3i closes Jamestown VII, a $510.5m CLO
3i, an international investment manager, today confirms the closing of a collateralised loan obligation (“CLO”) fund, Jamestown VII (“Jamestown VII”). Jamestown VII is a $510.5 million CLO and 3iDM’s second US CLO of 2015.
Jamestown VII will principally focus on investing in US dollar denominated senior secured loans issued by sub-investment grade rated U.S domiciled companies.
Jeremy Ghose, CEO and Managing Partner of 3i Debt Management said:
“Our core CLO business continues to show growth and we have successfully closed three CLOs this year. In total, 3iDM has raised c.$1.9bn globally in the year to date.”
John Fraser, Managing Partner 3iDM US, commented:
“We have made good progress this year; Jamestown VII is the second US CLO we have closed and 3iDM has raised over $1.2bn in the US during this period. We remain encouraged by investors’ demand for loan focused investments in the continued low interest environment.”
At 31 March 2015, 3iDM managed 33 funds and had total assets under management of approx. $11 billion. In July, 3iDM launched the 3i Global Floating Rate Income Fund, an open-ended fund which will focus on investing in a diverse portfolio of primarily senior secured floating rate corporate credit assets in Europe and the US.
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For further information, please contact:
Kathryn van der Kroft
Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com
Latika Shah
Tel: +44 20 7975 3157
Email: latika.shah@3i.com
Jamestown VII
The fund has a 4 year investment period and a non-call period of 2 years. The capital structure is as follows:
| Class | Par amount (US$m) |
Expected rating (Moody’s/Fitch) |
Coupon |
|---|---|---|---|
| A1 | 322.5 | Aaa/AAA | L + 155 |
| A2 | 60 | Aa2 | L + 215 |
| B | 22 | A2 | L + 320 |
| C | 29 | Baa3 | L + 375 |
| D | 26.5 | Ba3 | L + 550 |
| E | 10 | B3 | L + 675 |
| Equity | 40.5 |
Notes to editors:
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 specialises in the management of third-party funds investing in corporate debt issued by medium and large European and US companies.