ALLIANCE CAPITAL COMMERCIAL PAPER PROGRAM RECEIVES A-1 RATING FROM S&P.NEW YORK--(BUSINESS WIRE)--Dec. 16, 1994--Alliance Capital Management L.P. announced the implementation of a $100 million Commercial Paper Program to fund commissions paid to financial intermediaries Financial intermediaries institution that provide the market function of matching borrowers and lenders or traders. on the sale of back-end load Back-End Load A fee an investor pays when selling a mutual fund within a certain number of years, usually seven. Notes: Sometimes in exchange for paying no fees up front, the investor pays an annual fee for marketing and managing that is higher than the fees charged for a mutual funds and for general working capital purposes. The Program will increase the Partnership's debt capacity to $200 million, including the Partnership's existing $100 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. Standard & Poor's rated the Program A-1, stating that the rating reflects Alliance's strong market position in both institutional and mutual funds asset management. Other factors contributing to the rating include enhancement of the Partnership's capital by the sale of $150 million in Units to institutional investors, including $50 million in Units to The Equitable Life Equitable Life may refer to:
Alliance Capital Management L.P., a leading international investment adviser with over $123 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , provides investment management services to institutions, primarily pension funds and endowments, and to individual investors through a broad line of mutual funds and cash management products. CONTACT: Press Contact: Linda Finnerty
212-969-1316
or
Investor Relations Contact: Robert Joseph
212-333-6410
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