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<P align="center" style="font-size: 10pt">As filed with the
Securities and Exchange Commission on May 28, 2004



<P align="right" style="font-size: 10pt">Registration No.&nbsp;333-____



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<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM S-8</B>


<P align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>


<P align="center" style="font-size: 24pt"><B>ALLIED CAPITAL CORPORATION</B>

<DIV align="center" style="font-size: 10pt"><B>(Exact name of registrant as specified in its charter)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD align="center" valign="top"><B>Maryland<BR>
(State or other jurisdiction<BR>
of incorporation or<BR>
organization)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>52-1081052<BR>
(I.R.S. Employer<BR>
Identification No.)</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>1919 Pennsylvania Avenue, N.W.<BR>
Washington, D.C. 20006<BR>
(202)&nbsp;331-1112<BR>
(Address and telephone number of<BR>
registrant&#146;s principal executive offices)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

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</DIV>



<P align="center" style="font-size: 10pt"><B>ALLIED CAPITAL CORPORATION</B>


<DIV align="center" style="font-size: 10pt"><B>AMENDED STOCK OPTION PLAN</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(Full title of the plan)</B>
</DIV>
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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD align="center" valign="top"><B>William L. Walton<BR>
Chairman and Chief Executive Officer<BR>
Allied Capital Corporation<BR>
1919 Pennsylvania Avenue, N.W.<BR>
Washington, D.C. 20006<BR>
(202)&nbsp;331-1112<BR>
(Name, address and telephone number of<BR>
agent for service)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Copy to:<BR>
Cynthia M. Krus, Esq.<BR>
Sutherland Asbill &#038; Brennan LLP<BR>
1275 Pennsylvania Ave., N.W.<BR>
Washington, D.C. 20004<BR>
(202)&nbsp;383-0100</B>
</TD>
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<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Title of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Securities to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>to be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price Per</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>be Registered</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registered (1)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B><HR size="1" noshade></TD>
</TR>

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    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Common Stock,
par value $.0001 per share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>9,000,000 </B></TD>
    <TD nowrap><B>(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>$</B></TD>
    <TD align="right"><B>25.48</B></TD>
    <TD nowrap><B>(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>229,320,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>29,055</B></TD>
    <TD>&nbsp;</TD>
</TR>

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</DIV>


<P align="left" style="font-size: 10pt">(1)&nbsp;Pursuant to Rule&nbsp;416, this registration statement also covers such
additional shares of our common stock as may be issued by reason of stock
splits, stock dividends or similar transactions.


<P align="left" style="font-size: 10pt">(2)&nbsp;6,250,000 shares were originally registered on Form S-8 (File No.
333-45525) filed with the Securities and Exchange Commission on February&nbsp;3,
1998; 6,100,000 additional shares were registered on Form S-8 (File No.
333-13584) filed with the Securities and Exchange Commission on March&nbsp;28, 2001;
13,600,000 additional shares were registered on Form S-8 (File No.&nbsp;333-101849)
filed with the Securities and Exchange Commission on December&nbsp;13, 2002; and
9,000,000 additional shares are being registered herewith.


<P align="left" style="font-size: 10pt">(3)&nbsp;Estimated solely for purposes of calculating the amount of the registration
fee pursuant to Rules 457(c) and 457(h)(1) under the Securities Act of 1933,
based upon the average of the high and low prices of our common stock as
reported on the New York Stock Exchange on May
24, 2004.

<P>

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<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>EXPLANATORY NOTE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As permitted by General Instruction E to Form S-8 regarding the
registration of additional securities of the same class as other securities for
which a registration statement filed on Form S-8 relating to an employee
benefit plan is effective, the contents of the following are incorporated
herein by reference:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Registration Statement on Form S-8 filed with the Securities and
Exchange Commission on December&nbsp;13, 2002 (File No.&nbsp;333-101849) with respect to
the Allied Capital Corporation Amended Stock Option Plan;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Registration Statement on Form S-8 filed with the Securities and
Exchange Commission on March&nbsp;28, 2001 (File No.&nbsp;333-13584) with respect to the
Allied Capital Corporation Amended Stock Option Plan; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Registration Statement on Form S-8 filed with the Securities and
Exchange Commission on February&nbsp;3, 1998 (File No.&nbsp;333-45525) with respect to
the Allied Capital Corporation Stock Option Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Allied Capital Corporation Amended Stock Option Plan, we
are authorized to issue options to purchase a total of 34,950,000 shares of our
common stock. This registration statement relates to a total of 9,000,000
shares of common stock. A total of 6,250,000 shares of common stock were
originally registered on Form S-8 (File No.&nbsp;333-45525) filed with the
Securities and Exchange Commission on February&nbsp;3, 1998, 6,100,000 additional
shares of common stock were registered on Form S-8 (File No.&nbsp;333-13584) filed
with the Securities and Exchange Commission on March&nbsp;28, 2001 and 13,600,000
additional shares of common stock were registered on Form S-8 (File No.
333-101849) filed with the Securities and Exchange Commission on
December&nbsp;13,
2002.


<P align="center" style="font-size: 10pt"><B>INFORMATION REGARDING FINANCIAL STATEMENTS INCORPORATED BY REFERENCE INTO<BR>
THIS REGISTRATION STATEMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11(a) of the Securities Act of 1933 provides that if any part of a
registration statement at the time it becomes effective contains an untrue
statement of a material fact or an omission to state a material fact required
to be stated therein or necessary to make the statements therein not
misleading, any person acquiring a security pursuant to the registration
statement (unless it is proved that at the time of the acquisition the person
knew of the untruth or omission) may sue, among others, every accountant who
has consented to be named as having prepared or certified any part of the
registration statement or as having prepared or certified any report or
valuation which is used in connection with the registration statement with
respect to the statement in the registration statement, report or valuation
which purports to have been prepared or certified by the accountant.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our consolidated financial statements as of December&nbsp;31, 2001, and for the
year ended December&nbsp;31, 2001, incorporated by reference into this registration
statement, were audited by our former independent auditor, Arthur Andersen LLP.
However, we have not been able to


<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">obtain, after reasonable efforts, the written consent of Arthur Andersen LLP
with respect to the inclusion of such consolidated financial statements in this
registration statement.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under these circumstances, Rule&nbsp;437a under the Securities Act of 1933
permits us to file this registration statement without a written consent from
Arthur Andersen LLP. Accordingly, Arthur Andersen LLP will not be liable under
Section 11(a) of the Securities Act because it has not consented to being named
as an expert in the registration statement.

<P align="center" style="font-size: 10pt"><B>PART I</B>
<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN
THE SECTION 10(a) PROSPECTUS</B>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents containing the information specified in Part I of Form S-8 will be sent or given to the participants in The Allied Capital
Corporation Amended Stock Option Plan as specified by Rule 428(b)(1) under the Securities Act of 1933. Such documents
are not being filed with the SEC in accordance with the requirements of Part I of Form S-8, but constitute (along with the documents
incorporated by reference into this registration statement pursuant to Part II hereof) a prospectus that meets the requirements of Section 10(a)
of the Securities Act of 1933.


<P align="center" style="font-size: 10pt"><B>PART II</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>



<P align="left" style="font-size: 10pt">Item&nbsp;3. <I>Incorporation of Certain Documents by Reference.</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby incorporate, or will be deemed to have incorporated, herein by
reference the following documents:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2003;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2004; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of our common stock contained in our registration statement on Form 8-A filed with the SEC on June&nbsp;1, 2001.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each document filed subsequent to the date of this registration statement
pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Securities Exchange Act
of 1934, prior to the filing of a post-effective amendment which indicates that
all securities offered have been sold or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated in this registration
statement by reference and to be a part hereof from the date of the filing of
such documents. Any statement contained in a document incorporated or deemed
to be incorporated herein by reference shall be deemed to be modified or
superseded for purposes of this registration statement to the extent that a
statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated by reference herein modifies or
supersedes such statement.

<P align="left" style="font-size: 10pt">Item&nbsp;4. <I>Description
of Securities.</I>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.

<P align="left" style="font-size: 10pt">Item&nbsp;5. <I>Interests of
Named Experts and Counsel.</I>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.

<P align="left" style="font-size: 10pt">Item&nbsp;6. <I>Indemnification of Directors and Officers.</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2-418 of the Maryland General Corporation Law provides that a
Maryland corporation may indemnify any director of the corporation and any
person who, while a director of the corporation, is or was serving at the
request of the corporation as a director, officer, partner, trustee, employee,
or agent of another foreign or domestic corporation, partnership, joint
venture, trust, other enterprise or employee benefit plan, made a party to any
proceeding by reason of service in that capacity unless it is established that
the act or omission of the director was material to the matter giving rise to
the proceeding and was committed in bad faith or was the result of active and
deliberate dishonesty; or the director actually received an improper personal
benefit in money, property or services; or, in the case of any criminal
proceeding, the director had reasonable cause to believe that the act or
omission was unlawful. Indemnification


<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">may be made against judgments, penalties, fines, settlements, and
reasonable expenses actually incurred by the director in connection with the
proceeding, but if the proceeding was one by or in the right of the
corporation, indemnification may not be made in respect of any proceeding in
which the director shall have been adjudged to be liable to the corporation.
Such indemnification may not be made unless authorized for a specific
proceeding after a determination has been made, in the manner prescribed by the
law, that indemnification is permissible in the circumstances because the
director has met the applicable standard of conduct. On the other hand, the
director must be indemnified for expenses if he or she has been successful in
the defense of the proceeding or as otherwise ordered by a court. The law also
prescribes the circumstances under which the corporation may advance expenses
to, or obtain insurance or similar cover for, directors.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The law also provides for comparable indemnification for corporate
officers and agents.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Restated Articles of Incorporation of Allied Capital Corporation
provide that its directors and officers shall, and its agents in the discretion
of the board of directors may be indemnified to the fullest extent permitted
from time to time by the laws of Maryland (with such power to indemnify
officers and directors limited to the scope provided for in Section&nbsp;2-418 as
currently in force), provided, however, that such indemnification is limited by
the Investment Company Act of 1940 or by any valid rule, regulation or order of
the Securities and Exchange Commission thereunder. Allied Capital
Corporation&#146;s bylaws, however, provide that Allied Capital Corporation may not
indemnify any director or officer against liability to Allied Capital
Corporation or its security holders to which he or she might otherwise be
subject by reason of such person&#146;s willful misfeasance, bad faith, gross
negligence or reckless disregard of the duties involved in the conduct of his
or her office unless a determination is made by final decision of a court, by
vote of a majority of a quorum of directors who are disinterested, non-party
directors or by independent legal counsel that the liability for which
indemnification is sought did not arise out of such disabling conduct.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
Allied Capital Corporation pursuant to the provisions described above, or
otherwise, Allied Capital Corporation has been advised that in the opinion of
the SEC such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by Allied
Capital Corporation of expenses incurred or paid by a director, officer or
controlling person in the successful defense of an action, suit or proceeding)
is asserted by a director, officer or controlling person in connection with the
securities being registered, Allied Capital Corporation will, unless in the
opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will
be governed by the final adjudication of the court of the issue.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Capital Corporation carries liability insurance for the benefit of
its directors and officers on a claims-made basis of up to $50,000,000, subject
to a $1,000,000 retention and the other terms thereof. Allied
Capital Corporation also maintains an additional $10 million of
insurance coverage for the benefit of its directors and officers.


<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February&nbsp;2004, Allied Capital Corporation entered into indemnification
agreements with its directors and 12 senior officers. The indemnification
agreements attempt to provide these directors and senior officers the maximum
indemnification permitted under Maryland law and the Investment Company Act of
1940. Each indemnification agreement provides that Allied Capital Corporation
shall indemnify the director or senior officer who is a party to the agreement
(an &#147;Indemnitee&#148;) if, by reason of his or her corporate status, the Indemnitee
is, or is threatened to be, made a party to or a witness in any threatened,
pending, or completed proceeding, other than a proceeding by or in the right of
Allied Capital Corporation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At present, these is no pending litigation or proceeding involving an
Indemnitee where indemnification would be required or permitted under the
indemnification agreement.

<P align="left" style="font-size: 10pt">Item&nbsp;7. <I>Exemption
from Registration Claimed.</I>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.

<P align="left" style="font-size: 10pt">Item&nbsp;8. <I>Exhibits.</I>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description of Exhibit</B><HR size="1" noshade></TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Allied Capital Corporation Amended Stock Option Plan
(incorporated by reference to Exhibit&nbsp;B of Schedule&nbsp;14A of Allied
Capital Corporation filed with the SEC on March&nbsp;30, 2004)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Sutherland Asbill &#038; Brennan LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">15.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Letter regarding Unaudited Financial Information</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Sutherland Asbill &#038; Brennan LLP (contained in the opinion in Exhibit&nbsp;5.1)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included in the signature page)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">Item&nbsp;9.
<I>Undertakings.</I>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby
undertakes:

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or
sales are being made, a post-effective amendment to this registration statement:
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
To include any prospectus required by Section 10(a)(3) of the Securities Act of
1933, as amended (the &#147;Securities Act&#148;);
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any
facts or events arising after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in the aggregate, represent
a fundamental change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation
from the low or high end of the estimated maximum offering range may be reflected in the
form of a prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than 20 percent change in the maximum
aggregate offering price set forth in the &#147;Calculation of Registration
Fee&#148; table in the
effective registration statement;
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with
respect to the plan of distribution not previously disclosed in the registration
statement or any material change to such information in the registration statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) above shall not apply if the
information required to be included in a post-effective amendment by those paragraphs
is contained in periodic reports filed with or furnished to the Securities and Exchange
Commission by the registrant pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 (the &#147;Exchange Act&#148;) that are incorporated by reference in the registration
statement.
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)       The undersigned registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each
filing of the registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d) of
the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s annual
report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference
in the registration statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)       Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to directors, officers
and controlling persons of the registrant pursuant to the foregoing provisions, or
otherwise, the registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the registrant of
expenses incurred or paid by a director, officer or controlling person of the
registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.



<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in Washington, D.C., on this
27<SUP>th</SUP> day of May, 2004.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">ALLIED CAPITAL CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ William L. Walton
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>William L. Walton&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>Chairman, Chief Executive Officer and President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints William L. Walton and Joan M. Sweeney as his/her
true and lawful attorney-in-fact and agent, with full power of substitution and
resubstitution, for him/her and in his/her name, place and stead, in any and
all capacities, to sign any and all amendments (including post-effective
amendments) to this Registration Statement, and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every act and thing
required and necessary to be done in and about the premises, as fully to all
intents and purposes as he/she might or could do in person, hereby ratifying
and confirming all that said attorney-in-fact and agent, or his/her substitute
or substitutes, could lawfully do or cause to be done by virtue hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the dates indicated.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="41%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" nowrap valign="top">/s/ William L. Walton<BR>
<HR size="1" noshade>
William L. Walton</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chairman, Chief Executive Officer and President (Principal Executive Officer)<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 27, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Penni F. Roll<BR>
<HR size="1" noshade>
Penni F. Roll</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chief Financial Officer (Principal
Financial and Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 27, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Brooks H. Browne<BR>
<HR size="1" noshade>
Brooks H. Browne</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 27, 2004</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="41%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" nowrap valign="top">/s/ John D. Firestone<BR>
<HR size="1" noshade>
John D. Firestone</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 27, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Anthony T. Garcia<BR>
<HR size="1" noshade>
Anthony T. Garcia</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 27, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Lawrence I. Herbert<BR>
<HR size="1" noshade>
Lawrence I. Herbert</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 27, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ John I. Leahy<BR>
<HR size="1" noshade>
John I. Leahy</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 27, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Robert E. Long<BR>
<HR size="1" noshade>
Robert E. Long</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 27, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Ann Torre Grant<BR>
<HR size="1" noshade>
Ann Torre Grant</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 27, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Guy T. Steuart III<BR>
<HR size="1" noshade>
Guy T. Steuart III</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 27, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Alex J. Pollock<BR>
<HR size="1" noshade>
Alex J. Pollock</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 27, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Laura W. van Roijen<BR>
<HR size="1" noshade>
Laura W. van Roijen</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 27, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Joan M. Sweeney<BR>
<HR size="1" noshade>
Joan M. Sweeney</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 27, 2004</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit No.</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Sutherland Asbill &#038; Brennan LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">15.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Letter regarding Unaudited Interim Financial Information</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Sutherland Asbill &#038; Brennan LLP (contained in the
opinion in Exhibit&nbsp;5.1)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included in the signature page)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "w97723csv8.htm", "description": "FORM S-8", "secsgml_size_bytes": 42710}]
{"company-data": {"conformed-name": "ALLIED CAPITAL CORP", "cik": "0000003906", "irs-number": "521081052", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-115981", "film-number": "04837406"}, "business-address": {"street1": "1919 PENNSYLVANIA AVENUE NW", "city": "WASHINGTON", "state": "DC", "zip": "20006", "phone": "2023311112"}, "mail-address": {"street1": "1919 PENNSYLVANIA AVENUE NW", "street2": "1666 K STREET NW", "city": "WASHINGTON", "state": "DC", "zip": "20006"}, "former-company": [{"former-conformed-name": "ALLIED CAPITAL LENDING CORP", "date-changed": "19931116"}, {"former-conformed-name": "ALLIED LENDING CORP", "date-changed": "19920703"}]}
sv8
As filed with the
Securities and Exchange Commission on May 28, 2004
Registration No. 333-____
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
ALLIED CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
Maryland
(State or other jurisdiction
of incorporation or
organization)
52-1081052
(I.R.S. Employer
Identification No.)
1919 Pennsylvania Avenue, N.W.
Washington, D.C. 20006
(202) 331-1112
(Address and telephone number of
registrant's principal executive offices)
ALLIED CAPITAL CORPORATION
AMENDED STOCK OPTION PLAN
(Full title of the plan)
William L. Walton
Chairman and Chief Executive Officer
Allied Capital Corporation
1919 Pennsylvania Avenue, N.W.
Washington, D.C. 20006
(202) 331-1112
(Name, address and telephone number of
agent for service)
Copy to:
Cynthia M. Krus, Esq.
Sutherland Asbill & Brennan LLP
1275 Pennsylvania Ave., N.W.
Washington, D.C. 20004
(202) 383-0100
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Maximum
Maximum
Title of
Amount
Offering
Aggregate
Amount of
Securities to
to be
Price Per
Offering
Registration
be Registered
Registered (1)
Share
Price
Fee
Common Stock,
par value $.0001 per share
9,000,000
(2)
$
25.48
(3)
$
229,320,000
$
29,055
(1) Pursuant to Rule 416, this registration statement also covers such
additional shares of our common stock as may be issued by reason of stock
splits, stock dividends or similar transactions.
(2) 6,250,000 shares were originally registered on Form S-8 (File No.
333-45525) filed with the Securities and Exchange Commission on February 3,
1998; 6,100,000 additional shares were registered on Form S-8 (File No.
333-13584) filed with the Securities and Exchange Commission on March 28, 2001;
13,600,000 additional shares were registered on Form S-8 (File No. 333-101849)
filed with the Securities and Exchange Commission on December 13, 2002; and
9,000,000 additional shares are being registered herewith.
(3) Estimated solely for purposes of calculating the amount of the registration
fee pursuant to Rules 457(c) and 457(h)(1) under the Securities Act of 1933,
based upon the average of the high and low prices of our common stock as
reported on the New York Stock Exchange on May
24, 2004.
EXPLANATORY NOTE
As permitted by General Instruction E to Form S-8 regarding the
registration of additional securities of the same class as other securities for
which a registration statement filed on Form S-8 relating to an employee
benefit plan is effective, the contents of the following are incorporated
herein by reference:
1. Registration Statement on Form S-8 filed with the Securities and
Exchange Commission on December 13, 2002 (File No. 333-101849) with respect to
the Allied Capital Corporation Amended Stock Option Plan;
2. Registration Statement on Form S-8 filed with the Securities and
Exchange Commission on March 28, 2001 (File No. 333-13584) with respect to the
Allied Capital Corporation Amended Stock Option Plan; and
3. Registration Statement on Form S-8 filed with the Securities and
Exchange Commission on February 3, 1998 (File No. 333-45525) with respect to
the Allied Capital Corporation Stock Option Plan.
Pursuant to the Allied Capital Corporation Amended Stock Option Plan, we
are authorized to issue options to purchase a total of 34,950,000 shares of our
common stock. This registration statement relates to a total of 9,000,000
shares of common stock. A total of 6,250,000 shares of common stock were
originally registered on Form S-8 (File No. 333-45525) filed with the
Securities and Exchange Commission on February 3, 1998, 6,100,000 additional
shares of common stock were registered on Form S-8 (File No. 333-13584) filed
with the Securities and Exchange Commission on March 28, 2001 and 13,600,000
additional shares of common stock were registered on Form S-8 (File No.
333-101849) filed with the Securities and Exchange Commission on
December 13,
2002.
INFORMATION REGARDING FINANCIAL STATEMENTS INCORPORATED BY REFERENCE INTO
THIS REGISTRATION STATEMENT
Section 11(a) of the Securities Act of 1933 provides that if any part of a
registration statement at the time it becomes effective contains an untrue
statement of a material fact or an omission to state a material fact required
to be stated therein or necessary to make the statements therein not
misleading, any person acquiring a security pursuant to the registration
statement (unless it is proved that at the time of the acquisition the person
knew of the untruth or omission) may sue, among others, every accountant who
has consented to be named as having prepared or certified any part of the
registration statement or as having prepared or certified any report or
valuation which is used in connection with the registration statement with
respect to the statement in the registration statement, report or valuation
which purports to have been prepared or certified by the accountant.
Our consolidated financial statements as of December 31, 2001, and for the
year ended December 31, 2001, incorporated by reference into this registration
statement, were audited by our former independent auditor, Arthur Andersen LLP.
However, we have not been able to
2
obtain, after reasonable efforts, the written consent of Arthur Andersen LLP
with respect to the inclusion of such consolidated financial statements in this
registration statement.
Under these circumstances, Rule 437a under the Securities Act of 1933
permits us to file this registration statement without a written consent from
Arthur Andersen LLP. Accordingly, Arthur Andersen LLP will not be liable under
Section 11(a) of the Securities Act because it has not consented to being named
as an expert in the registration statement.
PART I
INFORMATION REQUIRED IN
THE SECTION 10(a) PROSPECTUS
The documents containing the information specified in Part I of Form S-8 will be sent or given to the participants in The Allied Capital
Corporation Amended Stock Option Plan as specified by Rule 428(b)(1) under the Securities Act of 1933. Such documents
are not being filed with the SEC in accordance with the requirements of Part I of Form S-8, but constitute (along with the documents
incorporated by reference into this registration statement pursuant to Part II hereof) a prospectus that meets the requirements of Section 10(a)
of the Securities Act of 1933.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Certain Documents by Reference.
We hereby incorporate, or will be deemed to have incorporated, herein by
reference the following documents:
•
Our Annual Report on Form 10-K for the fiscal year ended December 31, 2003;
•
Our Quarterly Report on Form 10-Q for the quarter ended March 31, 2004; and
•
The description of our common stock contained in our registration statement on Form 8-A filed with the SEC on June 1, 2001.
Each document filed subsequent to the date of this registration statement
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act
of 1934, prior to the filing of a post-effective amendment which indicates that
all securities offered have been sold or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated in this registration
statement by reference and to be a part hereof from the date of the filing of
such documents. Any statement contained in a document incorporated or deemed
to be incorporated herein by reference shall be deemed to be modified or
superseded for purposes of this registration statement to the extent that a
statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated by reference herein modifies or
supersedes such statement.
Item 4.
Description
of Securities.
Not Applicable.
Item 5.
Interests of
Named Experts and Counsel.
Not Applicable.
Item 6.
Indemnification of Directors and Officers.
Section 2-418 of the Maryland General Corporation Law provides that a
Maryland corporation may indemnify any director of the corporation and any
person who, while a director of the corporation, is or was serving at the
request of the corporation as a director, officer, partner, trustee, employee,
or agent of another foreign or domestic corporation, partnership, joint
venture, trust, other enterprise or employee benefit plan, made a party to any
proceeding by reason of service in that capacity unless it is established that
the act or omission of the director was material to the matter giving rise to
the proceeding and was committed in bad faith or was the result of active and
deliberate dishonesty; or the director actually received an improper personal
benefit in money, property or services; or, in the case of any criminal
proceeding, the director had reasonable cause to believe that the act or
omission was unlawful. Indemnification
3
may be made against judgments, penalties, fines, settlements, and
reasonable expenses actually incurred by the director in connection with the
proceeding, but if the proceeding was one by or in the right of the
corporation, indemnification may not be made in respect of any proceeding in
which the director shall have been adjudged to be liable to the corporation.
Such indemnification may not be made unless authorized for a specific
proceeding after a determination has been made, in the manner prescribed by the
law, that indemnification is permissible in the circumstances because the
director has met the applicable standard of conduct. On the other hand, the
director must be indemnified for expenses if he or she has been successful in
the defense of the proceeding or as otherwise ordered by a court. The law also
prescribes the circumstances under which the corporation may advance expenses
to, or obtain insurance or similar cover for, directors.
The law also provides for comparable indemnification for corporate
officers and agents.
The Restated Articles of Incorporation of Allied Capital Corporation
provide that its directors and officers shall, and its agents in the discretion
of the board of directors may be indemnified to the fullest extent permitted
from time to time by the laws of Maryland (with such power to indemnify
officers and directors limited to the scope provided for in Section 2-418 as
currently in force), provided, however, that such indemnification is limited by
the Investment Company Act of 1940 or by any valid rule, regulation or order of
the Securities and Exchange Commission thereunder. Allied Capital
Corporation's bylaws, however, provide that Allied Capital Corporation may not
indemnify any director or officer against liability to Allied Capital
Corporation or its security holders to which he or she might otherwise be
subject by reason of such person's willful misfeasance, bad faith, gross
negligence or reckless disregard of the duties involved in the conduct of his
or her office unless a determination is made by final decision of a court, by
vote of a majority of a quorum of directors who are disinterested, non-party
directors or by independent legal counsel that the liability for which
indemnification is sought did not arise out of such disabling conduct.
Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
Allied Capital Corporation pursuant to the provisions described above, or
otherwise, Allied Capital Corporation has been advised that in the opinion of
the SEC such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by Allied
Capital Corporation of expenses incurred or paid by a director, officer or
controlling person in the successful defense of an action, suit or proceeding)
is asserted by a director, officer or controlling person in connection with the
securities being registered, Allied Capital Corporation will, unless in the
opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will
be governed by the final adjudication of the court of the issue.
Allied Capital Corporation carries liability insurance for the benefit of
its directors and officers on a claims-made basis of up to $50,000,000, subject
to a $1,000,000 retention and the other terms thereof. Allied
Capital Corporation also maintains an additional $10 million of
insurance coverage for the benefit of its directors and officers.
4
In February 2004, Allied Capital Corporation entered into indemnification
agreements with its directors and 12 senior officers. The indemnification
agreements attempt to provide these directors and senior officers the maximum
indemnification permitted under Maryland law and the Investment Company Act of
1940. Each indemnification agreement provides that Allied Capital Corporation
shall indemnify the director or senior officer who is a party to the agreement
(an "Indemnitee") if, by reason of his or her corporate status, the Indemnitee
is, or is threatened to be, made a party to or a witness in any threatened,
pending, or completed proceeding, other than a proceeding by or in the right of
Allied Capital Corporation.
At present, these is no pending litigation or proceeding involving an
Indemnitee where indemnification would be required or permitted under the
indemnification agreement.
Item 7.
Exemption
from Registration Claimed.
Not Applicable.
Item 8.
Exhibits.
Exhibit Number
Description of Exhibit
4.1
Allied Capital Corporation Amended Stock Option Plan
(incorporated by reference to Exhibit B of Schedule 14A of Allied
Capital Corporation filed with the SEC on March 30, 2004)
5.1
Opinion of Sutherland Asbill & Brennan LLP
15.1
Letter regarding Unaudited Financial Information
23.1
Consent of KPMG LLP
23.2
Consent of Sutherland Asbill & Brennan LLP (contained in the opinion in Exhibit 5.1)
24.1
Power of Attorney (included in the signature page)
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Item 9.
Undertakings.
(a) The undersigned registrant hereby
undertakes:
(1) To file, during any period in which offers or
sales are being made, a post-effective amendment to this registration statement:
(i)
To include any prospectus required by Section 10(a)(3) of the Securities Act of
1933, as amended (the "Securities Act");
(ii) To reflect in the prospectus any
facts or events arising after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in the aggregate, represent
a fundamental change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation
from the low or high end of the estimated maximum offering range may be reflected in the
form of a prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than 20 percent change in the maximum
aggregate offering price set forth in the "Calculation of Registration
Fee" table in the
effective registration statement;
(iii) To include any material information with
respect to the plan of distribution not previously disclosed in the registration
statement or any material change to such information in the registration statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) above shall not apply if the
information required to be included in a post-effective amendment by those paragraphs
is contained in periodic reports filed with or furnished to the Securities and Exchange
Commission by the registrant pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 (the "Exchange Act") that are incorporated by reference in the registration
statement.
(b)       The undersigned registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each
filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of
the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual
report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference
in the registration statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.
(c)       Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to directors, officers
and controlling persons of the registrant pursuant to the foregoing provisions, or
otherwise, the registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the registrant of
expenses incurred or paid by a director, officer or controlling person of the
registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in Washington, D.C., on this
27
th
day of May, 2004.
ALLIED CAPITAL CORPORATION
By:
/s/ William L. Walton
Name:
William L. Walton
Title:
Chairman, Chief Executive Officer and President
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints William L. Walton and Joan M. Sweeney as his/her
true and lawful attorney-in-fact and agent, with full power of substitution and
resubstitution, for him/her and in his/her name, place and stead, in any and
all capacities, to sign any and all amendments (including post-effective
amendments) to this Registration Statement, and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every act and thing
required and necessary to be done in and about the premises, as fully to all
intents and purposes as he/she might or could do in person, hereby ratifying
and confirming all that said attorney-in-fact and agent, or his/her substitute
or substitutes, could lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the dates indicated.
Signature
Title
Date
/s/ William L. Walton
William L. Walton
Chairman, Chief Executive Officer and President (Principal Executive Officer)
May 27, 2004
/s/ Penni F. Roll
Penni F. Roll
Chief Financial Officer (Principal
Financial and Accounting Officer)
May 27, 2004
/s/ Brooks H. Browne
Brooks H. Browne
Director
May 27, 2004
Signature
Title
Date
/s/ John D. Firestone
John D. Firestone
Director
May 27, 2004
/s/ Anthony T. Garcia
Anthony T. Garcia
Director
May 27, 2004
/s/ Lawrence I. Herbert
Lawrence I. Herbert
Director
May 27, 2004
/s/ John I. Leahy
John I. Leahy
Director
May 27, 2004
/s/ Robert E. Long
Robert E. Long
Director
May 27, 2004
/s/ Ann Torre Grant
Ann Torre Grant
Director
May 27, 2004
/s/ Guy T. Steuart III
Guy T. Steuart III
Director
May 27, 2004
/s/ Alex J. Pollock
Alex J. Pollock
Director
May 27, 2004
/s/ Laura W. van Roijen
Laura W. van Roijen
Director
May 27, 2004
/s/ Joan M. Sweeney
Joan M. Sweeney
Director
May 27, 2004
EXHIBIT INDEX
Exhibit No.
Description
5.1
Opinion of Sutherland Asbill & Brennan LLP
15.1
Letter regarding Unaudited Interim Financial Information
23.1
Consent of KPMG LLP
23.2
Consent of Sutherland Asbill & Brennan LLP (contained in the
opinion in Exhibit 5.1)
24.1
Power of Attorney (included in the signature page)