3i closes its fifth CLO of 2014, Harvest X
3i Group plc (“3i” or “3i Group”), an international investment manager, today confirms the closing of a collateralised loan obligation (“CLO”) fund, Harvest CLO X (“Harvest X”). Harvest X is a €466.5 million CLO and 3iDM’s fourth European 2.0 CLO. Harvest X was structured as a loan-only Volcker compliant CLO and will also comply with the European risk retention rule.
An aggregate of €374.7 million of investment grade debt in four classes and, in addition, €91.8 million of non-investment grade mezzanine and subordinated notes were issued. The vehicle will have a final legal maturity of November 2028. Harvest X will principally focus on investing in European senior secured loans backing private equity buyouts in Europe.
Jeremy Ghose, Managing Partner and 3i Debt Management CEO said: “We are pleased to have successfully closed Harvest X, which was upsized to €466.5 million due to strong investor demand. 2014 has been a good year for us, this is our fifth CLO of the year and that demonstrates the strength of our platform both in Europe and in the US”.
3i Debt Management has grown substantially since it was established in 2011. At 31 March 2014 3iDM managed 28 funds and had total assets under management of approx. $11 billion, on a pro forma basis. Since then, 3i Debt Management has closed a further 3 CLOs, raising approx $1.9bn.
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For further information, contact:
3i Group plc
Kathryn van der Kroft
Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com
Latika Shah
Tel: +44 20 7975 3157
Email: latika.shah@3i.com
Notes to editors:
Harvest X
The transaction has a 4 year investment period and a non-call period of 2 years. The capital structure is as follows:
| Class | (€MM) | (S&P/Fitch) | Coupon |
| A | 264.4 | AAA/AAA | E + 1.25% |
| B | 56.3 | AA+/AA+ | E + 2.07% |
| C | 30.4 | A/A | E + 2.30% |
| D | 23.6 | BBB/BBB | E + 3.20% |
| E | 29.2 | BB/BB | E + 5.00% |
| F | 12.4 | B/B | E + 6.00% |
| SUB | 50.2 | Not rated |
About 3i Group
3i is a leading international investment manager focused on mid-market Private Equity, Infrastructure and Debt Management across Europe, North America and Asia. For further information, please visit: 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.