.

PORTFOLIO VALUATION

For the quarter ended June 30, 2016, net unrealized depreciation, before income taxes, on American Capital's consolidated investment portfolio totaled $161 million.  The primary components of the net unrealized depreciation were:

  • $181 million reversal of prior period unrealized appreciation associated with net realized gains on portfolio investments;
  • $28 million unrealized depreciation in ACAM primarily due to the sale of ACMM on July 1, 2016;
  • $23 million net unrealized depreciation in American Capital One Stop Buyouts® primarily driven by companies that were in a sales process; partially offset by
  • $47 million net unrealized appreciation in Sponsor Finance and Other Investments primarily driven by portfolio companies that are currently in a sales process as well as narrowing investment spreads; and
  • $20 million net unrealized appreciation in Structured Products investments primarily due to higher dealer marks and increased secondary trading as well as an increase in loan prices.

PORTFOLIO PERFORMANCE

As of June 30, 2016, the weighted average effective interest rate on consolidated debt investments at cost was 8.4%, 20 basis points lower than the March 31, 2016 rate of 8.6%.  Excluding the impact of debt investments on non-accrual, the weighted average effective interest rate on consolidated debt investments at cost as of June 30, 2016 was 9.6%, 10 basis points lower than the March 31, 2016 rate of 9.7%.  The weighted average effective interest rate on European Capital's debt investments at cost as of June 30, 2016 was 1.7%, the same as the March 31, 2016 rate of 1.7%.  Excluding the impact of debt investments on non-accrual, the weighted average effective interest rate on European Capital's debt investments at cost as of June 30, 2016 was 8.2%, 70 basis points higher than the March 31, 2016 rate of 7.5%.

As of June 30, 2016, excluding European Capital, loans with a fair value of $129 million were on non-accrual, representing 6.1% of total loans at fair value, compared to $115 million, or 5.1%, of total loans at fair value as of March 31, 2016.  The $14 million increase in the fair value of loans on non-accrual was generally driven by the addition of loans placed on non-accrual status offset by exits of loans on non-accrual status.  Excluding European Capital, loans on non-accrual were valued at 65.8% of cost at the end of the quarter, a 3.6% increase from the prior quarter.  This is an estimate of the amount the Company expects to recover on non-accruing loans.  Excluding European Capital, the estimated loss on total loans at cost, defined as net accumulated depreciation on non-accrual loans plus realized losses on loans during the period, was $76 million, or 3.4%.

As of June 30, 2016, European Capital loans with a fair value of $32 million were on non-accrual, representing 62.7% of European Capital loans at fair value, compared to $22 million, or 48.9%, of European Capital loans at fair value as of March 31, 2016.  The $10 million increase in the fair value of European Capital loans on non-accrual was generally driven by an increase in fair value of existing loans on non-accrual.  Total European Capital loans on non-accrual were valued at 33.7% of cost at the end of the quarter, an 11.0% increase from the prior quarter.  The estimated loss on total European Capital loans at cost was $63 million, or 52.5%.

SHARE REPURCHASE PROGRAM

American Capital's previously announced share repurchase program, which began in the third quarter of 2015, contemplated the purchase of $600 million to $1 billion of shares of the Company's common stock.  Shortly before execution of the Merger Agreement, the Board of Directors suspended the share repurchase program, and under the Merger Agreement, the Company agreed to make no further repurchases.

Prior to suspending repurchases, American Capital during the second quarter made open market purchases of 11.5 million shares of its common stock at an average price of $15.74 per share for an aggregate price of $180 million.  These shares constituted 5.2% of the Company's outstanding shares as of March 31, 2016.  The Company purchased a total of $910 million of its common stock under this share repurchase program.  Since August 2011, American Capital has made open market purchases of 171.2 million shares, or $2.2 billion, of American Capital common stock at an average price of $12.83 per share.  This represents 50% of shares outstanding immediately prior to August 2011.

  

AMERICAN CAPITAL, LTD.

CONSOLIDATED BALANCE SHEETS

As of June 30, 2016, March 31, 2016 and December 31, 2015

(in millions, except per share amounts)



























Q2

Q1

Q2 2016 Versus

Q1 2016

Q4

Q2 2016 Versus

Q4 2015

2016

2016

$

%

2015

$

%

(unaudited)

(unaudited)



















Assets

























Investments at fair value (cost of $4,201, $4,725 and $4,905, respectively)

$           4,062

$           4,737

$            (675)

(14%)

$          4,998

$            (936)

(19%)

Cash and cash equivalents

881

364

517

142%

483

398

82%

Restricted cash and cash equivalents

33

32

1

3%

46

(13)

(28%)

Interest and dividend receivable

37

54

(17)

(31%)

48

(11)

(23%)

Deferred tax asset, net

235

212

23

11%

198

37

19%

Trade date settlement receivable

3

32

(29)

(91%)

373

(370)

(99%)

Other

83

84

(1)

(1%)

94

(11)

(12%)

Total assets

$           5,334

$           5,515

$            (181)

(3%)

$          6,240

$            (906)

(15%)

























Liabilities and Shareholders' Equity

























Debt, net

$              784

$              887

$            (103)

(12%)

$          1,253

$            (469)

(37%)

Other

132

148

(16)

(11%)

165

(33)

(20%)

Total liabilities

916

1,035

(119)

(11%)

1,418

(502)

(35%)

























Shareholders' equity

























Undesignated preferred stock, $0.01 par value, 5.0 shares authorized, 0

   issued and outstanding

—

—

—

—%

—

—

—%

Common stock, $0.01 par value, 1,000.0 shares authorized, 215.1, 227.6 and

   247.3 issued and 212.7, 222.4 and 242.6 outstanding, respectively

2

2

—

—%

2

—

—%

Capital in excess of par value

5,398

5,561

(163)

(3%)

5,847

(449)

(8%)

Cumulative translation adjustment, net of tax

(98)

(93)

(5)

(5%)

(101)

3

3%

Distributions in excess of net realized earnings

(640)

(877)

237

27%

(879)

239

27%

Net unrealized depreciation of investments

(244)

(113)

(131)

(116%)

(47)

(197)

(419%)

Total shareholders' equity

4,418

4,480

(62)

(1%)

4,822

(404)

(8%)

Total liabilities and shareholders' equity

$           5,334

$           5,515

$            (181)

(3%)

$          6,240

$            (906)

(15%)

























NAV per common share outstanding

$           20.77

$           20.14

$             0.63

3%

$          19.88

$             0.89

4%

 

 

AMERICAN CAPITAL, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended June 30, 2016, March 31, 2016 and June 30, 2015

(in millions, except per share data)

(unaudited)









Q2 2016 Versus

Q1 2016





Q2 2016 Versus

Q2 2015

Q2 2016

Q1 2016

$

%

Q2 2015

$

%

OPERATING REVENUE



























Interest and dividend income

$              121

$              149

$              (28)

(19%)

$              151

$              (30)

(20%)

Fee income

21

13

8

62%

17

4

24%

Total operating revenue

142

162

(20)

(12%)

168

(26)

(15%)



























OPERATING EXPENSES



























Interest

15

15

—

—%

20

(5)

(25%)

Salaries, benefits and stock-based compensation

27

34

(7)

(21%)

32

(5)

(16%)

European Capital management fees

2

2

—

—%

4

(2)

(50%)

General and administrative

27

17

10

59%

15

12

80%

Total operating expenses

71

68

3

4%

71

—

—%



























NET OPERATING INCOME BEFORE INCOME TAXES

71

94

(23)

(24%)

97

(26)

(27%)



























Tax provision

(25)

(20)

(5)

(25%)

(30)

5

17%

NET OPERATING INCOME

46

74

(28)

(38%)

67

(21)

(31%)



























Net realized gain (loss)



























Portfolio company investments

191

(83)

274

NM

(284)

475

NM

Foreign currency transactions

(4)

—

(4)

(100%)

3

(7)

NM

Derivative agreements and other

—

(17)

17

100%

46

(46)

(100%)

Tax benefit

4

12

(8)

(67%)

12

(8)

(67%)

Total net realized gain (loss)

191

(88)

279

NM

(223)

414

NM



























Net unrealized appreciation (depreciation)



























Portfolio company investments

(161)

(76)

(85)

(112%)

140

(301)

 NM 

Foreign currency translation

(11)

(8)

(3)

(38%)

13

(24)

 NM 

Derivative agreements and other

(6)

13

(19)

 NM 

65

(71)

NM

Tax benefit

47

5

42

840%

—

47

100%

Total net unrealized (depreciation) appreciation

(131)

(66)

(65)

(98%)

218

(349)

 NM 



























NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ("NET EARNINGS (LOSS)")

$              106

$              (80)

$              186

NM

$                62

$                44

71%



























NET OPERATING INCOME BEFORE INCOME TAXES PER COMMON SHARE



























     Basic

$             0.33

$             0.40

$           (0.07)

(18%)

$             0.36

$           (0.03)

(8%)

     Diluted

$             0.31

$             0.40

$           (0.09)

(23%)

$             0.34

$           (0.03)

(9%)



























NET OPERATING INCOME PER COMMON SHARE



























     Basic

$             0.21

$             0.31

$           (0.10)

(32%)

$             0.25

$           (0.04)

(16%)

     Diluted

$             0.20

$             0.31

$           (0.11)

(35%)

$             0.24

$           (0.04)

(17%)



























NET REALIZED GAIN (LOSS) PER COMMON SHARE



























     Basic

$             1.09

$           (0.06)

$             1.15

NM

$           (0.57)

$             1.66

NM

     Diluted

$             1.05

$           (0.06)

$             1.11

NM

$           (0.55)

$             1.60

NM



























NET EARNINGS (LOSS) PER COMMON SHARE



























     Basic

$             0.49

$           (0.34)

$             0.83

NM

$             0.23

$             0.26

113%

     Diluted

$             0.47

$           (0.34)

$             0.81

NM

$             0.22

$             0.25

114%



























WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING



























     Basic

216.6

235.0

(18.4)

(8%)

272.4

(55.8)

(20%)

     Diluted

226.7

235.0

(8.3)

(4%)

283.4

(56.7)

(20%)

























































______________________________

NM = Not meaningful



 

 

AMERICAN CAPITAL, LTD.

OTHER FINANCIAL INFORMATION

Three Months Ended June 30, 2016, March 31, 2016 and June 30, 2015

(in millions, except per share data)

(unaudited)



































Q2 2016 Versus

Q1 2016





Q2 2016 Versus

Q2 2015

Q2 2016

Q1 2016

$

%

Q2 2015

$

%

Assets Under Management

























American Capital Total Assets at Fair Value

$            5,334

$            5,515

$             (181)

(3%)

$            8,085

$          (2,751)

(34%)

Externally Managed Assets at Fair Value(1)

70,294

71,925

(1,631)

(2%)

73,389

(3,095)

(4%)

Total

$          75,628

$          77,440

$          (1,812)

(2%)

$          81,474

$          (5,846)

(7%)

























Third-Party Earning Assets Under Management(2)

$          13,922

$          14,168

$             (246)

(2%)

$          14,667

$             (745)

(5%)

Total Earning Assets Under Management(3)

$          19,256

$          19,683

$             (427)

(2%)

$          22,752

$          (3,496)

(15%)

























New Investments

























 First Lien Senior Debt

$                   -

$                 50

$               (50)

(100%)

$               393

$             (393)

(100%)

 Second Lien Senior Debt 

119

52

67

129%

94

25

27%

 Mezzanine Debt

—

—

—

—%

4

(4)

(100%)

 Preferred Equity

1

9

(8)

(89%)

89

(88)

(99%)

 Common Equity

46

21

25

119%

241

(195)

(81%)

 Structured Products

—

—

—

—%

155

(155)

(100%)

Total by Security Type

$               166

$               132

$                 34

26%

$               976

$             (810)

(83%)

























Sponsor Finance and Other Investments

$                 97

$                 48

$                 49

102%

$               129

$               (32)

(25%)

Investments in ACAM and Fund Development

46

33

13

39%

28

18

64%

European Capital

1

7

(6)

(86%)

179

(178)

(99%)

Structured Products

—

—

—

—%

155

(155)

(100%)

Senior Floating Rate Loans

—

—

—

—%

300

(300)

(100%)

Add-on Financing for Acquisitions

22

4

18

450%

—

22

100%

Add-on Financing for ACE Buybacks

—

—

—

—%

145

(145)

(100%)

Add-on Financing for Growth and Working Capital

—

27

(27)

(100%)

36

(36)

(100%)

Add-on Financing for Distressed Situations

—

13

(13)

(100%)

4

(4)

(100%)

Total by Use

$               166

$               132

$                 34

26%

$               976

$             (810)

(83%)

























Realizations

























Equity Investments

$               447

$                 32

$               415

 NM 

$                 90

$               357

397%

Principal Prepayments

223

31

192

619%

147

76

52%

Payment of Accrued PIK Notes and Dividends and Accreted OID

122

14

108

771%

12

110

917%

Loan Syndications and Sales

64

539

(475)

(88%)

206

(142)

(69%)

Scheduled Principal Amortization

21

19

2

11%

139

(118)

(85%)

Total by Source

$               877

$               635

$               242

38%

$               594

$               283

48%

























American Capital One Stop Buyouts®

$               562

$                 31

$               531

 NM 

$                 98

$               464

473%

Sponsor Finance and Other Investments

222

126

96

76%

33

189

573%

Senior Floating Rate Loans

35

378

(343)

(91%)

186

(151)

(81%)

European Capital

23

44

(21)

(48%)

175

(152)

(87%)

American Capital Asset Management

20

1

19

 NM 

3

17

567%

Structured Products

15

55

(40)

(73%)

99

(84)

(85%)

Total by Business Line

$               877

$               635

$               242

38%

$               594

$               283

48%

























Appreciation, Depreciation, Gain and Loss

























Gross Realized Gain

$               347

$                   6

$               341

 NM 

$                   8

$               339

 NM 

Gross Realized Loss

(156)

(89)

(67)

(75%)

(292)

136

47%

Portfolio Net Realized Gain (Loss)

191

(83)

274

 NM 

(284)

475

 NM 

Foreign Currency Transactions

(4)

—

(4)

(100%)

3

(7)

 NM 

Derivative Agreements and Other

—

(5)

5

100%

46

(46)

(100%)

Long Term Incentive Plan Liability

—

(12)

12

100%

—

—

—%

Tax Benefit

4

12

(8)

(67%)

12

(8)

(67%)

Net Realized Gain (Loss)

191

(88)

279

 NM 

(223)

414

 NM 

























Net Unrealized (Depreciation) Appreciation of American Capital One Stop Buyouts®

(23)

26

(49)

 NM 

(9)

(14)

(156%)

Net Unrealized Appreciation (Depreciation) of American Capital Sponsor Finance and Other Investments

47

(27)

74

 NM 

(5)

52

 NM 

Net Unrealized Appreciation of European Capital Investments

4

11

(7)

(64%)

6

(2)

(33%)

Net Unrealized Depreciation of ACAM

(28)

(151)

123

81%

(10)

(18)

(180%)

Net Unrealized Depreciation of Senior Floating Rate Loans

-

(2)

2

100%

(11)

11

100%

Net Unrealized Appreciation (Depreciation) of Structured Products

20

(30)

50

 NM 

(11)

31

 NM 

Reversal of Prior Period Net Unrealized (Appreciation) Depreciation Upon Realization

(181)

97

(278)

 NM 

180

(361)

 NM 

Net Unrealized (Depreciation) Appreciation of Portfolio Company Investments

(161)

(76)

(85)

(112%)

140

(301)

 NM 

Foreign Currency Translation - European Capital Investments

(14)

(12)

(2)

(17%)

11

(25)

 NM 

Foreign Currency Translation - Other

3

4

(1)

(25%)

2

1

50%

Derivative Agreements and Other

(6)

13

(19)

 NM 

65

(71)

 NM 

Tax Benefit

47

5

42

840%

—

47

100%

Net Unrealized (Depreciation) Appreciation of Investments

(131)

(66)

(65)

(98%)

218

(349)

 NM 

























Net Gains, Losses, Appreciation and Depreciation

$                 60

$             (154)

$               214

 NM 

$                 (5)

$                 65

 NM 

























Other Financial Data

























NAV per Share

$            20.77

$            20.14

$              0.63

3%

$            20.35

$              0.42

2%

Market Capitalization

$            3,367

$            3,389

$               (22)

(1%)

$            3,633

$             (266)

(7%)

Total Enterprise Value(4)

$            3,270

$            3,912

$             (642)

(16%)

$            5,466

$          (2,196)

(40%)

Asset Coverage Ratio

658%

600%









358%







Debt to Equity Ratio

0.2x

0.2x









0.4x







Credit Quality

























Weighted Average Effective Interest Rate on SFRLs at Period End(5)

—%

3.7%









4.2%







Weighted Average Effective Interest Rate on Debt Investments, Excluding SFRLs, at Period End(5)

8.4%

8.6%









8.8%







Weighted Average Effective Interest Rate on European Capital's Debt Investments at Period End(5)

1.7%

1.7%









4.1%







Weighted Average Effective Interest Rate on All Debt Investments at Period End(5)

8.4%

8.6%









6.4%







European Capital Loans on Non-Accrual at Cost

$                 95

$                 97

$                 (2)

(2%)

$               154

$               (59)

(38%)

Loans on Non-Accrual at Cost, excluding European Capital

$               196

$               185

$                 11

6%

$               178

$                 18

10%

Total Loans on Non-Accrual at Cost

$               291

$               282

$                   9

3%

$               332

$               (41)

(12%)

European Capital Loans on Non-Accrual at Fair Value

$                 32

$                 22

$                 10

45%

$                 28

$                   4

14%

Loans on Non-Accrual at Fair Value, excluding European Capital

$               129

$               115

$                 14

12%

$               109

$                 20

18%

Total Loans on Non-Accrual at Fair Value

$               161

$               137

$                 24

18%

$               137

$                 24

18%

Total Non-Accrual Loans at Cost as a Percentage of Total Loans at Cost

12.6%

11.4%









7.4%







Total Non-Accrual Loans at Fair Value as a Percentage of Total Loans at Fair Value

7.4%

6.0%









3.2%







Total Non-Accruing Loans at Fair Value as a Percentage of Non-Accruing Loans at Cost

55.3%

48.6%









41.3%







Estimated Loss on Non-Accrual Loans(6)

$               139

$               167

$               (28)

(17%)

$               227

$               (88)

(39%)

Estimated Loss as a Percentage of Total Loans at Cost

6.0%

6.7%









5.1%







Past Due Loans at Cost

$                 18

$                 64

$               (46)

(72%)

$                  —

$                 18

100%

Debt to Equity Conversions at Cost

$                  —

$                 39

$               (39)

(100%)

$                  —

$                 —

—%

Return on Average Equity

























LTM Net Operating Income Before Income Taxes Return on Average Shareholders' Equity

7.5%

7.7%









5.6%







LTM Net Operating Income Return on Average Shareholders' Equity

5.2%

5.5%









3.7%







LTM Net Realized Earnings (Loss) Return on Average Shareholders' Equity

3.4%

(4.4%)









(1.7%)







LTM Net (Loss) Earnings Return on Average Shareholders' Equity

(4.9%)

(5.5%)









4.2%







Current Quarter Annualized Net Operating Income Before Income Taxes Return on Average Shareholders' Equity

6.4%

8.1%









7.1%







Current Quarter Annualized Net Operating Income Return on Average Shareholders' Equity

4.1%

6.4%









4.9%







Current Quarter Annualized Net Realized Gain (Loss) Return on Average Shareholders' Equity

21.2%

(1.2%)









(11.5%)







Current Quarter Annualized Net Earnings (Loss) Return on Average Shareholders' Equity

9.5%

(6.9%)









4.6%































































______________________________

NM = Not meaningful



(1)  Includes total assets of American Capital Agency, American Capital Mortgage, American Capital Senior Floating, American Capital Equity I, American Capital Equity II, American Capital Equity III, ACAS CLO 2007-1,

      ACAS CLO 2012-1, ACAS CLO 2013-1, ACAS CLO 2013-2, ACAS CLO 2014-1, ACAS CLO 2014-2, ACAS CLO 2015-1, ACAS CLO 2015-2, ACAS CLO Fund I, ACAS CLO IX, Ltd., European Capital UK SME Debt and European Capital

      Private Debt, less American Capital's investment in the funds.

(2)  Represents third-party earning assets under management from which the associated base management fees are calculated, less American Capital's investment in the funds.

(3)  Represents total assets of American Capital less American Capital's investment in the funds as well as third-party earning assets under management from which the associated base management fees are calculated.

(4)  Enterprise value is calculated as debt at cost plus market capitalization less cash and cash equivalents.

(5)  The weighted average effective interest rate is computed as (a) annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on debt investments, divided

       by (b) total debt investments at cost basis.

(6)  Net accumulated depreciation on non-accrual loans plus realized losses on loans during the period presented.

 

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 and structured products.  American Capital manages $10 billion of assets, including assets on its balance sheet and fee earning assets under management by affiliated managers.  Through a wholly owned affiliate, American Capital manages publicly traded American Capital Senior Floating, Ltd. (NASDAQ: ACSF) with $117 million of total net book value.  American Capital and its affiliates operate out of six offices in the U.S. and Europe.  For further information, please refer to www.AmericanCapital.com.

ADDITIONAL INFORMATION

Persons considering an investment in American Capital should consider the investment objectives, risks and charges and expenses of the Company carefully before investing.  Such information and other information about the Company is available in the Company's annual report on Form 10-K, quarterly reports on Form 10-Q and in the prospectuses the Company issues from time to time in connection with its offering of securities.  Such materials are filed with the Securities and Exchange Commission ("SEC") and copies are available on the SEC's website, www.sec.gov.   Prospective investors should read such materials carefully before investing.  Performance data quoted above represents past performance of American Capital.  Past performance does not guarantee future results and the investment return and principal value of an investment in American Capital will likely fluctuate.  Consequently, an investor's shares, when sold, may be worth more or less than their original cost.  Additionally, American Capital's current performance may be lower or higher than the performance data quoted above.

This press release contains forward-looking statements.  Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance.  Forward-looking statements involve risks and uncertainties in predicting future results and conditions.  Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, 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.  Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 and the Company's subsequent periodic filings.  Copies are available on the SEC's website at www.sec.gov.  Forward-looking statements are made as of the date of this press release, and are subject to change without notice.  We disclaim any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise.

CONTACT:

Investors - (301) 951-5917

Media - (301) 968-9400

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/american-capital-reports-noi-before-income-taxes-of-031-per-diluted-share-net-earnings-of-047-per-diluted-share-and-nav-per-share-of-2077-300308179.html

SOURCE American Capital, Ltd.

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