3i closes Jamestown IX, a $407.55m CLO
3i, an international investment manager, confirms the closing of a $407.55 million collateralised loan obligation (“CLO”) fund, Jamestown CLO IX Ltd (“Jamestown IX”), 3iDM’s first US CLO of 2016.
Jamestown IX will principally focus on investing in US dollar denominated senior secured bank loans.
Jeremy Ghose, CEO and Managing Partner of 3i Debt Management said:
“Our core CLO business continues to grow with three CLOs closed so far in 2016 across Europe and the US, bringing our total AUM raised this year to over $1.3bn. Despite challenging market conditions, investors continue to show confidence in our platform on both sides of the Atlantic.”
John Fraser, Managing Partner 3iDM US, added:
“Jamestown IX is the first US CLO we have closed in 2016. Following difficult markets earlier this year, both asset and liability pricing have created the opportunity to construct a high quality portfolio that will generate attractive returns for our investors.”
At 31 March 2016, 3iDM managed 39 funds and had total assets under management of approx. $11.6 billion.
-ENDS-
For further information, contact:
3i Group plc
Toby Bates
Interim Communications Director
Tel: +44 20 7975 3032
Email: toby.bates@3i.com
Imogen Harvey
PR Manager
Tel: +44 20 7975 3027
Email: imogen.harvey@3i.com
Jamestown IX
The fund has a 4 year investment period and a non-call period of 2 years. The capital structure is as follows:
| Class | AMT (US$m) | Expected rating (Moody’s/Fitch) | Coupon (L+) |
|---|---|---|---|
| A-1A | 150.00 | Aaa/AAA | 1.57% |
| A-1B | 110.00 | Aaa/AAA | 1.50% |
| A-2 | 41.60 | Aa2/NR | 2.00% |
| B | 19.20 | A2/NR | 2.70% |
| C-1 | 12.00 | Baa3/NR | 3.85% |
| C-2 | 15.10 | Baa3/NR | 4.70% |
| D | 20.10 | Ba3/NR | 6.65% |
| Sub | 39.55 | -- |
Notes to editors:
About 3i Group
3i is an investment company with three complementary businesses, Private Equity, Infrastructure and Debt Management, specialising in core investment markets in Northern Europe and North America. For further information, please visit: www.3i.com
About 3i Debt Management
3i Debt Management specialises in the management of third-party funds investing in corporate debt issued by medium and large European and US companies.