InvestCorp Marketing 1st Euro CLO Post-3i Takeover

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Investcorp Credit Management EU is debuting its first European CLO since announcing its acquisition of the debt management business from 3I Group last October.

Harvest CLO XVII is the fifth new Euro-denominated collateralized loan obligation transaction of the year, with a pool of both secured term loans and high-yield bonds backing seven classes of rated notes and an unrated subordinate tranche.

The size of the transaction is to be determined.

Standard & Poor’s has assigned provisional structured finance ratings, including the ‘AAA’-rated Class A tranche.

The CLO is a follow-up to the previous Harvest CLO last September, in a €452 million (US$488 million) transaction.

That proved to be the final deal structured by 3i Debt Management prior to the €222 million merger announcement. 3i was one of the largest CLO managers in Europe and a manager of nearly $12 billion in U.S. and European CLOs that nearly doubled Investcorp’s total global AUM to about $23 billion.  

3i Debt Management issued two deals in 2016 totaling €864.5 million, as well as the U.S.-based $497.6 million Jamestown CLO IX in August.

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