3i closes US $416 million CLO, COA Summit

11 Mar 2014

3i Group plc (“3i” or “3i Group”), an international investor, today confirms the closing of a collateralised loan obligation (“CLO”) fund, COA Summit CLO (“COA Summit”). COA Summit, a US$416 million CLO, is the fourth CLO raised by 3i Debt Management US (“3iDM US”) since the business was established in 2012.

An aggregate of US$350 million of investment grade debt in four classes and, in addition, US$66 million of non-investment grade mezzanine and subordinated notes were issued. The vehicle will have a final legal maturity of April 2023. COA Summit will focus on investing in US senior secured loans backing private equity buyouts and other corporate transactions in the US.

Jeremy Ghose, Managing Partner and 3i Debt Management CEO said: 
“3i Debt Management has now successfully closed five CLOs in the past 16 months. We are particularly pleased with the growth of our US platform since its acquisition in late 2012. We look forward to continuing to build our core business and retain our position as a leading global manager of senior loans.”

John Fraser, Managing Partner of 3iDM US said: 
“COA Summit is the fourth CLO we have successfully closed in the US since our formation in 2012. To date 3iDM US has raised US$1.9 billion and we continue to see significant demand for CLOs.”

3i Debt Management has grown substantially since it was established in 2011. On a pro forma basis, the total assets under management ("AUM") of 3iDM were approx. £6.3 billion at 31 December 2013.

 

For further information, contact:
3i Group plc
Kathryn van der Kroft
Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

 

Notes to editors:

COA Summit 
The transaction has a one year investment period. The capital structure is as follows:

Type Size (US$m) Coupon Rating
AAA notes 256.0 L+1.35% Aaa
AA notes 50.0 L+1.90% Aa2
A notes 22.0 L+2.80% A2
BBB notes 22.0 L+3.85% Baa3
BB notes 20.0 L+4.40% Ba3
SUB 46.0 Residual Not rated

 

About 3i Group

3i is a leading international investor focused on mid-market private equity, infrastructure and debt management across Europe, Asia and the Americas. 
www.3i.com

 

About 3i Debt Management

3i Debt Management, which was founded through the acquisition of Mizuho Investment Management in February 2011, specialises in the management of third-party funds investing in corporate debt issued by medium and large European and US companies.