Private equity firm American Capital announced it has completed the refinancing of all of its recourse debt with a new four-year $600 million institutional term loan facility with JPMorgan Chase as administrative agent and collateral agent. J.P. Morgan Securities, BMO Capital Markets and UBS Securities were joint lead arrangers and joint bookrunners on the transaction.

The company said Citibank, Credit Suisse Securities (USA) and Goldman Sachs Bank USA also served as managing agents. In addition to repaying the existing recourse debt, the proceeds will be used for working capital and general corporate purposes.

The term loan facility is priced at LIBOR plus 4.25%, with a LIBOR floor of 1.25%, and has a first lien on certain non-securitized assets of the Company and a second lien on most of its remaining non-securitized assets.

American Capital also announced that it has obtained a new four-year $250 million senior secured revolving credit facility with JPMorgan Chase as administrative agent and collateral agent. J.P. Morgan Securities, BMO Capital Markets and UBS Securities were joint lead arrangers and joint bookrunners on the transaction. Citibank, Credit Suisse Securities (USA), Bank of America and Goldman Sachs Bank USA served as managing agents.

Draws on the revolving credit facility will be used for working capital and general corporate purposes. The revolving credit facility has a three-year revolving period and may be expanded through additional commitments up to $375 million. The revolving credit facility is priced at LIBOR plus 3.75%, and has a first lien on certain non-securitized loan assets of the Company and a second lien on most of its remaining non-securitized assets.

American Capital is a publicly traded private equity firm and global asset manager that manages $17 billion of assets, including assets on its balance sheet and fee earning assets under management by affiliated managers, with $100 billion of total assets under management (including levered assets).