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“Fin Pac” Sold to Allied Capital Yes, Virginia, it's true, "Allied Capital Announces Agreement to Purchase Financial Pacific Company. Terey Jennings, CLP, vice-president, sent us a copy of the press release:
Announcement to Brokers Method: via e-mail
To: FP Brokers and Lessors From: Ted A. Brownrigg Date: July 1, 2004 We are pleased to announce Allied Capital Corporation has agreed to purchase Financial Pacific Leasing with the expected closing date in August. The press release from Allied Capital is below. We will continue to provide the unique products and high quality service you have learned to expect from Financial Pacific Leasing. If you have any questions just contact your FP Broker Representative. Allied Capital Announces Agreement to Purchase Financial Pacific Company Washington, DC, June 30, 2004 – Allied Capital Corporation (NYSE:ALD) today announced that it has agreed to purchase Financial Pacific Company (FinPac), a specialized commercial finance company focused on providing leases for business-essential equipment to small businesses nationwide. The total transaction amount is expected to be approximately $94 million, which includes closing costs and is subject to adjustments. Allied Capital intends to provide both subordinated debt and equity financing for the transaction. The purchase is scheduled to close in the third quarter and is subject to certain closing conditions and regulatory approvals. “Under the direction of an experienced management team, FinPac's disciplined, conservative approach to underwriting has made the company a leader in small business finance,” said Edward Ross, Managing Director at Allied Capital. “We look forward to adding FinPac to our portfolio because we believe the company has strong financial dynamics and the opportunity to prudently grow its asset base.” About Allied Capital
Allied Capital is the nation's largest business development company and provides 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 bonds and preferred shares. The company is headquartered in Washington, DC. For more information about Allied Capital, 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 Financial Pacific Company Financial Pacific Company is a specialized commercial finance company, which provides lease financing to small businesses nationwide through a network of independent brokers. FinPac's portfolio of $200 million in lease assets covers over 25 categories of equipment, including industrial, food service, data processing, vehicles, trailers, construction, and maintenance equipment. The company, which was founded in 1975, employs over 120 professionals and is headquartered in Federal Way, WA. The company's current majority owner is Windward Capital Partners, L.P. For more information, please visit www.finpac.com. Forward-Looking Statements
The information contained in this press release contains forward-looking statements. These # # # Since the announcement of Financial Pacific seeking an IPO, Leasing News has followed up with the underwriters, who kept saying it was waiting approval at the Security Exchange Commission. Evidently the “Fin Pac” board of directors decided to take a direct offer, as the press release states. No one is talking about what really happened. Here is a background on the company up to the seeking of the IPO: http://www.leasingnews.org/Conscious-Top%20Stories/Fin_pac_prosp_avail-1.htm |
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