Investcorp refinances €358.5 million 2015 CLO notes; euro refinancing ahead of new supply

By Cristal Cody

Tupelo, Miss., Oct. 26 – Investcorp Credit Management EU Ltd. refinanced €358.5 million of notes from a 2015 CLO in the CLO manager’s sixth euro CLO refinancing year to date.

Investcorp also has priced one new U.S. dollar-denominated CLO in 2017, according to Prospect News data.

More than €20 billion of euro-denominated CLOs have been refinanced year to date, while new European CLO deal volume in 2017 totals about €13 billion, according to market sources.

Investcorp reprices Harvest CLO XIV

Investcorp Credit Management EU priced €358.5 million of notes due November 2029 in a refinancing of the Harvest CLO XIV DAC broadly syndicated deal, according to market sources.

Harvest CLO XIV sold €239 million of class A-1A-R senior secured floating-rate notes at Euribor plus 63 basis points in the senior tranche.

Citigroup Global Markets Ltd. is the refinancing placement agent.

Investcorp Credit Management EU, formerly known as 3i Debt Management Investments Ltd., is the CLO manager.

The original €413.9 million transaction was issued on Nov. 18, 2015.

Proceeds will be used to redeem the original notes at par on Nov. 20.

Investcorp has refinanced six euro-denominated CLOs year to date.

The CLO manager is a subsidiary of Bahrain-based Investcorp Bank B.S.C.

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