American Capital Ltd. (NASDAQ:ACAS) said the administrative agent for its revolving credit agreement has agreed to extend a deadline under a debt-restructuring pact that the private equity firm recently reached with lenders. American Capital Ltd. trades on the “NASDAQ” under the stock symbol “ACAS”. For the Latest information regarding “ACAS”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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American Capital Ltd. (NASDAQ:ACAS) said the administrative agent for its revolving credit agreement has agreed to extend a deadline under a debt-restructuring pact that the private equity firm recently reached with lenders. Wachovia Bank N.A. agreed to extend the termination event date under the restructuring pact to March 31, American Capital said after markets closed Wednesday.
Parties to the so-called Lock up Agreement have the right to terminate the pact if certain events don't occur by the termination event date, the publicly traded company said. Any further extension of the date would require agreement from lenders of a majority of the outstanding debt in the revolving credit agreement. The agreement, reached in November, provides that American Capital and its lenders support out-of-court restructuring of loans outstanding under the revolving credit agreement, and restructuring of the company's public and private unsecured notes.
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