3i closes Harvest XIV, its third European CLO of the year
3i Group plc (“3i” or “3i Group”), an international investment manager, today confirms the closing of a €413.9 million collateralised loan obligation (“CLO”) fund, Harvest CLO XIV (“Harvest XIV”).
Harvest XIV will principally focus on investing in senior secured loans backing private equity buyouts in Europe. The vehicle will have a final legal maturity of November 2029.
Harvest XIV is the fifth CLO that 3i has closed in 2015. In addition, 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.
Jeremy Ghose, CEO and Managing Partner of 3i Debt Management said:
“We are pleased to have successfully closed Harvest XIV, our third European CLO, and fifth global CLO of 2015. 2015 is one of our best years in terms of total AUM raised with c. $2.7bn raised through these CLOs and the launch of the 3i Global Floating Rate Income Fund. The continuing good level of AUM growth is a reflection of the quality of our global platform.”
At 30 September 2015, 3iDM managed 35 funds and had total assets under management of approx. $11.3 billion.
- Ends -
For further information, 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
Notes to editors:
Harvest XIV
The transaction has a 4 year investment period and a non-call period of 2 years. The capital structure is as follows:
| Class | (€MM) | (Fitch/Moody’s) | Coupon |
|---|---|---|---|
| A-1A | 139 | AAA/Aaa | E + 1.40% |
| A-1B | 100 | AAA/Aaa | E + 1.45% |
| A-2 | 5 | AAA/Aaa | 1.762% |
| B-1 | 32 | AA+/Aa2 | E + 2.15% |
| B-2 | 10 | AA+/Aa2 | 2.774% |
| C | 23 | A+/2A | E + 3.00% |
| D | 25 | BBB/Baa2 | E + 3.90% |
| E | 24.5 | BB/Ba2 | E + 5.50% |
| F | 12 | B-/B2 | E + 6.30% |
| SUB | 43.4 | 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 specialises in the management of third-party funds investing in corporate debt issued by medium and large European and US companies.