American Capital Senior Floating Prices IPO At $15/Shr - Quick Facts

(RTTNews) - American Capital Senior Floating, Ltd. (ACSF) Wednesday priced its initial public offering of 10 million shares of common stock at $15.00 per share for total gross proceeds of $150 million.

Underwriters have been given a 30-day option to purchase up to an additional 1.5 million shares at the IPO price to cover over-allotments, if any.

About 299,900 shares have already been reserved by the underwriters for sale to American Capital Asset Management, LLC, a wholly-owned portfolio company of American Capital, Ltd. (ACAS). Additionally, up to 200,100 shares will be sold to certain employees of the parent company of the Manager through a directed share program.

ACAM will own an aggregate of approximately 3 percent of the company's outstanding common stock upon completion of the offering, assuming no exercise of the over-allotment.

Net proceeds from the IPO will be available to pay the outstanding principal of, and accrued and unpaid interest on, its credit facility with ACAM, which the company drew on to finance its initial investment portfolio and matures on the earlier of the consummation of this offering and October 15.

The company's stock is expected to begin trading on The NASDAQ Global Market under the symbol ACSF on January 16.