US$400mln Revolving Credit Facility signed

20 Jun 2014

Investcorp today signed a US$400mln Revolving Credit Facility (RCF) among a syndicate of banks. The facility attracted more than US$650mln in commitments from 14 banks, resulting in a significant scaling down of all lenders’ commitments together with a slight increase in the aggregate deal size.

The RCF replaces Investcorp’s current 3-year multi-currency bank facility (maturity Sept 2015) and extends the tenor of the borrower’s bank debt to over four years.

Maturing in July 2018, the facility also smoothes and extends Investcorp’s liability profile, following its successful Swiss bond debut and the company’s medium term debt portfolio now has an average maturity of 45 months, compared to 26 months as at Dec 2013.

Co-ordinators and Bookrunners were Commerzbank AG and Royal Bank of Scotland, who were joined by the following institutions:

Bookrunners – Al Khalij Commercial Bank (al khaliji) Q.S.C, Barclays Bank PLC, Citibank N.A., Deutsche Bank, ING Commercial Banking and J.P. Morgan Limited 
Mandated Lead Arrangers – Bank of America and Societe Generale
Lead Arrangers – Credit Suisse and Gulf Bank KSC 
Arrangers – Jefferies Finance LLC and United Arab Bank P.J.S.C.

Commerzbank is acting as Facility Agent and Royal Bank of Scotland as Documentation Agent.