November 16, 2000
First Union Securities Leads Follow-on Equity Offering for American Capital Strategies
CHARLOTTE, N.C.-First Union Securities announced that it has led a $58.7 million secondary equity offering for American Capital Strategies (NASDAQ:ACAS), a publicly traded buyout and specialty finance company based in Bethesda, MD. The offering of 2.7 million shares of common stock was priced at $21.75 per share.
"We chose First Union Securities because they have the ability to offer a full set of capital markets products and were able to execute the most effective solution for our financial needs," said Malon Wilkus, Chairman and CEO of American Capital. "We are delighted to further build upon our relationship with First Union."
"Our American Capital relationship is a perfect example of First Union's full-service financing and advisory capabilities for growth companies," noted Bob Grunewald, Head of First Union Securities' Financial Services Investment Banking Group. "Leading this transaction demonstrates the strength of First Union's equity origination platform and execution expertise."
American Capital is a publicly traded buyout and mezzanine fund. The company is an equity partner in management and employee buyouts; invests in debt and equity of companies led by private equity firms, and provides capital directly to private and small public companies. American Capital funds growth, acquisitions and recapitalizations.
First Union's Financial Services Investment Banking Group focuses on specialty finance, insurance, and eFinance companies. Specialty Finance coverage includes consumer finance, credit cards, diversified commercial finance, leasing, and mortgage finance. Insurance coverage includes insurance brokerage and alternative distribution, life and health, property and casualty, reinsurance, insurance technology and services, and third-party administrators. eFinance coverage includes online insurers and lenders, online marketplaces, and financial service technology enablers.
About First Union
First Union (NYSE:FTU), with $247 billion in assets and stockholders' equity of $15 billion at September 30, 2000, is a leading provider of financial services to 15 million retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices in 11 East Coast states and Washington, D.C., and full-service brokerage offices in 46 states and international offices worldwide. Online banking products and services can be accessed through www.firstunion.com.
Important Notice: First Union Securities is the trade name under which Charlotte based First Union Corporation conducts its investment banking, merger and acquisition, asset management and mutual fund, brokerage and insurance businesses.
First Union Securities includes: (1) First Union Securities, Inc. ("FUSI"), a registered broker-dealer and member NYSE/NASD and SIPC providing investment banking, merger and acquisition advisory and brokerage services to corporations, individuals and other institutions throughout the United States; (2) First Union Brokerage Services, Inc. ("FUBS"), a separately registered broker-dealer and member NASD and SIPC providing primarily retail brokerage services; (3) First Clearing Corporation ("FCC"), a separately registered broker-dealer and member NYSE/NASD and SIPC, providing securities clearance and settlement services; (4) the Capital Markets and Capital Management Groups within First Union National Bank ("FUNB"), a national banking association, and its subsidiaries, providing asset management, lending, structured finance risk management, derivatives, and fiduciary services to institutions and individuals; (5) various subsidiaries within First Union Corporation providing investment advisory, administrative and other services to the Evergreen and Mentor families of mutual funds; and (6) various wholly-owned state insurance agencies.
Stocks, bonds, mutual funds or other securities offered or sold through First Union Corporation or any of its bank or non-bank subsidiaries are not deposits of any bank and are not insured, guaranteed or otherwise protected by the Federal Deposit Insurance Corporation or any other government agency; are not endorsed or guaranteed by First Union Corporation, FUNB or any bank; and involve investment risk, including possible loss of principal.
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