Allied Capital Announces Investment in Community Education Centers.Business Editors WASHINGTON--(BUSINESS WIRE)--Dec. 22, 2003 Allied Capital Corporation (NYSE NYSE See: New York Stock Exchange :ALD ALD abbr. adrenoleukodystrophy ALD, n.pr See adrenoleukodystrophy. ALD aldolase. ) today announced that it has committed $30 million in subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". to Community Education Centers (CEC (Central Electronic Complex) The set of hardware that defines a mainframe, which includes the CPU(s), memory, channels, controllers and power supplies included in the box. Some CECs, such as IBM's Multiprise 2000 and 3000, include data storage devices as well. ), a leading provider of privatized treatment and education services to adult and juvenile correctional and social services populations throughout the United States. Allied Capital funded $15 million of the total commitment at the close of the transaction. The remaining $15 million will be available to the company for the financing of future development and expansion projects. CEC offers a wide range of treatment services including secure residential assessment and treatment centers, work release programs, and educational programs. The company also provides a full range of juvenile treatment services including residential, life-skills training, and counseling programs. The clinical and operational management team at CEC has been operating treatment programs since 1969. "CEC's pre-release programs are cost-effective and help decrease the rates at which individuals return to correctional facilities," said Bill Walton, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Allied Capital. "As capacity in public prisons continues to be insufficient to meet demand, state governments are turning to private companies like CEC to meet the need for additional facilities and alternative programs." About Allied Capital Allied Capital is the nation's largest business development company and provides long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and equity investment capital to support the expansion of companies in a variety of industries. The company also participates in the real estate capital markets as an investor in non-investment grade commercial mortgage-backed securities and collateralized debt obligation Collateralized Debt Obligation (CDO) A general inclusive term which covers Collateralized Bond Obligations, Collateralized Loan Obligations, and Collateralized Mortgage Obligations, bonds and preferred shares. The company is headquartered in Washington, DC. For more information, please visit the website at www.alliedcapital.com, call Allied Capital Investor Relations toll-free at (888) 818-5298, or e-mail us at ir@alliedcapital.com. About Community Education Centers Established in 1996 and headquartered in Roseland, New Jersey, Community Education Centers (CEC) is a leading provider of privatized treatment and education services to adult and juvenile criminal justice populations. The company has approximately 3,500 beds and 21 facilities located in seven states. CEC offers cost-effective educational and life-skills development services to the pre-release prison population, individuals within 18 months of release. Programs offered by the company focus on assessment, treatment, education, life-skills, employment, and community reintegration reintegration /re·in·te·gra·tion/ (-in-te-gra´shun) 1. biological integration after a state of disruption. 2. restoration of harmonious mental function after disintegration of the personality in mental illness. . For more information, please visit the website at www.cecintl.com. Forward-Looking Statements The information contained in this press release contains forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, and these factors are enumerated This term is often used in law as equivalent to mentioned specifically, designated, or expressly named or granted; as in speaking of enumerated governmental powers, items of property, or articles in a tariff schedule. in Allied Capital's periodic filings with the Securities and Exchange Commission. |
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