Business Loan Express Completes $128 Million Acquisition; Allied Capital Provides $50 Million of Financing.Business Editors WASHINGTON--(BUSINESS WIRE)--Feb. 4, 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 Business Loan Express (BLX BLX Business Line Expert BLX Basic Launch Complex BLX British Legion of Xbox (gaming clan) ) has completed a $128 million acquisition of a pool of performing small business loans and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. from Amresco Independence Funding. Allied Capital provided $50 million of the financing required to complete the acquisition. Allied Capital's financing was structured as a $25 million short-term line of credit to fund the temporary capital needs of construction loans purchased and loans pending sale, and $25 million of preferred equity to support the future growth potential of BLX post acquisition. The acquisition has increased BLX's managed portfolio to over $2 billion, and the company now serves over 2,800 small business borrowers. Post acquisition, BLX plans to conduct operations in 47 offices throughout the country. Simultaneous with the completion of the loan pool acquisition, BLX completed its reorganization into a limited liability company structure. Bill Walton, Allied Capital 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. , remarked, "Small business is the engine of the U.S. economy, and our investment in BLX demonstrates our commitment to financing the growth of small businesses. BLX has become one of the leading providers of small business financing nationwide. We are proud to support BLX's growth and help them in their goal of serving the small business community." About Business Loan Express, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control Business Loan Express, LLC is currently the country's second largest lender specializing in originating, selling, and servicing loans under the U.S. Small Business Administration's Section 7(a) Guaranteed Loan Program. In addition, Business Loan Express originates, sells and services conventional small business loans as well as loans through the SBA's 504 loan program, and the United States Department of Agriculture's Business & Industry Program. For more information, please visit the website at www.businessloanexpress.net. 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 primarily to support the expansion of private 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. The company is headquartered in Washington, DC. For more information, please visit the web site at www.alliedcapital.com, call Allied Capital Investor Relations Investor relations The process by which the corporation communicates with its investors. toll-free at (888) 818-5298, or e-mail us at ir@alliedcapital.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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