3i closes US$515.9 million CLO, Jamestown III

16 Dec 2013

3i Group plc (“3i” or “3i Group”), an international investor, confirms the closing of a collateralised loan obligation (“CLO”) fund, Jamestown CLO III (“Jamestown III”).

An aggregate of US$461.1 million of investment grade and non-investment grade debt was issued in 5 classes and, in addition, US$54.8 million of subordinated notes were issued.  3i Group has taken a minority stake in the subordinated notes.

Jamestown III will focus on investing in US corporate debt and in senior secured loans backing private equity buyouts in the US.

Jeremy Ghose, CEO and Managing Partner of 3i Debt Management said: “We continue to demonstrate the strength of our platform. Our core business has grown steadily and we have now successfully closed four CLO transactions in the last 14 months totaling US$1.9bn.”

John Fraser, Managing Partner 3iDM US, commented: “We continue to see strong interest in CLOs in the US and are pleased to have closed our second CLO this year, raising US$1bn in total.’   

For further information, contact:

3i
Kathryn van der Kroft     Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

Notes to editors:

Jamestown CLO III
The transaction has a 4-year investment period and a non-call period of 2 years.  The capital structure is as follows:

Tranche Size (US$m) Coupon Rating
Class A-1A Notes 287.7 LIBOR + 145 AAA
Class A-1B Notes 20.0 3.378% fixed rate AAA
Class A-2A Notes 43.9 LIBOR + 195 AA
Class A-2B Notes 10.0 4.206 % fixed rate AA
Class B Notes 45.1 LIBOR + 275 A
Class C Notes 33.0 LIBOR + 330 BBB
Class D Notes 21.4 LIBOR + 460 BB
Subordinated Notes 54.8 N/A N/A

About 3i Group

3i is a leading international investor focused on mid-market private equity, infrastructure and debt management across Europe, Asia and the Americas. 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.