Attached files
file | filename |
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EX-32 - EXHIBTI 32 - AMERICAN CAPITAL, LTD | dex32.htm |
EX-31 - EXHIBIT 31 - AMERICAN CAPITAL, LTD | dex31.htm |
EX-10.4 - EXHIBIT 10.4 - AMERICAN CAPITAL, LTD | dex104.htm |
EX-10.2 - EXHIBIT 10.2 - AMERICAN CAPITAL, LTD | dex102.htm |
EX-10.3 - EXHIBIT 10.3 - AMERICAN CAPITAL, LTD | dex103.htm |
EX-10.1 - EXHIBIT 10.1 - AMERICAN CAPITAL, LTD | dex101.htm |
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2009
OR
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number 814-00149
AMERICAN CAPITAL, LTD.
(Exact name of registrant as specified in its charter)
Delaware | 52-1451377 | |
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
2 Bethesda Metro Center
14th Floor
Bethesda, Maryland 20814
(Address of principal executive offices)
(301) 951-6122
(Registrants telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.
Large accelerated filer x | Accelerated filer ¨ | |||
Non-accelerated filer ¨ | (Do not check if a smaller reporting company) | Smaller reporting company ¨ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
The number of shares of the issuers common stock, $0.01 par value, outstanding as of October 30, 2009, was 280,840,667.
Table of Contents
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION | ||||
Item 1. | 3 | |||
Item 2. | Managements Discussion and Analysis of Financial Condition and Results of Operations |
61 | ||
Item 3. | 88 | |||
Item 4. | 88 | |||
PART II. OTHER INFORMATION | ||||
Item 1. | 89 | |||
Item 1A. | 89 | |||
Item 2. | 94 | |||
Item 3. | 94 | |||
Item 4. | 94 | |||
Item 5. | 95 | |||
Item 6. | 96 | |||
97 |
2
Table of Contents
AMERICAN CAPITAL, LTD.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)
September 30, 2009 |
December 31, 2008 |
|||||||
(unaudited) | ||||||||
Assets |
||||||||
Investments at fair value (cost of $9,860 and $10,691, respectively) |
||||||||
Non-Control/Non-Affiliate investments (cost of $5,394 and $5,904, respectively) |
$ | 3,452 | $ | 4,182 | ||||
Affiliate investments (cost of $401 and $405, respectively) |
315 | 338 | ||||||
Control investments (cost of $4,065 and $4,382, respectively) |
2,126 | 2,898 | ||||||
Derivative agreements (cost of $0 and $0, respectively) |
9 | 9 | ||||||
Total investments at fair value |
5,902 | 7,427 | ||||||
Cash and cash equivalents |
445 | 209 | ||||||
Restricted cash and cash equivalents |
132 | 71 | ||||||
Interest receivable |
43 | 44 | ||||||
Other assets |
146 | 159 | ||||||
Total assets |
$ | 6,668 | $ | 7,910 | ||||
Liabilities and Shareholders Equity |
||||||||
Debt ($2,654 and $2,512 due within one year, respectively) |
$ | 4,279 | $ | 4,428 | ||||
Derivative and option agreements (cost of $0 and $(20), respectively) |
118 | 222 | ||||||
Other liabilities |
81 | 105 | ||||||
Total liabilities |
4,478 | 4,755 | ||||||
Shareholders equity: |
||||||||
Undesignated preferred stock, $0.01 par value, 5.0 shares authorized, 0 issued and outstanding |
| | ||||||
Common stock, $0.01 par value, 1,000.0 shares authorized, 292.9 and 214.3 issued and 280.6 and 204.7 outstanding, respectively |
3 | 2 | ||||||
Capital in excess of par value |
6,827 | 6,545 | ||||||
(Distributions in excess of) undistributed net realized earnings |
(550 | ) | 76 | |||||
Net unrealized depreciation of investments |
(4,090 | ) | (3,468 | ) | ||||
Total shareholders equity |
2,190 | 3,155 | ||||||
Total liabilities and shareholders equity |
$ | 6,668 | $ | 7,910 | ||||
Net asset value per common share |
$ | 7.80 | $ | 15.41 | ||||
See accompanying notes.
3
Table of Contents
AMERICAN CAPITAL, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in millions, except per share data)
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
OPERATING INCOME: |
||||||||||||||||
Interest and dividend income |
||||||||||||||||
Non-Control/Non-Affiliate investments |
$ | 110 | $ | 144 | $ | 305 | $ | 461 | ||||||||
Affiliate investments |
14 | 9 | 36 | 31 | ||||||||||||
Control investments |
52 | 98 | 141 | 256 | ||||||||||||
Total interest and dividend income |
176 | 251 | 482 | 748 | ||||||||||||
Asset management and other fee income |
||||||||||||||||
Non-Control/Non-Affiliate investments |
9 | 12 | 17 | 30 | ||||||||||||
Affiliate investments |
| | | 1 | ||||||||||||
Control investments |
8 | 15 | 29 | 54 | ||||||||||||
Total asset management and other fee income |
17 | 27 | 46 | 85 | ||||||||||||
Total operating income |
193 | 278 | 528 | 833 | ||||||||||||
OPERATING EXPENSES: |
||||||||||||||||
Interest |
85 | 50 | 197 | 161 | ||||||||||||
Salaries, benefits and stock-based compensation |
47 | 52 | 147 | 165 | ||||||||||||
General and administrative |
28 | 21 | 78 | 64 | ||||||||||||
Total operating expenses |
160 | 123 | 422 | 390 | ||||||||||||
NET OPERATING INCOME BEFORE INCOME TAXES |
33 | 155 | 106 | 443 | ||||||||||||
(Provision) benefit for income taxes |
(1 | ) | (2 | ) | 10 | 6 | ||||||||||
NET OPERATING INCOME |
32 | 153 | 116 | 449 | ||||||||||||
Net gain on extinguishment of debt |
| | 12 | | ||||||||||||
Net realized (loss) gain on investments |
||||||||||||||||
Non-Control/Non-Affiliate investments |
(27 | ) | 51 | (96 | ) | 46 | ||||||||||
Affiliate investments |
| 5 | (5 | ) | 7 | |||||||||||
Control investments |
(20 | ) | 17 | (333 | ) | 111 | ||||||||||
Taxes on net realized gain |
| (49 | ) | | (53 | ) | ||||||||||
Foreign currency transactions |
| (13 | ) | (2 | ) | (7 | ) | |||||||||
Derivative and option agreements |
(19 | ) | (14 | ) | (87 | ) | (25 | ) | ||||||||
Total net realized (loss) gain on investments |
(66 | ) | (3 | ) | (523 | ) | 79 | |||||||||
Net unrealized appreciation (depreciation) of investments |
||||||||||||||||
Portfolio company investments |
86 | (599 | ) | (750 | ) | (1,932 | ) | |||||||||
Foreign currency translation |
57 | (90 | ) | 54 | (17 | ) | ||||||||||
Derivative and option agreements and other |
(32 | ) | (9 | ) | 74 | (10 | ) | |||||||||
Total net unrealized appreciation (depreciation) of investments |
111 | (698 | ) | (622 | ) | (1,959 | ) | |||||||||
Total net realized (loss) gain and net appreciation (depreciation) on investments |
45 | (701 | ) | (1,145 | ) | (1,880 | ) | |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (NET EARNINGS (LOSS)) |
$ | 77 | $ | (548 | ) | $ | (1,017 | ) | $ | (1,431 | ) | |||||
NET OPERATING INCOME PER COMMON SHARE: |
||||||||||||||||
Basic |
$ | 0.12 | $ | 0.74 | $ | 0.51 | $ | 2.22 | ||||||||
Diluted |
$ | 0.11 | $ | 0.74 | $ | 0.51 | $ | 2.22 | ||||||||
NET EARNINGS (LOSS) PER COMMON SHARE: |
||||||||||||||||
Basic |
$ | 0.30 | $ | (2.63 | ) | $ | (4.48 | ) | $ | (7.06 | ) | |||||
Diluted |
$ | 0.27 | $ | (2.63 | ) | $ | (4.48 | ) | $ | (7.06 | ) | |||||
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: |
||||||||||||||||
Basic |
256.5 | 208.1 | 226.9 | 202.6 | ||||||||||||
Diluted |
284.3 | 208.1 | 226.9 | 202.6 | ||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE |
$ | | $ | 1.05 | $ | 1.07 | $ | 3.09 |
See accompanying notes.
4
Table of Contents
AMERICAN CAPITAL, LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(unaudited)
(in millions, except per share data)
Nine Months Ended September 30, |
||||||||
2009 | 2008 | |||||||
Operations: |
||||||||
Net operating income |
$ | 116 | $ | 449 | ||||
Net gain on extinguishment of debt |
12 | | ||||||
Net realized (loss) gain on investments |
(523 | ) | 79 | |||||
Net unrealized depreciation of investments |
(622 | ) | (1,959 | ) | ||||
Net decrease in net assets resulting from operations |
(1,017 | ) | (1,431 | ) | ||||
Shareholder distributions: |
||||||||
Common stock dividends from net operating income |
(116 | ) | (406 | ) | ||||
Common stock dividends in excess of net operating income and net realized gain on investments |
(115 | ) | | |||||
Net decrease in net assets resulting from shareholder distributions |
(231 | ) | (406 | ) | ||||
Capital share transactions: |
||||||||
Issuance of common stock |
232 | 444 | ||||||
Issuance of common stock under stock option plans |
| 5 | ||||||
Purchase of common stock held in deferred compensation trusts |
| (50 | ) | |||||
Purchase of treasury stock |
| (6 | ) | |||||
Stock-based compensation |
52 | 63 | ||||||
Other |
(1 | ) | 1 | |||||
Net increase in net assets resulting from capital share transactions |
283 | 457 | ||||||
Total decrease in net assets |
(965 | ) | (1,380 | ) | ||||
Net assets at beginning of period |
3,155 | 6,441 | ||||||
Net assets at end of period |
$ | 2,190 | $ | 5,061 | ||||
Net asset value per common share at end of period |
$ | 7.80 | $ | 24.43 | ||||
Common shares outstanding at end of period |
280.6 | 207.2 | ||||||
See accompanying notes.
5
Table of Contents
AMERICAN CAPITAL, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in millions)
Nine Months Ended September 30, |
||||||||
2009 | 2008 | |||||||
Operating activities: |
||||||||
Net decrease in net assets resulting from operations |
$ | (1,017 | ) | $ | (1,431 | ) | ||
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities: |
||||||||
Net unrealized depreciation of investments |
622 | 1,959 | ||||||
Net realized loss (gain) on investments |
523 | (79 | ) | |||||
Net gain on extinguishment of debt |
(12 | ) | | |||||
Accrued payment-in-kind interest and dividends |
(58 | ) | (146 | ) | ||||
Accrued payment-in-kind interest for make-whole payment |
22 | | ||||||
Collection of loan origination fees |
| 12 | ||||||
Amortization of deferred finance costs, premiums and discounts |
10 | 9 | ||||||
Depreciation of property and equipment |
11 | 9 | ||||||
Stock-based compensation |
52 | 63 | ||||||
(Increase) decrease in interest receivable |
(10 | ) | 9 | |||||
Decrease (increase) in other assets |
12 | (50 | ) | |||||
Decrease in other liabilities |
(34 | ) | (102 | ) | ||||
Other |
(1 | ) | (14 | ) | ||||
Net cash provided by operating activities |
120 | 239 | ||||||
Investing activities: |
||||||||
Purchases of investments |
(107 | ) | (1,413 | ) | ||||
Fundings on portfolio company revolving credit facility investments, net |
(72 | ) | (328 | ) | ||||
Principal repayments |
262 | 727 | ||||||
Proceeds from loan syndications and loan sales |
107 | 343 | ||||||
Collection of payment-in-kind notes and dividends and accreted loan discounts |
32 | 60 | ||||||
Proceeds from sale of equity investments |
266 | 800 | ||||||
Interest rate derivative periodic payments, net |
(43 | ) | (25 | ) | ||||
Capital expenditures for property and equipment |
(1 | ) | (7 | ) | ||||
Termination of European Capital Limited put option agreement |
(65 | ) | | |||||
Other |
(8 | ) | 2 | |||||
Net cash provided by investing activities |
371 | 159 | ||||||
Financing activities: |
||||||||
Payment on issuance of notes payable from asset securitizations, net |
(151 | ) | (227 | ) | ||||
Payments on revolving credit facilities, net |
(1 | ) | (81 | ) | ||||
(Increase) decrease in debt service escrows |
(61 | ) | 292 | |||||
Issuance of common stock |
| 448 | ||||||
Purchase of common stock held in deferred compensation trusts |
| (50 | ) | |||||
Distributions paid |
(24 | ) | (601 | ) | ||||
Other |
(18 | ) | (2 | ) | ||||
Net cash used in financing activities |
(255 | ) | (221 | ) | ||||
Net increase in cash and cash equivalents |
236 | 177 | ||||||
Cash and cash equivalents at beginning of period |
209 | 143 | ||||||
Cash and cash equivalents at end of period |
$ | 445 | $ | 320 | ||||
Non-cash financing activities: |
||||||||
Issuance of common stock in conjunction with acquisition of European Capital Limited |
$ | 25 | $ | | ||||
Issuance of common stock in conjunction with shareholder distribution |
$ | 207 | $ | |
See accompanying notes.
6
Table of Contents
AMERICAN CAPITAL, LTD.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(unaudited)
(in millions, except per share data)
Nine Months Ended September 30, |
||||||
2009 | 2008 | |||||
Per Share Data: |
||||||
Net asset value at beginning of the period |
$15.41 | $32.88 | ||||
Net operating income(1) |
0.51 | 2.22 | ||||
Net gain on extinguishment of debt(1) |
0.05 | | ||||
Net realized (loss) gain on investments(1) |
(2.30 | ) | 0.39 | |||
Net unrealized depreciation on investments(1) |
(2.74 | ) | (9.67 | ) | ||
Net decrease in net assets resulting from operations(1) |
(4.48 | ) | (7.06 | ) | ||
Issuance of common stock(2) |
(0.70 | ) | 0.09 | |||
Shareholder distributions |
(1.07 | ) | (2.04 | ) | ||
Other, net(3) |
(1.36 | ) | 0.56 | |||
Net asset value at end of period |
$7.80 | $24.43 | ||||
Ratio/Supplemental Data: |
||||||
Per share market value at end of period |
$3.23 | $25.51 | ||||
Total gain (loss)(4) |
32.82 | % | (16.88 | )% | ||
Shares outstanding at end of period |
280.6 | 207.2 | ||||
Net assets at end of period |
$2,190 | $5,061 | ||||
Average net assets(5) |
$2,472 | $5,704 | ||||
Average debt outstanding(6) |
$4,343 | $4,549 | ||||
Average debt outstanding per common share(1)(6) |
$19.14 | $22.45 | ||||
Ratio of operating expenses to average net assets(7) |
22.82 | % | 9.11 | % | ||
Ratio of operating expenses, net of interest expense, to average net assets(7) |
12.17 | % | 5.35 | % | ||
Ratio of interest expense to average net assets(7) |
10.65 | % | 3.76 | % | ||
Ratio of net operating income to average net assets(7) |
6.27 | % | 10.49 | % |
(1) | Weighted average basic per share data. |
(2) | For the nine months ended September 30, 2009, represents the issuance of common stock in conjunction with the acquisition of European Capital Limited. |
(3) | Represents the impact of (i) the other components in the changes in net assets, including other capital transactions such as the purchase of common stock held in deferred compensation trusts, stock-based compensation, income tax deductions related to the exercise of stock options and distribution of stock awards in excess of GAAP expense credited to additional paid-in capital, repayments of notes receivable from the sale of common stock and the purchase of treasury stock and (ii) the different share amounts used in calculating per share data as a result of calculating certain per share data based upon the weighted average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date. |
(4) | Total gain (loss) is based on the change in the market value of our common stock taking into account dividends reinvested in accordance with the terms of our dividend reinvestment plan. Total gain (loss) is not annualized. |
(5) | Based on the average of ending net assets as of the beginning and end of each period presented. |
(6) | Based on a daily weighted average balance of debt outstanding during the period. |
(7) | Ratios are annualized. |
See accompanying notes.
7
Table of Contents
AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2009
(unaudited)
(in millions, except share data)
Company (4) |
Industry |
Investments |
Interest |
Maturity |
# of shares/ units |
Principal |
Cost |
Fair | ||||||||||||
NON-CONTROL / NON-AFFILIATE INVESTMENTS |
||||||||||||||||||||
Aerus, LLC |
Household Durables | Common Membership Warrants(1) |
250,000 | $ | 0.2 | $ | | |||||||||||||
Affordable Care Holding Corp. |
Health Care Providers & Services |
Subordinated Debt(7) | 15.0 | % | 11/13-11/14 | $ | 66.1 | 65.4 | 66.1 | |||||||||||
Convertible Preferred Stock |
70,752 | 89.1 | 97.6 | |||||||||||||||||
Common Stock(1) |
17,687,156 | 17.7 | 19.8 | |||||||||||||||||
172.2 | 183.5 | |||||||||||||||||||
Algoma Holding Company |
Building Products | Subordinated Debt(7) | 12.6 | % | 4/13 | 15.1 | 15.0 | 14.2 | ||||||||||||
American Acquisition, LLC |
Diversified Financial Services |
Senior Debt | 13.4 | % | 12/12 | 18.4 | 18.1 | 16.7 | ||||||||||||
AmWins Group, Inc. |
Insurance | Senior Debt(7) | 5.8 | % | 6/14 | 18.5 | 18.6 | 10.9 | ||||||||||||
Anchor Drilling Fluids USA, Inc. |
Energy Equipment & Services |
Senior Debt(7) | 11.3 | % | 4/13 | 7.9 | 7.8 | 5.9 | ||||||||||||
Subordinated Debt(6)(7) |
14.7 | % | 4/15 | 20.8 | 19.8 | | ||||||||||||||
27.6 | 5.9 | |||||||||||||||||||
Aspect Software |
IT Services | Senior Debt(7) | 7.4 | % | 7/12 | 20.0 | 19.9 | 15.4 | ||||||||||||
Avanti Park Place LLC |
Real Estate | Senior Debt | 8.3 | % | 6/10 | 5.8 | 5.8 | 5.8 | ||||||||||||
Avalon Laboratories Holding Corp. |
Health Care Equipment & Supplies |
Senior Debt(7) | 11.0 | % | 1/14 | 17.6 | 17.4 | 17.5 | ||||||||||||
Subordinated Debt(7) |
15.4 | % | 1/15 | 22.6 | 21.6 | 20.5 | ||||||||||||||
Convertible Preferred Stock(1) |
148,742 | 24.3 | | |||||||||||||||||
Common Stock(1) |
7,829 | 1.3 | | |||||||||||||||||
64.6 | 38.0 | |||||||||||||||||||
BBB Industries, LLC |
Auto Components | Senior Debt(7) | 5.7 | % | 6/14 | 21.2 | 21.2 | 15.4 | ||||||||||||
Belloto Holdings Limited(3) |
Household Durables | Subordinated Debt(6) | 10.4 | % | 6/17 | 3.9 | 3.5 | | ||||||||||||
PIK Note(1) |
15.0 | % | 12/17 | 8.3 | 8.3 | | ||||||||||||||
Preference Shares(1) |
2,975,839 | 4.4 | | |||||||||||||||||
Ordinary Shares(1) |
32,434 | 0.1 | | |||||||||||||||||
16.3 | | |||||||||||||||||||
Berry-Hill Galleries, Inc. |
Distributors | Senior Debt | 13.8 | % | 3/10 | 7.9 | 7.8 | 7.8 | ||||||||||||
Blue Wolf Capital Fund II, L.P. |
Capital Markets | Limited Partnership Interest(1) | 2.8 | 2.8 | ||||||||||||||||
Butler Animal Health Supply, LLC |
Health Care Providers & Services |
Senior Debt(7) | 7.6 | % | 7/12 | 8.0 | 8.0 | 6.8 | ||||||||||||
CAMP Systems International, Inc. |
Transportation Infrastructure |
Senior Debt(7) | 6.4 | % | 9/14 | 30.0 | 29.8 | 19.7 | ||||||||||||
Carestream Health, Inc. |
Health Care Equipment & Supplies |
Senior Debt(7) | 5.5 | % | 10/13 | 15.0 | 15.0 | 10.7 | ||||||||||||
CH Holding Corp. |
Leisure Equipment & Products |
Senior Debt(6) | 7.2 | % | 5/11 | 15.9 | 13.0 | 4.9 | ||||||||||||
Redeemable Preferred Stock(1) |
21,215 | 42.7 | | |||||||||||||||||
55.7 | 4.9 | |||||||||||||||||||
Cinelease, Inc. |
Electronic Equipment & Instruments |
Senior Debt(7) | 9.9 | % | 3/12-4/13 | 48.0 | 48.0 | 40.0 | ||||||||||||
Senior Debt(6)(7) |
8.3 | % | 4/13 | 10.8 | 10.3 | 7.2 | ||||||||||||||
Common Stock(1) |
583 | 0.6 | | |||||||||||||||||
58.9 | 47.2 | |||||||||||||||||||
Compusearch Holdings Company, Inc. |
Software | Subordinated Debt(7) | 12.0 | % | 7/12 | 12.6 | 12.5 | 12.5 | ||||||||||||
Convertible Preferred Stock(1) |
23,342 | 0.9 | 2.2 | |||||||||||||||||
13.4 | 14.7 | |||||||||||||||||||
Contec LLC |
Household Durables | Subordinated Debt(7) | 14.0 | % | 9/15-9/16 | 135.0 | 133.8 | 114.6 |
8
Table of Contents
AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS(Continued)
September 30, 2009
(unaudited)
(in millions, except share data)
Company (4) |
Industry |
Investments |
Interest |
Maturity |
# of shares/ units |
Principal |
Cost |
Fair | |||||||||
CyrusOne Networks, LLC |
IT Services | Senior Debt(7) | 7.5 | % | 1/14 | 19.9 | 19.8 | 17.3 | |||||||||
Delsey Holding(3) |
Textiles, Apparel & Luxury Goods |
Senior Debt | 7.5 | % | 2/12 | 20.5 | 20.5 | 22.7 | |||||||||
DelStar, Inc. |
Building Products | Subordinated Debt(7) | 14.0 | % | 12/12 | 19.0 | 18.9 | 19.0 | |||||||||
Redeemable Preferred Stock(1) |
26,613 | 14.8 | 32.2 | ||||||||||||||
Convertible Preferred Stock(1) |
29,569 | 3.0 | | ||||||||||||||
Common Stock Warrants(1) |
89,020 | 16.9 | | ||||||||||||||
53.6 | 51.2 | ||||||||||||||||
Direct Marketing International LLC |
Media | Subordinated Debt(7) | 15.2 | % | 7/12 | 30.0 | 29.8 | 26.5 | |||||||||
Dyno Holding Corp. |
Auto Components | Senior Debt(7) | 11.8 | % | 11/15 | 41.2 | 40.9 | 41.3 | |||||||||
Subordinated Debt(7) |
7.3 | % | 11/16 | 14.1 | 14.1 | 14.1 | |||||||||||
Subordinated Debt(6)(7) |
0.0 | % | 11/16 | 12.7 | 11.7 | 1.3 | |||||||||||
Convertible Preferred Stock(1) |
389,759 | 40.5 | | ||||||||||||||
Common Stock(1) |
97,440 | 10.1 | | ||||||||||||||
117.3 | 56.7 | ||||||||||||||||
Easton Bell Sports LLC |
Leisure Equipment & Products |
Redeemable Preferred Stock(1) | 128 | 0.1 | 0.1 | ||||||||||||
Common Units(1) |
2,177,415 | 0.7 | 3.5 | ||||||||||||||
0.8 | 3.6 | ||||||||||||||||
FAMS Acquisition, Inc. |
Diversified Financial Services |
Subordinated Debt(7) | 14.8 | % | 11/13-11/14 | 26.7 | 25.8 | 26.1 | |||||||||
Redeemable Preferred Stock(1) |
919 | 0.9 | | ||||||||||||||
Convertible Preferred Stock(1) |
861,364 | 20.9 | | ||||||||||||||
47.6 | 26.1 | ||||||||||||||||
FCC Holdings, LLC |
Commercial Banks | Subordinated Debt | 15.1 | % | 12/12 | 75.0 | 74.5 | 67.6 | |||||||||
Ford Motor Company(2) |
Automobiles | Senior Debt | 2.6 | % | 12/11 | 28.2 | 27.4 | 25.4 | |||||||||
FPI Holding Corporation |
Food Products | Senior Debt | 7.5 | % | 5/11 | 10.2 | 10.1 | 10.2 | |||||||||
Senior Debt(6) |
13.8 | % | 5/13-6/15 | 24.7 | 24.0 | 2.1 | |||||||||||
Subordinated Debt(6) |
21.5 | % | 6/15-5/16 | 21.9 | 17.3 | | |||||||||||
Redeemable Preferred Stock(1) |
4,469 | 39.1 | | ||||||||||||||
Convertible Preferred Stock(1) |
21,715 | 23.3 | | ||||||||||||||
Common Stock(1) |
5,429 | 5.8 | | ||||||||||||||
119.6 | 12.3 | ||||||||||||||||
FU/WD Opa Locka, LLC |
Real Estate | Senior Debt | 8.1 | % | 9/17-9/24 | 32.0 | 30.6 | 22.4 | |||||||||
Genband Inc. |
Communications Equipment |
Common Stock(1) | 2,975,631 | 14.7 | 1.3 | ||||||||||||
Golden Key US LLC |
Diversified Financial Services |
Commercial Paper(1) | 5.3 | % | 1/14 | 7.3 | 7.3 | 3.6 | |||||||||
HMSC Corporation |
Insurance | Senior Debt(6)(7) | 5.7 | % | 10/14 | 3.4 | 3.4 | 1.6 | |||||||||
Hopkins Manufacturing Corporation |
Auto Components | Subordinated Debt(7) | 15.3 | % | 7/12 | 38.6 | 38.4 | 35.2 | |||||||||
Redeemable Preferred Stock |
2,915 | 6.7 | 6.0 | ||||||||||||||
45.1 | 41.2 | ||||||||||||||||
Infiltrator Systems, Inc. |
Building Products | Senior Debt(7) | 16.5 | % | 10/13 | 38.8 | 38.4 | 37.8 | |||||||||
Innova Holdings, Inc. |
Energy Equipment & Services |
Senior Debt(7) | 7.8 | % | 4/13 | 11.5 | 11.4 | 11.5 | |||||||||
Subordinated Debt(7) |
15.0 | % | 3/14 | 18.0 | 17.8 | 18.0 | |||||||||||
Convertible Preferred Stock |
14,283 | 22.9 | 24.3 | ||||||||||||||
52.1 | 53.8 | ||||||||||||||||
Inovis International, Inc. |
Software | Senior Debt(7) | 16.0 | % | 6/10 | 88.7 | 88.5 | 88.5 | |||||||||
Intergraph Corporation |
Software | Senior Debt(7) | 6.3 | % | 12/14 | 3.0 | 3.0 | 2.4 | |||||||||
iTradeNetwork, Inc. |
IT Services | Senior Debt(7) | 11.5 | % | 12/13 | 25.0 | 24.8 | 25.0 |
9
Table of Contents
AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS(Continued)
September 30, 2009
(unaudited)
(in millions, except share data)
Company (4) |
Industry |
Investments |
Interest |
Maturity |
# of shares/ units |
Principal |
Cost |
Fair | ||||||||||
JHCI Acquisition, Inc. |
Commercial Services & Supplies |
Senior Debt(7) | 5.8 | % | 12/14 | 19.0 | 19.1 | 12.1 | ||||||||||
Jones Stephens Corp. |
Building Products | Subordinated Debt(7) | 13.0 | % | 9/13 | 11.5 | 11.6 | 8.3 | ||||||||||
Subordinated Debt(6)(7) |
14.0 | % | 9/14 | 11.9 | 10.9 | 5.3 | ||||||||||||
22.5 | 13.6 | |||||||||||||||||
J-Pac, LLC |
Health Care Equipment & Supplies |
Senior Debt(7) | 12.0 | % | 1/14 | 15.0 | 14.9 | 11.2 | ||||||||||
Subordinated Debt(6) |
18.9 | % | 1/14 | 11.0 | 8.7 | | ||||||||||||
Common Unit Warrants(1) |
500,000 | 0.2 | | |||||||||||||||
23.8 | 11.2 | |||||||||||||||||
KIK Custom Products, Inc.(3) |
Household Products | Senior Debt(6) | 5.2 | % | 12/14 | 20.1 | 20.1 | 10.6 | ||||||||||
LabelCorp Holdings, Inc |
Paper & Forest Products | Senior Debt(7) | 7.6 | % | 8/13-8/14 | 3.3 | 3.0 | 2.7 | ||||||||||
Subordinated Debt |
14.0 | % | 8/15-8/16 | 44.3 | 43.9 | 37.6 | ||||||||||||
46.9 | 40.3 | |||||||||||||||||
LCW Holdings, LLC |
Real Estate | Senior Debt | 6.8 | % | 10/12 | 32.0 | 31.2 | 30.5 | ||||||||||
Warrant(1) |
12.3 | % | 0.8 | 6.1 | ||||||||||||||
32.0 | 36.6 | |||||||||||||||||
LJVH Holdings Inc.(3) |
Beverages | Senior Debt(7) | 5.8 | % | 1/15 | 28.5 | 28.5 | 19.8 | ||||||||||
LN Acquisition Corp. |
Machinery | Senior Debt(7) | 6.1 | % | 1/15 | 21.5 | 21.6 | 13.6 | ||||||||||
Logex Corporation |
Road & Rail | Subordinated Debt(6) | 0.0 | % | 12/09 | 1.1 | 0.9 | 1.0 | ||||||||||
MagnaCare Holdings, Inc. |
Health Care Providers & Services |
Subordinated Debt(7) | 14.8 | % | 1/13 | 14.2 | 14.2 | 14.2 | ||||||||||
Medical Billing Holdings, Inc. |
Commercial Services & Supplies |
Subordinated Debt(7) | 15.0 | % | 9/13 | 10.9 | 10.8 | 10.9 | ||||||||||
Convertible Preferred Stock(1) |
13,199,000 | 13.2 | 10.0 | |||||||||||||||
Common Stock(1) |
3,299,582 | 3.3 | | |||||||||||||||
27.3 | 20.9 | |||||||||||||||||
Mirion Technologies |
Electrical Equipment | Senior Debt(7) | 5.4 | % | 6/11-11/11 | 124.7 | 124.3 | 126.6 | ||||||||||
Subordinated Debt(7) |
13.8 | % | 7/11-5/12 | 52.3 | 52.1 | 52.3 | ||||||||||||
Convertible Preferred Stock |
435,724 | 53.0 | 105.7 | |||||||||||||||
Common Stock(1) |
24,503 | 2.8 | 4.3 | |||||||||||||||
Common Stock Warrants(1) |
222,156 | 18.6 | 37.3 | |||||||||||||||
250.8 | 326.2 | |||||||||||||||||
Mitchell International, Inc. |
IT Services | Senior Debt(7) | 5.6 | % | 3/15 | 5.0 | 5.0 | 3.1 | ||||||||||
National Processing Company Group, Inc. |
Diversified Financial Services |
Senior Debt(7) | 10.8 | % | 9/14 | 53.0 | 52.8 | 41.7 | ||||||||||
Net1 Las Colinas Manager, LLC |
Real Estate | Senior Debt | 7.7 | % | 10/15 | 4.7 | 4.8 | 4.1 | ||||||||||
NBD Holdings Corp. |
Diversified Financial Services |
Subordinated Debt | 14.0 | % | 8/13 | 46.6 | 46.1 | 46.5 | ||||||||||
Convertible Preferred Stock |
84,174 | 11.1 | 11.1 | |||||||||||||||
Common Stock(1) |
633,408 | 0.1 | 1.5 | |||||||||||||||
57.3 | 59.1 | |||||||||||||||||
Nivel Holdings, LLC |
Distributors | Senior Debt(7) | 10.6 | % | 10/13 | 61.7 | 61.2 | 54.9 | ||||||||||
Orchard Brands Corporation |
Internet & Catalog Retail | Senior Debt(7) | 7.3 | % | 4/13-4/14 | 172.1 | 172.1 | 101.4 | ||||||||||
Senior Debt(6)(7) |
10.0 | % | 4/14 | 154.5 | 117.3 | 68.2 | ||||||||||||
Subordinated Debt(6) |
9.8 | % | 4/14 | 64.9 | 50.0 | | ||||||||||||
339.4 | 169.6 | |||||||||||||||||
Pan Am International Flight Academy, Inc. |
Commercial Services & Supplies |
Subordinated Debt(6)(7) | 18.0 | % | 7/13 | 32.2 | 25.1 | 13.1 | ||||||||||
Convertible Preferred Stock(1) |
8,234 | 8.2 | | |||||||||||||||
33.3 | 13.1 |
10
Table of Contents
AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS(Continued)
September 30, 2009
(unaudited)
(in millions, except share data)
Company (4) |
Industry |
Investments |
Interest |
Maturity |
# of shares/ units |
Principal |
Cost |
Fair | ||||||||||
PaR Systems, Inc. |
Machinery | Senior Debt | 3.6 | % | 7/13 | 4.3 | 4.1 | 3.5 | ||||||||||
Parts Holding Coörperatief U.A(3) |
Distributors | Membership Entitlements(1) | 173,060 | 6.4 | | |||||||||||||
Phillips & Temro Industries, Inc. |
Auto Components | Senior Debt(7) | 13.0 | % | 12/10-1/12 | 24.0 | 24.0 | 22.1 | ||||||||||
Subordinated Debt(7) |
16.5 | % | 12/12 | 18.0 | 17.9 | 12.8 | ||||||||||||
41.9 | 34.9 | |||||||||||||||||
Qioptiq S.A.R.L.(3) |
Electronic Equipment & Instruments |
Subordinated Debt | 10.0 | % | 3/18 | 30.5 | 30.2 | 28.9 | ||||||||||
Ranpak Acquisition Company |
Containers & Packaging |
Senior Debt(7) |
7.8 | % | 12/13-12/14 | 140.5 | 139.4 | 101.2 | ||||||||||
RDR Holdings, Inc. |
Household Durables |
Subordinated Debt(7) |
15.4 | % | 10/14-11/15 | 225.0 | 223.3 | 218.6 | ||||||||||
Convertible Preferred Stock |
154,141 | 164.1 | 55.2 | |||||||||||||||
Common Stock(1) |
1,541,415 | 1.5 | | |||||||||||||||
388.9 | 273.8 | |||||||||||||||||
Roark - Money Maller, LLC |
Media |
Common Membership Units(1) |
3.5 | % | 0.9 | | ||||||||||||
Scanner Holdings Corporation |
Computers & Peripherals |
Subordinated Debt(7) |
14.0 | % | 6/14 | 19.0 | 18.8 | 19.0 | ||||||||||
Convertible Preferred Stock(1) |
77,640,000 | 7.8 | 12.7 | |||||||||||||||
Common Stock(1) |
78,242 | 0.1 | | |||||||||||||||
26.7 | 31.7 | |||||||||||||||||
Securus Technologies, Inc. |
Diversified Telecommunication Services |
Common Stock(1) |
12 | 0.7 | | |||||||||||||
Seroyal Holdings, L.P.(3) |
Health Care Equipment & Supplies |
Redeemable Preferred |
32,462 | 0.7 | 0.9 | |||||||||||||
Partnership Units(1) |
95,280 | 0.8 | 1.5 | |||||||||||||||
Common Stock Warrants(1) |
36,132 | 0.1 | 0.1 | |||||||||||||||
1.6 | 2.5 | |||||||||||||||||
Small Smiles Holding Company, LLC |
Health Care Providers & Services |
Senior Debt |
5.3 | % | 9/12 | 12.1 | 7.9 | 5.8 | ||||||||||
Subordinated Debt(6)(7) |
14.5 | % | 9/13 | 76.7 | 70.6 | | ||||||||||||
78.5 | 5.8 | |||||||||||||||||
Soil Safe Holdings, LLC |
Commercial Services & Supplies |
Senior Debt |
9.2 | % | 8/13-8/14 | 46.2 | 45.7 | 39.8 | ||||||||||
Subordinated Debt(7) |
14.7 | % | 8/15-8/17 | 61.6 | 61.1 | 48.5 | ||||||||||||
106.8 | 88.3 | |||||||||||||||||
SPL Acquisition Corp. |
Pharmaceuticals |
Senior Debt |
6.7 | % | 10/13-10/13 | 63.7 | 63.1 | 63.7 | ||||||||||
Subordinated Debt(7) |
15.3 | % | 8/14-8/15 | 51.2 | 50.6 | 51.2 | ||||||||||||
Convertible Preferred Stock |
84,043 | 50.8 | 50.8 | |||||||||||||||
Common Stock(1) |
84,043 | | 13.8 | |||||||||||||||
164.5 | 179.5 | |||||||||||||||||
Supreme Corq Holdings, LLC |
Household Products |
Common Membership Warrants(1) |
5,670 | 0.4 | | |||||||||||||
Swank Audio Visuals, L.L.C. |
Commercial Services & Supplies |
Senior Debt(7) |
6.9 | % | 8/14 | 24.2 | 24.2 | 11.0 | ||||||||||
Senior Debt(6)(7) |
7.6 | % | 8/14 | 23.8 | 23.4 | 10.9 | ||||||||||||
47.6 | 21.9 | |||||||||||||||||
Tanenbaum-Harber Co. Holdings, Inc. |
Insurance |
Redeemable Preferred Stock |
376 | 0.5 | 0.5 | |||||||||||||
TestAmerica Environmental Services, LLC |
Commercial Services & Supplies |
Senior Debt(7) |
5.3 | % | 12/11 | 7.5 | 7.4 | 6.8 | ||||||||||
Senior Debt(6)(7) |
7.2 | % | 12/12-12/13 | 43.6 | 37.7 | 13.0 | ||||||||||||
Preferred Units(1) |
11,659,298 | 6.9 | | |||||||||||||||
Preferred Unit Warrants(1) |
1,998,961 | 4.8 | | |||||||||||||||
56.8 | 19.8 |
11
Table of Contents
AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS(Continued)
September 30, 2009
(unaudited)
(in millions, except share data)
Company (4) |
Industry |
Investments |
Interest |
Maturity |
# of shares/ units |
Principal |
Cost |
Fair | |||||||||
The Tensar Corporation |
Construction & Engineering |
Senior Debt(7) |
8.2 | % | 5/13 | 82.0 | 81.3 | 54.3 | |||||||||
Subordinated Debt |
17.5 | % | 10/13 | 49.1 | 48.8 | 33.2 | |||||||||||
130.1 | 87.5 | ||||||||||||||||
ThreeSixty Sourcing, Inc.(3) |
Commercial Services & Supplies |
Common Stock Warrants(1) |
35 | 4.1 | | ||||||||||||
TransFirst Holdings, Inc. |
Commercial Services & Supplies |
Senior Debt(7) |
7.0 | % | 6/15 | 50.9 | 50.5 | 35.6 | |||||||||
triVIN, Inc. |
Commercial Services & Supplies |
Subordinated Debt(7) |
15.0 | % | 6/14-6/15 | 20.3 | 20.1 | 20.3 | |||||||||
Convertible Preferred Stock |
247,000,000 | 27.2 | 19.2 | ||||||||||||||
Common Stock(1) |
6,319,923 | 6.3 | | ||||||||||||||
53.6 | 39.5 | ||||||||||||||||
Tyden Caymen Holdings Corp. |
Electronic Equipment & Instruments |
Senior Debt(7) |
13.0 | % | 5/10-11/11 | 13.4 | 13.3 | 13.4 | |||||||||
Subordinated Debt(7) |
16.0 | % | 5/12 | 14.5 | 14.4 | 14.3 | |||||||||||
Common Stock(1) |
1,165,930 | 1.2 | 1.3 | ||||||||||||||
28.9 | 29.0 | ||||||||||||||||
Venus Swimwear, Inc. |
Internet & Catalog Retail |
Senior Debt(6) |
9.8 | % | 12/12 | 8.1 | 8.0 | 5.8 | |||||||||
WRH, Inc. |
Life Sciences Tools & Services |
Senior Debt(7) |
4.0 | % | 9/13 | 4.0 | 4.0 | 4.0 | |||||||||
Subordinated Debt(7) |
14.6 | % | 7/14-9/15 | 87.1 | 86.5 | 87.1 | |||||||||||
Convertible Preferred Stock(1) |
2,008,575 | 213.0 | 86.9 | ||||||||||||||
Common Stock(1) |
502,144 | 49.8 | | ||||||||||||||
353.3 | 178.0 | ||||||||||||||||
WWC Acquisitions, Inc. |
Commercial Services & Supplies |
Senior Debt(7) |
7.0 | % | 12/13 | 34.0 | 33.6 | 24.0 | |||||||||
ZSF/WD Fitzgerald, LLC |
Real Estate |
Senior Debt |
8.2 | % | 9/24 | 1.3 | 1.2 | 0.8 | |||||||||
ZSF/WD Hammond, LLC |
Real Estate |
Senior Debt |
8.1 | % | 9/17-9/24 | 40.1 | 38.4 | 28.1 | |||||||||
ZSF/WD Jacksonville, LLC |
Real Estate |
Senior Debt |
8.1 | % | 9/17-9/24 | 20.3 | 19.4 | 13.7 | |||||||||
ZSF/WD Montgomery-31, LLC |
Real Estate |
Senior Debt |
8.1 | % | 9/17-9/24 | 33.2 | 31.8 | 23.3 | |||||||||
ZSF/WD Opa Locka, LLC |
Real Estate |
Senior Debt |
8.2 | % | 9/24 | 0.4 | 0.4 | 0.1 | |||||||||
ZSF/WD Orlando, LLC |
Real Estate |
Senior Debt |
8.1 | % | 9/17-9/24 | 20.6 | 19.6 | 14.3 | |||||||||
CMBS AND REAL ESTATE CDO INVESTMENTS |
|||||||||||||||||
ACAS CRE CDO 2007-1, Ltd |
Real Estate |
Class C through Class N Notes |
2.7 | % | 11/31 | 349.2 | 195.0 | 5.7 | |||||||||
Preferred Shares(1) |
417,086,293 | 17.7 | | ||||||||||||||
212.7 | 5.7 | ||||||||||||||||
Banc of America Commercial Mortgage Trust 2007-1 |
Real Estate |
Commercial Mortgage Pass-Through Certificates |
5.7 | % | 2/17-2/18 | 12.4 | 4.8 | 1.8 | |||||||||
CD 2007-CD4 Commercial Mortgage Trust |
Real Estate |
Commercial Mortgage Pass-Through Certificates |
5.7 | % | 4/17 | 14.0 | 9.1 | 1.6 | |||||||||
CD 2007-CD5 Mortgage Trust |
Real Estate |
Commercial Mortgage Pass-Through Certificates |
6.4 | % | 12/17 | 14.8 | 10.5 | 2.6 | |||||||||
Citigroup Commercial Mortgage Securities Trust 2007-C6 |
Real Estate |
Commercial Mortgage Pass-Through Certificates |
5.5 | % | 7/17 | 183.9 | 83.5 | 18.4 |
12
Table of Contents
AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS(Continued)
September 30, 2009
(unaudited)
(in millions, except share data)
Company (4) |
Industry |
Investments |
Interest |
Maturity |
# of shares/ units |
Principal |
Cost |
Fair | ||||||||
COBALT CMBS Commercial Mortgage Trust 2007-C3 |
Real Estate |
Commercial Mortgage Pass-Through Certificates |
5.2% | 10/17 | 11.1 | 8.7 | 0.9 | |||||||||
Countrywide Commercial Mortgage Trust 2007-MF1 |
Real Estate |
Commercial Mortgage Pass-Through Certificates |
6.1% | 11/37-11/40 | 24.0 | 9.0 | 1.2 | |||||||||
Credit Suisse Commercial Mortgage Trust 2007-C3 |
Real Estate |
Commercial Mortgage Pass-Through Certificates |
5.6% | 7/17 | 13.2 | 10.7 | 0.8 | |||||||||
Credit Suisse Commercial Mortgage Trust Series 2007-C4 |
Real Estate |
Commercial Mortgage Pass-Through Certificates |
5.8% | 8/17 | 20.8 | 12.5 | 6.3 | |||||||||
GE Commercial Mortgage Corporation, Series 2007-C1 |
Real Estate |
Commercial Mortgage Pass-Through Certificates |
5.5% | 12/19 | 36.9 | 31.6 | 3.9 | |||||||||
GS Mortgage Securities Trust 2006-GG10 |
Real Estate |
Commercial Mortgage Pass-Through Certificates |
5.7% | 7/17 | 63.7 | 53.0 | 0.5 | |||||||||
J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-LDP11 |
Real Estate |
Commercial Mortgage Pass-Through Certificates |
5.6% | 7/17 | 161.7 | 69.8 | 7.5 | |||||||||
LB-UBS Commercial Mortgage Trust 2007-C6 |
Real Estate |
Commercial Mortgage Pass-Through Certificates |
6.2% | 8/17 | 36.6 | 22.8 | 6.3 | |||||||||
LB-UBS Commercial Mortgage Trust 2008-C1 |
Real Estate |
Commercial Mortgage Pass-Through Certificates |
6.1% | 7/23-7/24 | 19.4 | 7.4 | 2.7 | |||||||||
ML-CFC Commercial Mortgage Trust 2007-6 |
Real Estate |
Commercial Mortgage Pass-Through Certificates |
5.8% | 4/17 | 9.8 | 3.5 | 1.2 | |||||||||
ML-CFC Commercial Mortgage Trust 2007-8 |
Real Estate |
Commercial Mortgage Pass-Through Certificates |
6.0% | 8/17 | 32.8 | 20.1 | 5.7 | |||||||||
Wachovia Bank Commercial Mortgage Trust 2007-C31 |
Real Estate |
Commercial Mortgage Pass-Through Certificates |
5.8% | 5/17 | 20.0 | 11.8 | 3.8 | |||||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C32 |
Real Estate |
Commercial Mortgage Pass-Through Certificates |
5.7% | 10/17 | 161.6 | 76.1 | 11.1 | |||||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C34 |
Real Estate |
Commercial Mortgage Pass-Through Certificates |
5.3% | 10/17-9/24 | 96.2 | 44.0 | 9.1 | |||||||||
Wachovia Bank Commercial Trust 2006-C28 |
Real Estate |
Commercial Mortgage Pass-Through Certificates |
6.0% | 11/16 | 5.0 | 3.2 | 0.7 | |||||||||
CLO INVESTMENTS |
||||||||||||||||
ACAS CLO 2007-1, Ltd. |
Diversified Financial Services |
Secured Notes |
8.5 | 8.3 | 2.5 | |||||||||||
Subordinated Notes |
25.9 | 21.7 | 13.5 | |||||||||||||
30.0 | 16.0 | |||||||||||||||
Ares IIIR/IVR CLO Ltd. |
Diversified Financial Services |
Subordinated Notes |
20.0 | 17.6 | 8.1 |
13
Table of Contents
AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS(Continued)
September 30, 2009
(unaudited)
(in millions, except share data)
Company (4) |
Industry |
Investments |
Interest |
Maturity |
# of shares/ units |
Principal |
Cost |
Fair | ||||||||||
Ares VIII CLO, Ltd. |
Diversified Financial Services |
Preference Shares |
6,241 | 4.6 | 0.8 | |||||||||||||
Avalon Capital Ltd. 3 |
Diversified Financial Services |
Preferred Securities |
13,796 | 5.0 | 2.4 | |||||||||||||
Babson CLO Ltd. 2006-II |
Diversified Financial Services |
Income Notes |
15.0 | 14.6 | 7.9 | |||||||||||||
BALLYROCK CLO 2006-2 LTD. |
Diversified Financial Services |
Deferrable Notes |
2.0 | 1.6 | 0.7 | |||||||||||||
Cent CDO 12 Limited |
Diversified Financial Services |
Income Notes |
26.4 | 20.1 | 11.3 | |||||||||||||
Centurion CDO 8 Limited |
Diversified Financial Services |
Subordinated Notes |
5.0 | 3.0 | 2.1 | |||||||||||||
Champlain CLO |
Diversified Financial Services |
Preferred Securities |
1,000,000 | 0.6 | 0.3 | |||||||||||||
CoLTs 2005-1 Ltd.(3) |
Diversified Financial Services |
Preference Shares(1) |
360 | 6.7 | 3.9 | |||||||||||||
CoLTs 2005-2 Ltd.(3) |
Diversified Financial Services |
Preference Shares |
34,170,000 | 25.6 | 7.8 | |||||||||||||
CREST Exeter Street Solar 2004-2 |
Diversified Financial Services |
Preferred Securities |
3,089,177 | 2.8 | 0.8 | |||||||||||||
Eaton Vance CDO X PLC(3) |
Diversified Financial Services |
Preferred Securities |
15.0 | 13.4 | 5.3 | |||||||||||||
Essex Park CDO Ltd. |
Diversified Financial Services |
Secured Subordinated Income Notes |
5,750,000 | 2.0 | 1.7 | |||||||||||||
Flagship CLO V |
Diversified Financial Services |
Deferrable Notes |
1.7 | 1.3 | 0.6 | |||||||||||||
Subordinated Securities |
15,000 | 12.1 | 6.3 | |||||||||||||||
13.4 | 6.9 | |||||||||||||||||
Galaxy III CLO, Ltd |
Diversified Financial Services |
Subordinated Notes |
4.0 | 2.5 | 0.7 | |||||||||||||
LightPoint CLO IV, LTD |
Diversified Financial Services |
Income Notes |
6.7 | 6.6 | 1.9 | |||||||||||||
LightPoint CLO VIII, Ltd. |
Diversified Financial Services |
Deferrable Notes |
7.0 | 6.4 | 2.5 | |||||||||||||
LightPoint CLO VII, Ltd. |
Diversified Financial Services |
Subordinated Notes |
9.0 | 7.3 | 2.3 | |||||||||||||
Mayport CLO Ltd. |
Diversified Financial Services |
Income Notes |
14.0 | 12.5 | 3.3 | |||||||||||||
NYLIM Flatiron CLO 2006-1 LTD.(3) |
Diversified Financial Services |
Subordinated Securities |
10,000 | 7.8 | 4.7 | |||||||||||||
Octagon Investment Partners VII, Ltd. |
Diversified Financial Services |
Preferred Securities |
5,000,000 | 2.0 | 1.0 | |||||||||||||
Sapphire Valley CDO I, Ltd. |
Diversified Financial Services |
Subordinated Notes |
14.0 | 13.5 | 2.3 | |||||||||||||
Vitesse CLO, Ltd. |
Diversified Financial Services |
Preferred Securities |
20,000,000 | 15.4 | 6.2 | |||||||||||||
Subtotal Non-Control / Non-Affiliate Investments (60% of total investment assets and liabilities at fair value) |
$ | 5,393.6 | $ | 3,452.4 | ||||||||||||||
AFFILIATE INVESTMENTS |
||||||||||||||||||
American Capital Agency Corp(2) |
Real Estate Investment Trusts |
Common Stock |
2,500,100 | 50.0 | 71.1 |
14
Table of Contents
AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS(Continued)
September 30, 2009
(unaudited)
(in millions, except share data)
Company (4) |
Industry |
Investments |
Interest |
Maturity |
# of shares/ units |
Principal |
Cost |
Fair | |||||||||||
Comfort Co., Inc. |
Household Durables |
Senior Debt |
13.5% | 3/12 | 2.3 | 2.3 | 2.3 | ||||||||||||
Senior Debt(6) |
11.5% | 3/15 | 11.8 | 11.1 | 6.7 | ||||||||||||||
Common Stock(1) |
110,365 | 11.7 | | ||||||||||||||||
25.1 | 9.0 | ||||||||||||||||||
Creditcards.com, Inc. |
Diversified Consumer Services |
Senior Debt |
10.8% | 7/13 | 104.9 | 104.9 | 86.4 | ||||||||||||
Senior Debt(6) |
11.8% | 7/13 | 34.6 | 33.9 | 20.5 | ||||||||||||||
Subordinated Debt(6) |
15.0% | 6/14 | 10.4 | 10.0 | | ||||||||||||||
Redeemable Preferred Stock(1) |
1,022 | 1.1 | | ||||||||||||||||
Common Stock(1) |
1,094,645 | 1.5 | | ||||||||||||||||
151.4 | 106.9 | ||||||||||||||||||
Egenera, Inc. |
Computers & Peripherals |
Subordinated Debt |
15.0% | 12/10 | 3.7 | 3.5 | 2.4 | ||||||||||||
Redeemable Preferred Stock(1) |
523,040 | 0.4 | | ||||||||||||||||
Common Stock(1) |
8,046,865 | 25.0 | | ||||||||||||||||
28.9 | 2.4 | ||||||||||||||||||
HALT Medical, Inc. |
Health Care Equipment & Supplies |
Convertible Preferred Stock(1) |
5,592,367 | 8.9 | 9.6 | ||||||||||||||
IS Holdings I, Inc. |
Software |
Senior Debt(7) |
6.3% | 6/14 | 20.0 | 19.8 | 16.5 | ||||||||||||
Redeemable Preferred Stock(1) |
1,297 | 1.7 | 1.8 | ||||||||||||||||
Common Stock(1) |
1,165,930 | | 5.5 | ||||||||||||||||
21.5 | 23.8 | ||||||||||||||||||
LTM Enterprises, Inc. |
Personal Products |
Senior Debt(6)(7) |
17.3% | 11/11 | 19.3 | 18.4 | 9.8 | ||||||||||||
Narus, Inc. |
Internet Software & Services |
Convertible Preferred Stock(1) |
31,835,900 | 9.2 | 6.2 | ||||||||||||||
Preferred Stock Warrants(1) |
9,567,232 | 0.1 | 2.0 | ||||||||||||||||
9.3 | 8.2 | ||||||||||||||||||
Primrose Holding Corporation |
Diversified Consumer Services |
Common Stock(1) |
4,213 | 2.7 | 3.7 | ||||||||||||||
Qualitor Component Holdings, LLC |
Auto Components |
Subordinated Debt(7) |
17.0% | 12/12 | 38.3 | 38.0 | 38.6 | ||||||||||||
Redeemable Preferred Units(1) |
3,150,000 | 3.1 | 1.2 | ||||||||||||||||
Common Units(1) |
350,000 | 0.4 | | ||||||||||||||||
41.5 | 39.8 | ||||||||||||||||||
Radar Detection |
Household Durables | Senior Debt(7) | 9.5% | 11/12 | 13.0 | 13.0 | 9.7 | ||||||||||||
Common Stock(1) |
40,688 | 0.6 | 0.4 | ||||||||||||||||
13.6 | 10.1 | ||||||||||||||||||
Roadrunner Dawes, Inc. |
Road & Rail | Subordinated Debt(7) | 18.5% | 8/12 | 20.2 | 20.1 | 17.5 | ||||||||||||
Common Stock(1) |
7,000 | 7.0 | 0.0 | ||||||||||||||||
19.9 | 27.1 | 17.5 | |||||||||||||||||
WFS Holding, Inc. |
Software | Convertible Preferred Stock | 20,403,772 | 3.0 | 3.0 | ||||||||||||||
Subtotal Affiliate Investments (5% of total investments assets and liabilities at fair value) |
$ | 401.4 | $ | 314.9 | |||||||||||||||
CONTROL INVESTMENTS |
|||||||||||||||||||
ACAS Equity Holdings Corp. |
Diversified Financial Services |
Common Stock(1) | 589 | 14.7 | 0.8 | ||||||||||||||
ACAS Real Estate Holdings Corporation |
Real Estate | Subordinated Debt(6) | 15.0% | 5/16 | 3.5 | 3.2 | | ||||||||||||
Common Stock(1) |
1,000 | 5.7 | | ||||||||||||||||
8.9 | | ||||||||||||||||||
American Capital, LLC |
Capital Markets | Senior Debt | 5.7% | 9/12 | 10.2 | 10.1 | 11.0 | ||||||||||||
Common Membership interest |
100 | % | 84.9 | 34.4 | |||||||||||||||
95.0 | 45.4 |
15
Table of Contents
AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS(Continued)
September 30, 2009
(unaudited)
(in millions, except share data)
Company (4) |
Industry |
Investments |
Interest |
Maturity |
# of shares/ units |
Principal |
Cost |
Fair | |||||||||
American Driveline Systems, Inc. |
Diversified Consumer Services |
Subordinated Debt(7) | 14.0% | 12/14-12/15 | 42.2 | 41.7 | 42.2 | ||||||||||
Redeemable Preferred Stock |
403,357 | 31.1 | 46.8 | ||||||||||||||
Common Stock(1) |
128,681 | 10.8 | 1.4 | ||||||||||||||
Common Stock Warrants(1) |
204,663 | 17.3 | 2.2 | ||||||||||||||
100.9 | 92.6 | ||||||||||||||||
Aptara, Inc. |
IT Services | Senior Debt | 11.5% | 2/11 | 3.0 | 3.0 | 3.0 | ||||||||||
Subordinated Debt(7) |
16.9% | 2/11 | 57.3 | 57.2 | 59.3 | ||||||||||||
Redeemable Preferred Stock(1) |
15,107 | 14.1 | 10.7 | ||||||||||||||
Convertible Preferred Stock(1) |
2,549,410 | 8.7 | | ||||||||||||||
Preferred Stock Warrants(1) |
230,681 | 1.0 | | ||||||||||||||
84.0 | 73.0 | ||||||||||||||||
Capital.com, Inc. |
Diversified Financial Services |
Common Stock(1) | 8,500,100 | 0.9 | 0.1 | ||||||||||||
CIBT Travel Solutions, Inc |
Commercial Services & Supplies |
Senior Debt(7) | 9.5% | 1/13 | 49.9 | 49.5 | 49.9 | ||||||||||
Subordinated Debt(7) |
15.0% | 1/15-1/16 | 54.2 | 53.8 | 54.3 | ||||||||||||
Redeemable Preferred Stock(1) |
15,000 | 14.9 | 14.6 | ||||||||||||||
Convertible Preferred Stock(1) |
776,800 | 77.7 | 2.9 | ||||||||||||||
Common Stock(1) |
194,200 | 19.4 | | ||||||||||||||
215.3 | 121.7 | ||||||||||||||||
CMX Inc. |
Construction & Engineering |
Senior Debt(7) | 3.5% | 5/11 | 18.0 | 17.9 | 18.3 | ||||||||||
Senior Debt(6)(7) |
5.8% | 5/12 | 123.8 | 122.7 | 12.8 | ||||||||||||
Common Stock(1) |
1,410,100 | 0.1 | | ||||||||||||||
140.7 | 31.1 | ||||||||||||||||
Contour Semiconductor, Inc. |
Semiconductors & Semiconductor Equipment |
Convertible Preferred Stock(1) | 9,738,995 | 10.0 | 16.4 | ||||||||||||
Core Financial Holdings, LLC |
Diversified Financial Services |
Subordinated Debt | 13.6% | 4/14-5/15 | 37.8 | 37.5 | 37.5 | ||||||||||
Common Stock(1) |
57,940,360 | 54.4 | 23.7 | ||||||||||||||
91.9 | 61.2 | ||||||||||||||||
ECA Acquisition holdings, Inc |
Health Care Equipment & Supplies |
Subordinated Debt(7) | 16.5% | 12/14 | 13.3 | 13.2 | 13.3 | ||||||||||
Common Stock(1) |
583 | 11.1 | 12.8 | ||||||||||||||
24.3 | 26.1 | ||||||||||||||||
eLynx Holdings, Inc. |
IT Services | Senior Debt(7) | 8.7% | 7/13 | 9.4 | 9.4 | 9.4 | ||||||||||
Subordinated Debt(7) |
8.6% | 7/13 | 7.9 | 7.9 | 7.9 | ||||||||||||
Subordinated Debt (6)(7) |
9.4% | 7/13 | 7.8 | 6.1 | 0.5 | ||||||||||||
Redeemable Preferred Stock(1) |
21,113 | 8.9 | | ||||||||||||||
Convertible Preferred Stock(1) |
7,929 | 6.0 | | ||||||||||||||
Common Stock(1) |
11,261 | 1.1 | | ||||||||||||||
Common Stock Warrants(1) |
1,078,792 | 13.1 | | ||||||||||||||
52.5 | 17.8 | ||||||||||||||||
Endeavor Fund I, LP |
Thrifts & Mortgage Finance |
Partnership Interest | 100 | % | 18.2 | 17.0 | |||||||||||
ETG Holdings, Inc. |
Containers & Packaging | Senior Debt(6) | 8.8% | 5/11 | 15.2 | 11.6 | | ||||||||||
Convertible Preferred Stock(1) |
233,201 | 11.4 | | ||||||||||||||
23.0 | | ||||||||||||||||
European Capital Limited(3) |
Diversified Financial Services |
Subordinated Debt | 7.3% | 2/11 | 10.7 | 9.9 | 10.7 | ||||||||||
Ordinary Shares(1) |
431,895,528 | 1,267.3 | 143.8 | ||||||||||||||
1,277.2 | 154.5 |
16
Table of Contents
AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS(Continued)
September 30, 2009
(unaudited)
(in millions, except share data)
Company (4) |
Industry |
Investments |
Interest |
Maturity |
# of shares/ units |
Principal |
Cost |
Fair | |||||||||
European Touch, LTD. II |
Commercial Services & Supplies |
Senior Debt | 8.3% | 1/12 | 0.3 | 0.3 | 0.3 | ||||||||||
Subordinated Debt(6) |
16.0% | 1/11 | 18.2 | 13.5 | 2.7 | ||||||||||||
Redeemable Preferred Stock(1) |
263 | 0.3 | | ||||||||||||||
Common Stock(1) |
1,688 | 0.9 | | ||||||||||||||
Common Stock Warrants(1) |
7,105 | 3.7 | | ||||||||||||||
18.7 | 3.0 | ||||||||||||||||
EXPL Pipeline Holdings LLC |
Oil, Gas & Consumable Fuels |
Senior Debt | 8.0% | 1/17 | 45.1 | 44.7 | 45.1 | ||||||||||
Common Membership Units(1) |
58,297 | 44.5 | 12.0 | ||||||||||||||
89.2 | 57.1 | ||||||||||||||||
Formed Fiber Technologies, Inc. |
Auto Components | Common Stock(1) | 31,250 | 8.1 | - | ||||||||||||
Fosbel Global Services (LUXCO) S.C.A.(3) |
Commercial Services & Supplies |
Subordinated Debt(7) | 17.3% | 12/13 | 22.6 | 22.6 | 22.6 | ||||||||||
Subordinated Debt(6)(7) |
20.0% | 12/14 | 20.5 | 14.9 | 5.6 | ||||||||||||
Redeemable Preferred Stock(1) |
18,449,456 | 18.5 | | ||||||||||||||
Convertible Preferred Stock(1) |
1,519,368 | 3.0 | | ||||||||||||||
Common Stock(1) |
108,526 | 0.2 | | ||||||||||||||
59.2 | 28.2 | ||||||||||||||||
Fountainhead Estate Holding Corp.(3) |
Internet Software & Services |
Senior Debt | 4.0% | 10/13 | 21.9 | 21.9 | 21.9 | ||||||||||
Redeemable Preferred Stock |
115,538 | 14.8 | 14.8 | ||||||||||||||
Convertible Preferred Stock(1) |
59,250 | 59.2 | 30.8 | ||||||||||||||
95.9 | 67.5 | ||||||||||||||||
FreeConference.com, Inc. |
Diversified Telecommunication Services |
Senior Debt(7) | 6.8% | 4/11 | 12.6 | 12.5 | 12.6 | ||||||||||
Subordinated Debt |
15.0% | 5/12 | 10.3 | 10.2 | 10.3 | ||||||||||||
Redeemable Preferred Stock |
14,042,095 | 14.1 | 9.4 | ||||||||||||||
Common Stock(1) |
6,088,229 | 2.3 | | ||||||||||||||
39.1 | 32.3 | ||||||||||||||||
Future Food, Inc. |
Food Products | Senior Debt | 5.3% | 8/10 | 17.1 | 16.9 | 13.4 | ||||||||||
Common Stock(1) |
64,917 | 13.0 | | ||||||||||||||
Common Stock Warrants(1) |
6,500 | 1.3 | | ||||||||||||||
31.2 | 13.4 | ||||||||||||||||
FutureLogic, Inc. |
Computers & Peripherals | Senior Debt(7) | 8.3% | 10/12-10/13 | 40.2 | 40.1 | 40.3 | ||||||||||
Subordinated Debt(7) |
18.4% | 4/14-10/14 | 30.0 | 30.0 | 30.0 | ||||||||||||
Subordinated Debt(6)(7) |
22.5% | 10/14 | 12.7 | 8.7 | 3.1 | ||||||||||||
Redeemable Preferred Stock(1) |
583,000 | 0.6 | | ||||||||||||||
Common Stock(1) |
129,514 | 15.6 | | ||||||||||||||
95.0 | 73.4 | ||||||||||||||||
FV Holdings Corporation |
Food Products | Subordinated Debt(7) | 14.5% | 6/15 | 23.5 | 23.5 | 23.5 | ||||||||||
Convertible Preferred Stock(1) |
292,000 | 14.3 | 19.0 | ||||||||||||||
Common Stock(1) |
125,000 | 6.1 | 8.2 | ||||||||||||||
43.9 | 50.7 | ||||||||||||||||
Group Montana, Inc. |
Textiles, Apparel & Luxury Goods |
Senior Debt | 10.5% | 10/10-10/11 | 10.6 | 10.8 | 10.8 | ||||||||||
Senior Debt(6) |
12.5% | 10/11 | 9.8 | 8.6 | 4.3 | ||||||||||||
Subordinated Debt(6) |
24.5% | 10/12 | 11.6 | 6.9 | | ||||||||||||
Convertible Preferred Stock(1) |
4,000 | 1.0 | | ||||||||||||||
Common Membership Interest(1) |
2.5 | % | 0.7 | | |||||||||||||
28.0 | 15.1 | ||||||||||||||||
Halex Holdings Corp. |
Construction Materials | Senior Debt(6) | 7.0% | 9/11 | 10.8 | 9.8 | 7.9 | ||||||||||
Redeemable Preferred Stock(1) |
23,504,546 | 30.6 | | ||||||||||||||
40.4 | 7.9 |
17
Table of Contents
AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS(Continued)
September 30, 2009
(unaudited)
(in millions, except share data)
Company (4) |
Industry |
Investments |
Interest |
Maturity |
# of shares/ units |
Principal |
Cost |
Fair | ||||||||
Hartstrings Holdings Corp. |
Textiles, Apparel & Luxury Goods |
Senior Debt(6) | 4.5% | 12/10 | 10.8 | 10.8 | 6.7 | |||||||||
Convertible Preferred Stock(1) |
10,196 | 2.9 | | |||||||||||||
Common Stock(1) |
14,250 | 4.8 | | |||||||||||||
18.5 | 6.7 | |||||||||||||||
Imperial Supplies Holdings, Inc |
Trading Companies and Distributors |
Subordinated Debt | 16.0% | 10/14 | 22.8 | 22.6 | 22.8 | |||||||||
Redeemable Preferred Stock |
19,604 | 16.1 | 23.0 | |||||||||||||
Convertible Preferred Stock(1) |
19,604 | 20.2 | 21.8 | |||||||||||||
Common Stock(1) |
442,187 | 11.3 | | |||||||||||||
70.2 | 67.6 | |||||||||||||||
Kingway Inca Clymer Holdings, Inc. |
Building Products | Subordinated Debt(6) | 12.3% | 4/12 | 2.0 | | 1.1 | |||||||||
Redeemable Preferred Stock(1) |
13,709 | 9.2 | | |||||||||||||
9.2 | 1.1 | |||||||||||||||
Lifoam Holdings, Inc. |
Leisure Equipment & Products |
Senior Debt | 10.5% | 12/14 | 19.1 | 19.1 | 19.1 | |||||||||
Subordinated Debt |
8.0% | 12/14 | 39.0 | 38.9 | 39.0 | |||||||||||
Redeemable Preferred Stock(1) |
6,160 | 4.2 | 3.4 | |||||||||||||
Convertible Preferred Stock(1) |
15,797 | 12.2 | | |||||||||||||
Common Stock(1) |
14,000 | 1.4 | | |||||||||||||
Common Stock Warrants(1) |
464,242 | 2.9 | | |||||||||||||
78.7 | 61.5 | |||||||||||||||
LLSC Holdings Corporation |
Personal Products | Senior Debt(7) | 6.3% | 8/12 | 4.7 | 4.7 | 4.7 | |||||||||
Subordinated Debt(7) |
12.0% | 9/13 | 5.5 | 5.5 | 5.5 | |||||||||||
Convertible Preferred Stock(1) |
7,496 | 8.1 | 4.7 | |||||||||||||
18.3 | 14.9 | |||||||||||||||
LVI Holdings, LLC |
Commercial Services & Supplies |
Senior Debt(7) | 7.3% | 2/10 | 2.7 | 2.7 | 2.7 | |||||||||
Subordinated Debt(6)(7) |
18.0% | 2/13 | 11.9 | 10.2 | 11.0 | |||||||||||
12.9 | 13.7 | |||||||||||||||
Montgomery Lane, LLC |
Diversified Financial Services |
Common Membership Units(1) | 100 | 9.0 | 3.9 | |||||||||||
Montgomery Lane, LTD(3) |
Diversified Financial Services |
Common Membership Units(1) | 50,000 | 7.1 | 0.6 | |||||||||||
MW Acquisition Corporation |
Health Care Providers & Services |
Subordinated Debt(7) | 16.2% | 2/13-2/14 | 25.4 | 25.1 | 25.4 | |||||||||
Redeemable Preferred Stock |
2,485 | 1.0 | 1.0 | |||||||||||||
Convertible Preferred Stock(1) |
38,016 | 13.5 | 8.6 | |||||||||||||
39.6 | 35.0 | |||||||||||||||
NECCO Holdings, Inc. |
Food Products | Senior Debt | 13.5% | 12/12 | 4.3 | 4.3 | 4.3 | |||||||||
Common Stock(1) |
760,869 | 0.1 | | |||||||||||||
4.4 | 4.3 | |||||||||||||||
NECCO Realty Investments, LLC |
Real Estate | Senior Debt | 14.0 % | 12/17 | 39.4 | 38.8 | 39.4 | |||||||||
Common Membership Units(1) |
7,000 | 4.8 | 9.8 | |||||||||||||
43.6 | 49.2 | |||||||||||||||
Paradigm Precision Holdings, LLC |
Aerospace & Defense | Subordinated Debt | 17.0% | 8/14 | 54.6 | 54.6 | 54.6 | |||||||||
Subordinated Debt(6) | 20.0% | 10/14 | 65.2 | 53.8 | 9.3 | |||||||||||
Common Membership Units(1) |
478,488 | 17.5 | | |||||||||||||
125.9 | 63.9 | |||||||||||||||
PHC Sharp Holdings, Inc. | Commercial Services & Supplies |
Senior Debt(7) | 6.0% | 12/11-12/12 | 16.5 | 16.3 | 13.0 | |||||||||
Subordinated Debt(6)(7) | 17.0% | 12/14 | 9.5 | 7.4 | | |||||||||||
Common Stock(1) | 367,881 | 4.2 | | |||||||||||||
27.9 | 13.0 |
18
Table of Contents
AMERICAN CAPITAL, LTD.
CONSOLIDATED SCHEDULE OF INVESTMENTS(Continued)
September 30, 2009
(unaudited)
(in millions, except share data)
Company (4) |
Industry |
Investments |
Interest |
Maturity |
# of shares/ units |
Principal |
Cost |
Fair | |||||||||
PHI Acquisitions, Inc. | Internet & Catalog Retail |
Senior Debt(7) | 12.0% | 6/12 | 10.1 | 10.1 | 10.1 | ||||||||||
Subordinated Debt(7) | 17.7% | 6/13 | 24.1 | 23.9 | 24.2 | ||||||||||||
Redeemable Preferred Stock(1) |
36,267 | 24.6 | 47.9 | ||||||||||||||
Common Stock(1) | 40,295 | 3.9 | | ||||||||||||||
Common Stock Warrants(1) | 116,065 | 11.6 | | ||||||||||||||
74.1 | 82.2 | ||||||||||||||||
Resort Funding Holdings, Inc. |
Diversified Financial Services |
Senior Debt | 8.2% | 4/10 | 10.6 |