Ace Cash Express (NASDAQ:AACE)
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American Capital Realizes 24% Return on Investment in ACE Cash
Express
BETHESDA, Md., May 26 /PRNewswire-FirstCall/ -- American Capital Strategies
Ltd. (NASDAQ:ACAS) announced today that it has been repaid its $40 million
senior and subordinated debt investments in ACE Cash Express Inc.
(NASDAQ:AACE), realizing a 24% compounded annual rate of return. ACE, one of
the nation's largest owners, operators and franchisors of retail financial
services stores, has used proceeds from its recent successful follow-on public
stock offering to repay the American Capital notes. The 24% return includes
the interest and fees received over the life of American Capital's investment
in the company. In March 2003, American Capital invested $40 million to
recapitalize ACE's term loans and senior notes.
For more information about the Ace transaction, go to:
http://www.acas.com/our_portfolio/companies/company.cfm?p_comp=94
For a chart detailing American Capital's capital gains and losses, go to
http://www.acas.com/investor_relations/capital_gains.cfm.
For a chart listing American Capital's exited portfolio companies, go to
http://www.acas.com/our_portfolio/exited_companies.cfm.
Through the first quarter of 2004, American Capital enjoyed a 14% compounded
annual return on 59 announced exits and repayments of senior debt, subordinated
debt and equity, totaling $708 million since its August 1997 IPO. In the same
period, American Capital exited or received prepayments totaling 25% of all
announced investments made since its 1997 IPO. Thirty-one percent of these
exits and prepayments were from portfolio companies that had at one time been
either a loan grade 1 or 2 in its four point loan grading system, with 1 being
the lowest loan grade.
As of April 30, 2004, American Capital shareholders have enjoyed a total return
of 213% since the Company's IPO -- an annualized return of 19%, assuming
reinvestment of dividends. American Capital has declared a total of $14.52 per
share in dividends since its August 1997 IPO.
American Capital is a publicly traded buyout and mezzanine fund with capital
resources of approximately $3 billion. American Capital is an investor in and
sponsor of management and employee buyouts; invests in private equity sponsored
buyouts, and provides capital directly to private and small public companies.
American Capital provides senior debt, mezzanine debt and equity to fund
growth, acquisitions and recapitalizations.
Companies interested in learning more about American Capital's flexible
financing should contact Mark Opel, Principal, at 800-248-9340, or visit the
website at http://www.americancapital.com/.
This press release contains forward-looking statements. The statements
regarding expected results of American Capital Strategies 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 or national economic conditions, or changes
in the conditions of the industries in which American Capital has made
investments.
DATASOURCE: American Capital Strategies Ltd.
CONTACT: John Erickson, Chief Financial Officer, +1-301-951-6122, or
Brian Maney, Director, Corporate Communications, +1-301-951-6122, both of
American Capital Strategies Ltd.
Web site: http://www.americancapital.com/