12 May 2016
3i closes Harvest XV, its first European CLO of the year
3i Group plc (“3i” or “3i Group”), an international investment manager, today confirms the closing of a €413 million collateralised loan obligation (“CLO”) fund, Harvest XV CLO (“Harvest XV”).
Harvest XV is the first European CLO that 3i has closed in 2016. It will principally focus on investing in senior secured loans backing private equity buyouts in Europe. The vehicle will have a final legal maturity of May 2029.
Jeremy Ghose, CEO and Managing Partner of 3i Debt Management said:
“We are pleased to have successfully closed Harvest XV, our first European CLO this year. This is our eighth European 2.0 CLO that we have issued since September 2013. Our ability to issue CLOs in volatile markets demonstrates investors’ confidence in our platform.”
At 30 September 2015, 3i DM managed 35 funds and had total assets under management of approximately $11.3 billion.
-Ends-
For further information, contact:
3i Group plc
Toby Bates
Interim Communications Director
Tel: +44 20 7975 3032
Email: toby.bates@3i.com
Imogen Harvey
PR Manager
Tel: +44 20 7975 3027
Email: imogen.harvey@3i.com
Notes to editors:
Harvest XV
The transaction has a 4 year investment period and a non-call period of 2 years. The capital structure is as follows:
| Class | Size (€mm) | Moody’s / S&P | Coupon |
|---|---|---|---|
| A | 232.00 | Aaa / AAA | E + 1.50% |
| B | 54.00 | Aa2 / AA | E + 2.25% |
| C | 26.00 | A2 / A | E + 3.35% |
| D | 21.00 | Baa2 / BBB | E + 4.75% |
| E | 25.00 | Ba2 / BB | E + 6.50% |
| F | 13.00 | B2 / B- | E + 7.50% |
| Equity | 42.00 |
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.
