American Capital, Ltd. revealed today that it had launched a refinancing plan of its US$600 million secured credit facility. The proposed refinancing of its senior secured credit facility was expected to incorporate the modifications to the pricing terms of the current credit facility to represent a more favorable current market pricing. These changes include a six-month extension of the call protection time period for creditors from the effective date as well as modifications to specific covenants.  Further aspects of the proposed refinancing will be presented to possible participants at a lender assembly to be held in New York, NY on August 1, 2013.

The access into the refinancing will depend upon an effective syndication and the fulfillment of conditions precedent to the official documentation, among other things. The final terms of the refinancing could be different than defined above and no guarantees can be given that the refinancing will be agreed upon.

J.P. Morgan Securities LLC is acting as joint bookrunner and joint lead arranger for the transaction.