| Vol.2 No.1 March 2008 |
| Capital Raising |
| Dividends |
| Earnings |
| New Investments |
| Exit Events |
| Corporate News |
| Cumulative Investments |
| Geographic Diversification |
| Industry Diversification |
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London 25 Bedford Street London WC2E 9ES Tel. +44 (0)20 7539 7000 Nathalie Faure Beaulieu Simon Henderson Giles Cheek Matthew Gordon Clark Julian Masters Alex Morey Jerry Tebbutt Frankfurt Branch Niederlassung Frankfurt Taunusanlage 18 60325 Frankfurt am Main Tel. +49 (0) 69 71 71 297 Robert von Finckenstein Madrid Branch Velázquez, 47, 7° 28001 Madrid Tel. +34 (91) 423 27 60 Luis Felipe Castellanos Paris Branch 55, Avenue Hoche 75008 Paris Tel. +33 (0)1 40 68 06 66 Jean Eichenlaub Etienne Haubold Stéphane Legrand Jacques Pancrazi Tristan Parisot |
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| CAPITAL RAISING | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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In February, European Capital Limited announced that European Capital S.A. SICAR,
a wholly-owned subsidiary of European Capital, had obtained a three year unsecured
subordinated revolving credit facility with an aggregate commitment of $400 million
(€270 million) from European Capital’s affiliate American Capital Strategies, Ltd.
(Nasdaq: ACAS). American Capital is the lender under the facility. The addition
of the $400 million (€270 million) unsecured credit facility increased European Capital’s capital
resources to €2.8 billion. European Capital has the following committed debt facilities:
exchange rate. The average interest spread of the committed debt facilities, when they are fully utilized, will be 2.2% over the relative index. For the complete press release, click here. In February, European Capital Limited announced that ECAS 2007-1 Loan BV, an entity consolidated by European Capital, had issued €267 million of AAA-rated secured floating rate notes, backed by €457 million in loans originated by European Capital subsidiaries. The notes were rated by Standard & Poors. Affiliates of Deutsche Bank AG acted as the arranger and underwriter. For the complete press release, click here. In August, European Capital Limited announced that European Capital S.A. SICAR, a wholly-owned subsidiary of European Capital, obtained an unsecured, multi-currency, revolving credit facility with an aggregate commitment of €150 million. The facility amount may be expanded through new or additional commitments up to €400 million in accordance with the terms and conditions set forth in the credit agreement. The Royal Bank of Scotland plc is the Agent, Mandated Lead Arranger, Bookrunner and a Lender under the facility. Bank of Montreal Ireland p.l.c. is a Mandated Lead Arranger and Lender. HSBC Bank USA, N.A. is Lead Arranger and Lender. For the complete press release, click here. In May, European Capital Limited completed an initial public offering of its ordinary shares. The shares have been admitted to the Official List of the U.K. Financial Services Authority and are traded on the London Stock Exchange's main market for listed securities under the symbol ECAS. In addition, European Capital granted an option to purchase up to an additional 1.9 million ordinary shares to the underwriters to cover over-allotments, which was exercised. With the over-allotment option exercise, European Capital sold a total of approximately 14.6 million ordinary shares in the offering at an offer price of €9.84 ($13.37) per share. The gross proceeds of the offering were approximately €143.7 million ($195.3 million). This press release is neither an offer to sell nor a solicitation of an offer to buy shares of European Capital. For more information, go to www.EuropeanCapital.com.
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| DIVIDENDS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In December, European Capital Limited announced that its Board of Directors had
declared a fourth quarter 2007 dividend of €0.14 per ordinary share which was paid
on 28 January 2008 to record holders of its ordinary shares on the register as of
16:30 GMT on 28 December 2007. This was an 8% increase over the third quarter 2007
dividend of €0.13 per share. European Capital
has now paid a total of €40 million in dividends since its May 2007 initial public
offering (“IPO”).
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| Q4 2007 EARNINGS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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In February, European Capital announced its results for the fourth quarter and full year of 2007. European Capital reported €0.90 NOI and €0.95 Realised Earnings in 2007. European Capital also forecasted a 68% dividend increase in 2008 to €0.62, including a Q1 dividend of €0.15. For the complete press release, click here.
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| NEW INVESTMENTS* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
*Does not include all investments executed.
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| EUROPEAN CAPITAL REFINANCES CREDIT FACILITIES OF PORTFOLIO COMPANIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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European Capital has assisted in the refinancing of €358 million of senior debt for its portfolio companies in the last twelve months. In October, a wholly-owned subsidiary of European Capital Limited completed the refinancing of €40 million in senior bonds of portfolio company DEVGLASS. Banque Populaire Atlantique and Natixis each provided €20 million of senior term loan facilities. Following the refinancing, European Capital continues to hold senior and junior mezzanine bonds, convertible bonds and common equity in DEVGLASS. European Capital completed its original One Stop Buyout™ of DEVGLASS on 13 July 2007 alongside Olivier Rambeau, DEVGLASS’ CEO and Chairman, who continues to hold a majority stake. For the complete press release, click here. In September, ECAS S.a.r.l, a wholly-owned subsidiary of European Capital Limited, completed the refinancing of £31 million (€46 million) in senior secured credit facilities of portfolio company Miles 33 Group Ltd. Lloyds TSB Bank plc and Bank of Ireland each provided £15m of loan term facilities and Lloyds TSB Bank plc provided an additional £1m revolving credit facility. Following the refinancing, European Capital holds a £28 million (€41 million) investment in Miles 33, consisting of equity, a loan note and mezzanine debt. European Capital completed its original One Stop Buyout™ of Miles 33 on 11 June 2007 investing £57 million (€83 million) alongside the company’s management and previous owner. For the complete press release, click here. In June, ECAS S.a.r.l, a wholly-owned subsidiary of European Capital Limited, completed the refinancing of £144.5 million (€213 million) in senior secured credit facilities of portfolio company Hillarys Blinds Limited. Following the refinancing, European Capital holds a £85 million (€125 million) investment in Hillarys Blinds, consisting of equity, a loan note and mezzanine debt. American Capital Strategies Ltd. (“American Capital”) (Nasdaq: ACAS), an affiliate of European Capital, holds a £7 million (€10 million) investment in Hillarys Blinds, consisting of equity, a loan note and mezzanine debt. For the complete press release, click here.
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| EXIT EVENTS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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In February, European Capital Limited announced that its portfolio company Avery
Weigh-Tronix Holdings Limited had completed the refinancing of £36 million (€48
million) of senior credit facilities with The Royal Bank of Scotland Plc and HSBC
Bank Plc. The refinancing followed the disposal of Avery’s food retail weighing
business and resulted in the repayment of £18 million (€24 million) of European
Capital’s preference shares. Post completion of the transaction, European Capital
continues to hold £10 million (€13 million) of loan notes and preference shares
in Avery as well as 61% of the common stock of the company.
For the complete press release, click here.
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| CORPORATE NEWS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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In January, European Capital Financial Services Limited, the sub-investment manager
of European Capital Limited, announced the promotions of five of its investment professionals.
Jean Eichenlaub, of the Paris
office, and Nathalie Faure Beaulieu, of the London office, were both promoted to Regional Managing Director. Julian Masters, of the
Buyout Group in the London office, was promoted to Principal. Ivan Stoyanov and
Benjamin Suquet, both of the London Buyout Group, were promoted to Vice President.
For more information on European Capital Financial Services’ investments professionals, click here. Frankfurt Office In April, European Capital Financial Services Limited announced the opening of its Frankfurt office, which concentrates on mezzanine investments. Leading European Capital in Frankfurt is Robert von Finckenstein, Managing Director, reporting to Nathalie Faure Beaulieu, Regional Managing Director and Head of Pan European Mezzanine, based in London. Prior to European Capital, Mr. von Finckenstein was Managing Director and Co-Head of DAM Advisors Ltd. in London. At DAM Advisors he originated mezzanine and subordinated debt transactions for German Mittelstand companies. Prior to DAM Advisors, he was a Director of Global Loan Products at Dresdner Kleinwort Wasserstein’s Acquisition Finance Group in Frankfurt where he structured and arranged complex transactions, particularly in the telecommunications, media and technology sectors. Following its opening, the Frankfurt office expanded to include additional investment professionals: Bernd Schaessburger and Hans Twietmeyer as Investment Directors and Tuomas Erik Ekholm as Associate. Mr. Schaessburger joined European Capital after working in the mezzanine finance industry at DAM Capital in London and, before that, at Dresdner Kleinwort, Frankfurt, spending two years at each. His responsibilities included origination and the structuring and execution of new investments. Previously, he spent about five years as an investment manager at a German private equity firm, where he was involved in transactions across a variety of industries as well as exit management. During this time, Mr. Schaessburger also served as a supervisory board member at portfolio companies. Mr. Schaessburger holds a Diploma in Business Administration from the University of Siegen. Prior to European Capital, Mr. Twietmeyer worked in the Leveraged Finance Division at Société Générale for three years and, before that, in the Leveraged Finance Division at Royal Bank of Scotland for about four years. Mr. Twietmeyer was involved in structuring and arranging numerous transactions, including LBOs, real-estate and project finance-related projects. Mr. Twietmeyer began his career at Deutsche Bank. He holds a Diploma in Economics from the University of Göttingen. For the complete release, click here.
Prior to joining European Capital, Mr. Castellanos was Managing Director and Head of Leveraged Finance of Spain and Portugal at BNP Paribas in Madrid. At BNP Paribas, he managed LBOs, MBOs, recapitalizations and refinancings, among other types of transactions. While at BNP Paribas, Luis Felipe also held other positions, including Head of Energy, Commodities, Export & Project Finance for Spain and Portugal and Director of the Project Finance & Utilities Group first in Paris and then in New York. Mr. Castellanos began his career at ACS-Dragados in Madrid, working in the M&A Group. He holds a degree in economics from the Universidad Autónoma in Madrid. In November, Alonso Torre de Silva joined European Capital in the Madrid office as an Investment Director. Prior to joining European Capital he was a Director in the Leveraged Finance team of Société Générale, where he was responsible for arranging senior and mezzanine transactions in the Spanish market. Alonso started his career at BBVA as a credit analyst in the London office. He holds a degree in business administration from Universidad Complutense de Madrid and an MBA from IESE. For the complete press release, click here.
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*Exchange rate as of 31/12/07.
*Base on country of incorporation of the company issuing the security.
As of 31/12/07.
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