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NXT loans American Capital $46m to recapitalise Lifoam

19 Mar 2012

NXT Capital has provided a $46m senior secured loan for American Capital’s recapitalisation of polystyrene and refrigerant manufacturer Lifoam Industries.

It is the third time Chicago-based NXT has provided financing for the publically listed American Capital, which has $68bn of assets under management.

NXT specialises in providing structured finance solutions of up to $150m to mid-market and emerging growth companies as well as real estate investors.

It was the sole lead arranger, bookrunner and administrative agent for the transaction.

American Capital’s last set of results in August showed it had a net operating income of $71m and net earnings of $410m, while its net asset value had increased by ten per cent per share.

It underwrites and manages investmetns in mid-market private equity, leveraged finance, real estate and structured products, investing $10m to $100m per company in North America and €5 million to €25 million per company in Europe.

Director Mike Eklund said, “We greatly appreciate NXT’s diligence and flexibility in addressing our key business priorities.”

Lifoam, which was founded in the 1930s, manufactures expanded polystyrene, polyutherane and refrigerants used primarily for consumer, healthcare and protective packaging.

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