American Capital Strategies Prices Stock Offering
American Capital Strategies added 1 million shares to the public stock offering it announced yesterday, and priced the stock at $39.40 a share, according to a company statement.
The firm, which provides funding for small to mid-sized businesses, said it expects the offering of 6 million shares to close by Sept. 12. An announcement of the offering on Thursday had said about 5 million shares would be sold. It plans to will use the proceeds to reduce its debt and fund new investments. A company spokesman attributed the size of the offering to "strong demand" by investors. The firm, which provides funding for small to mid-sized businesses, said it will use the proceeds to reduce its debt and fund new investments.
American Capital Strategies has $17 billion in assets under management and calls itself the largest publicly traded private equity firm in the United States. The compan and its affiliates invest from $5 million to $800 million per company in North America and a similar amount in Europe.
-- Thomas Heath
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