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American Capital Strategies Ltd. (NASDAQ:ACAS) announced that it and an affiliate have committed $100 million in equity capital to Oceana Media Finance LLC, a newly-formed specialty finance company that provides asset-backed secured financing for the production and marketing of independently produced feature films. American Capital Equity Fund I LLC, a fund managed by American Capital, provided 30% of the American Capital equity investment. Oceana Media Finance's management team is also investing equity in the Company.
"We are pleased to be investing in the development of Oceana Media Finance and in its management team, which is firmly established in the film industry," said Bob Grunewald, American Capital Managing Director, Financial Services Group. "Oceana Media Finance offers a broad suite of attractive and flexible financing solutions to independent films producers. Oceana's founder and CEO, Myles Nestel, has extensive experience in the entertainment sector and is widely respected by leading industry participants. Nestel's business relationships among major film industry participants will provide a steady stream of potential financing opportunities and his broad industry experience also ensures access to the highest quality independent film projects."
American Capital has invested directly and through its funds under management $9.5 billion in the last twelve months, $5.4 billion year to date and over $3.5 billion quarter to date. Not including funds under management, American Capital has invested $6.8 billion in the last twelve months, $3.9 billion year to date and over $2.5 billion quarter to date. For more information about American Capital's portfolio, go to http://www.acas.com/our_portfolio/our_portfolio.html
Oceana Media Finance provides asset-backed financing for the production and marketing of independently produced feature films with production budgets between $10 million and $40 million. Oceana's product offering consists of four types of financing, all of which are secured by the rights and cash flows of the film, including: pre-production bridge loans, mezzanine gap loans, print and advertising (P&A) financing and, to a lesser extent, equity investments. The Company was founded in 2007 by Myles Nestel, who has over 10 years of experience in the film finance industry. Nestel has been involved in 70 film financing transactions totaling over $1 billion in production value. Nestel's portfolio produced attractive returns and experienced no loss of principal on any debt financings. Oceana will be headquartered in Los Angeles, CA.
"We are delighted that American Capital is supporting Oceana Media Finance with its $100 million commitment, which will allow us to build a diverse film finance business," says Myles Nestel, Oceana Media Finance Chief Executive Officer. "American Capital's ability to analyze opportunities in all industries, and specifically the specialty finance sector, will be an invaluable resource to Oceana as the Company grows its business over the next several years. We look forward to and are excited about a long and prosperous partnership with American Capital."
ABOUT AMERICAN CAPITAL FINANCIAL SERVICES GROUP
The Financial Services Group offers capital solutions for consumer and commercial finance, insurance and asset management companies. The Group invests throughout the capital structure, including senior debt, subordinated debt and equity, and investments up to $800 million in each transaction.
ABOUT AMERICAN CAPITAL
American Capital is the third largest U.S. publicly traded alternative asset manager with $12 billion in assets under management (third to The Blackstone Group and Fortress). 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 $5 million to $800 million per company in North America and euro 5 million to euro 500 million per company in Europe.
As of May 31, 2007, American Capital shareholders have enjoyed a total return of 656% since the Company's IPO - an annualized return of 23%, assuming reinvestment of dividends. American Capital has paid a total of $1.6 billion in dividends and paid or declared $24.24 dividends per share since going public in August 1997 at $15 per share.
For more information:
http://www.americancapital.com/
http://www.europeancapital.com/

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