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Sutherland Represents Allied Capital Corporation in $976 Million CMBS and CDO Portfolio Transaction

May 10, 2005

WASHINGTON (May 10, 2005) – Sutherland Asbill & Brennan LLP represented Allied Capital Corp. (NSYE: ALD) in the $976 million sale of its portfolio of commercial mortgage-backed securities (CMBS) and collateralized debt obligation (CDO) bonds to Caisse de depot et placement du Quebec, a Canadian pension fund manager.

In connection with the sale of the CMBS and CDO portfolio, Allied Capital also signed a letter of intent regarding the sale of its remaining real estate assets to Caisse. 

The transaction, announced May 3, resulted in a net realized gain for Allied Capital of approximately $216 million after estimated transaction and related costs of $20 million and represents one of the largest transactions of its kind in the history of the non-investment grade CMBS and CDO market.

This transaction is "another great example of a wonderful result for our clients using multiple practice areas in the firm," said Sutherland Managing Partner Mark Wasserman.

The Sutherland team was led by Jim Darrow, a Partner in the firm's M&A practice, and included Structured Finance Partner Eric Fenichel, Securities Partner Cynthia Krus, and M&A Counsel Doug Leary.

Allied Capital, a leading business development company, invests in the American entrepreneurial economy by providing capital to companies seeking a long-term financial partner and access to managerial resources often unavailable to smaller companies.

Sutherland Asbill & Brennan LLP is a national law firm known for solving challenging business problems and resolving unique legal issues for many of the nation's largest companies.  Founded in 1924, the firm has grown to more than 425 lawyers with offices in Atlanta, Austin, Houston, New York, Tallahassee and Washington.  For further information about the firm, please visit

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