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European Capital Refinances Euro 40 Million in Senior Bonds of DEVGLASS

St. Peter Port, Guernsey (ots/PRNewswire)

European Capital Limited ("European Capital") (LSE: ECAS)
announced today that on 9 October a wholly-owned subsidiary of
European Capital completed the refinancing of euro 40 million in
senior bonds of portfolio company DEVGLASS. Banque Populaire
Atlantique and Natixis each provided euro 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(TM) of DEVGLASS on July 13, 2007 alongside
Olivier Rambeau, DEVGLASS' CEO and Chairman, who continues to hold a
majority stake. Since June 2007, European Capital has refinanced euro
292 million of senior commitments in three One Stop Buyouts(TM).
"We are very pleased to have worked with Banque Populaire
Atlantique and Natixis on this transaction. They have proven to be
very reliable partners," said Stephane Legrand, European Capital
Financial Services Director.
"Throughout their long term relationship with DEVGLASS, Banque
Populaire Atlantique and Natixis developed a thorough knowledge and
understanding of the Company. This enabled them to quickly respond to
this financing opportunity and move rapidly towards completing the
refinancing", said Olivia Reveilliez, European Capital Financial
Services Manager.
Founded in 1998, DEVGLASS is a leading manufacturer of insulated
glass for windows. DEVGLASS has four main product groups: standard
double-glass; superior double-glass with improved heating and/or
sound insulation; laminated safety and security double-glass panes;
and newly-introduced triple-glass. Headquartered in Vendee, France,
DEVGLASS has manufacturing plants in Saint-Laurent-sur-Sevre, Vendee
and in Alencon, Orne. DEVGLASS has nearly 350 employees and is
expected to achieve more than euro 60 million of sales in 2007,
equating to a 20% compound average growth rate over the past five
years.
For more information about European Capital's investment in
DEVGLASS, go to
http://www.ECAS.com/news/newsreleases/2007/pr20071002.html.
ABOUT EUROPEAN CAPITAL
European Capital is a publicly traded investment company for
pan-European equity, mezzanine and senior debt investments with
capital resources of approximately euro 2.3 billion (US$3.2 billion).
It is managed by European Capital Financial Services (Guernsey)
Limited ("ECFSG" or "the Investment Manager"), a wholly-owned
affiliate of American Capital Strategies, Ltd ("American Capital").
European Capital invests in and sponsors management and employee
buyouts, invests in private equity buyouts and provides capital
directly to private and public companies headquartered predominantly
in Europe. European Capital generally invests between euro 5 million
and euro 500 million per transaction in equity, mezzanine debt and
senior debt to fund growth, acquisitions and recapitalizations.
The investment objective of European Capital is to provide
investors with dividend income and the potential for share value
appreciation by investing in debt and equity investments in private
and public companies headquartered primarily in Europe. European
Capital seeks to achieve this through pursuing the following types of
investments:
European Capital One Stop Buyouts(TM)
Through our One Stop Buyouts(TM), European Capital provides
equity, mezzanine debt and senior debt as the lead investor in the
buyout of private and public companies.
Mezzanine Direct with Sponsors
European Capital provides debt and equity financing for buyouts
sponsored by private equity firms where European Capital is either
the sole or lead mezzanine debt investor.
Syndicated Mezzanine and Senior Debt
European Capital provides mezzanine and senior financing for
buyouts sponsored by private equity firms where European Capital is
neither the sole nor lead mezzanine or senior debt investor.
Direct Investments
European Capital provides debt and equity financing directly to
private and public companies, which is used for growth, acquisitions
or recapitalizations, and investing in structured finance vehicles.
Companies interested in learning more about European Capital's
flexible financing should contact Jean Eichenlaub at
+33-(0)-1-40-68-06-66 in Paris, Simon Henderson or Nathalie Faure
Beaulieu at +44-(0)-20-7539-7000 in London, Robert von Finckenstein
at +49-(0)-69-71-71-297-0 in Frankfurt, or Luis Felipe Castellanos at
+(34)-91-745-99-63 in Madrid, or visit the website at
www.EuropeanCapital.com
ABOUT AMERICAN CAPITAL
American Capital Strategies Ltd. (Nasdaq: ACAS), with US$16
billion in assets under management(1), is an affiliate of European
Capital and a member of the S&P 500. It is the largest U.S. publicly
traded private equity firm and one of the largest publicly traded
alternative asset managers. American Capital, both directly and
through its global asset management business, is an investor in
management and employee buyouts, private equity buyouts, and early
stage and mature private and public companies. American Capital
provides senior debt, mezzanine debt and equity to fund growth,
acquisitions, recapitalizations and securitizations. American Capital
and its affiliates invest from US$5 million to US$800 million per
company in North America and euro 5 million to euro 500 million per
company in Europe.
(1) Assets Under Management is an estimate of internally and
externally managed assets as of September 30, 2007 and does not
include any fair value adjustments subsequent to June 30, 2007.
This press release contains forward-looking statements. The
statements regarding expected results of European Capital and/or
American Capital are subject to various factors and uncertainties,
including the uncertainties associated with the timing of transaction
closings, changes in interest rates, availability of transactions,
changes in regional, national or international economic conditions,
or changes in the conditions of the industries in which European
Capital and/or American Capital has made investments.
Web site: http://www.EuropeanCapital.com
              http://www.americancapital.com

Contact:

Stephane Legrand, European Capital Financial Services Director,
Olivia Reveilliez, European Capital Financial Services Manager, Marie
Bal, European Capital Financial Services Communications Manager, all
of European Capital Limited, +33-(0)-1-40-68-68-66

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