3i closes Harvest XI, a €414.7m CLO
3i Group plc (“3i” or “3i Group”), an international investment manager, today confirms the closing of a collateralised loan obligation (“CLO”) fund, Harvest CLO XI (“Harvest XI”). Harvest XI is a €414.7 million CLO and 3iDM’s fifth European 2.0 CLO.
The vehicle will have a final legal maturity of 2029 and the Harvest XI will principally focus on investing in European senior secured loans backing private equity buyouts in Europe. Harvest XI was structured as a loan-only Volcker compliant CLO and will also comply with the European risk retention rule.
Jeremy Ghose, Managing Partner and 3i Debt Management CEO said:
“Harvest XI is the second CLO 3i Debt Management has closed this year following the successful closing of Jamestown VI in February. This brings the total AUM raised in Q1 2015 to almost $1.2bn, reflecting investors’ confidence in our platform across Europe and the US. We continue to see strong appetite from investors as they search for yield in the continued low interest environment.”
3i Debt Management has grown substantially since it was established in 2011. At 30 September 2014, 3iDM managed 32 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 4 CLO funds and had a first closing on the European Middle Market Fund (€250 million), raising approx $2.36bn.
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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 XI
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-1 | 229.6 | AAA/AAA | E + 1.25% |
| A-2 | 5 | AAA/AAA | 1.55% |
| B-1 | 38.9 | AA+/AA | E + 2.00% |
| B-2 | 12 | AA+/AA | 2.62% |
| C | 26.5 | A+/A | E + 2.80% |
| D | 20.7 | BBB/BBB | E + 3.70% |
| E | 25.7 | BB/BB | E + 5.25% |
| F | 10.7 | B-/B | E + 6.50% |
| SUB | 45.6 | 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.