Allied Capital Invests $23.5 Million in International Fiber Corporation, Realizes $5.5 Million Gain.WASHINGTON -- 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 provided $21.0 million in new 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". and $2.5 million in equity capital financing to complete the sale of International Fiber Corporation ("IFC (Internet Foundation Classes) A class library from Netscape that provides an application framework and graphical user interface (GUI) routines for Java programmers. IFC was later made part of the Java Foundation Classes (JFC). See JFC, AFC and AWT. See also ICF. ") to an affiliate of Swander Pace Capital. At closing, IFC repaid its existing $23.3 million of subordinated debt to Allied Capital. In addition, Allied Capital realized a gain on the sale of its existing equity and warrants of approximately $5.5 million, subject to post-closing working capital and other adjustments. "International Fiber has been and continues to be a company with a solid track record of performance," said Robert Monk, Principal at Allied Capital. "We welcome the opportunity to make a new investment in International Fiber and continue to support the growth of one of the industry's market leaders." 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 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 web site at www.alliedcapital.com, call Allied Capital Investor Relations toll-free at (888) 818-5298, or e-mail us at ir@alliedcapital.com. For all media inquiries, please contact Allied Capital's Marketing Department at (202) 331-1112. About International Fiber Corporation International Fiber Corporation specializes in high-value, functional ingredients, which improve customer profitability through new products, applications technology, and cost management. IFC offers a variety of multi-functional ingredients including Cellulose brands Alpha-Cel(TM), FloAm(R), KEYCEL(R), JustFiber(R), Qual Flo(R), and Solka-Floc(R). Industrial ingredients also include Cotton Flock, Sisal sisal Plant (Agave sisalana) of the agave family, and the fibre from its leaves. The fibre is made into ropes and twines for marine, agricultural, shipping, and general industrial use, as well as into matting, rugs, hats, and brushes. Fiber, and Synthetic Fiber. Multi-functional IFC products are customized for many products including: food, cheese, pharmaceutical, pet food, industrial filtration, chemical derivatives, molding compounds, and building chemicals. For more information, please visit www.ifcfiber.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 the company's periodic filings with the Securities and Exchange Commission. |
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