3i closes Jamestown V
3i, an international investment manager, today confirms the closing of a collateralised loan obligation (“CLO”) fund, Jamestown V (“Jamestown V”). Jamestown V is a $411 million CLO and 3iDM’s third US CLO of the year.
An aggregate of $348 million of investment grade debt in five classes and, in addition, $63 million of non-investment grade mezzanine and subordinated notes were issued. Jamestown V will principally focus on investing in US senior secured loans backing private equity transactions, corporate acquisitions and other corporate capital raising efforts in the US.
Jeremy Ghose, CEO and Managing Partner of 3i Debt Management said:
“We have continued to strengthen our position across both the European and US debt markets. We have seen significant appetite from investors over the course of 2014 and are pleased to have raised over US$3bn in CLO funds during this period.”
John Fraser, Managing Partner 3iDM US, commented:
“Jamestown V is the third CLO that we have closed in the US this year and we continue to be encouraged by the investor demand for CLOs in the marketplace despite the recent volatility in both equity and debt markets around the globe.”
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. $11 billion, on a pro forma basis.
-Ends-
For further information, contact:
3i Group plc
Kathryn van der Kroft
Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com
Latika Shah
Tel: +44 20 7975 3157
Email: latika.shah@3i.com
Notes to editors:
Jamestown V
The transaction has a 4 year investment period and a non-call period of 2 years. The capital structure is as follows:
| Class | Size (US$m) | Rating (Moody’s/Fitch) | Coupon |
| A | 256.0 | Aaa/AAA | L + 1.58% |
| B1 | 28.0 | Aa2/- | L + 2.25% |
| B2 | 24.0 | Aa2/- | Fixed 4.93% |
| C | 19.0 | A2/- | L + 3.20% |
| D | 21.0 | Baa3/- | L + 3.75% |
| E | 20.0 | Ba3/- | L + 5.10% |
| F | 8.0 | B2/- | L + 5.85% |
| SUB | 35.0 | 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.