Investcorp unit issues $250m 5-year bond
Manama, November 4, 2012
Investcorp SA, a wholly owned subsidiary of Bahrain-based Investcorp Bank, a global provider and manager of alternative investment products, has completed a $250 million bond issuance.
The bonds, which mature in November 2017, are guaranteed by Investcorp Bank, a statement said.
The offering was received by an array of over 95 global investors, resulting in an oversubscribed order book that included private banks subscribing for 60 per cent and institutional investors subscribing for 40 per cent of the offering.
The distribution of bond investors was geographically well-diversified with 46 per cent of investors from Europe (including the UK), 27 per cent from the Middle East, 15 per cent from Asia and 12 per cent from the US.
This is Investcorp’s first offering in the public dollar-denominated debt market as well as the first such debt issuance by an alternative investment firm out of the emerging markets.
Rishi Kapoor, chief financial officer of Investcorp, said: “The success of our first dollar-denominated public bond issue demonstrates the appeal of Investcorp’s business model to a broad international debt investor base.”
“Following on from our recent successful $529 million loan financing in June, the bonds will add further flexibility and duration to our overall liquidity and funding profile and provide a robust platform for the pursuit of our business objectives over the medium term,” he added.
Bank of America Merrill Lynch, Citigroup, Credit Suisse, ING, JP Morgan and RBS were joint lead managers and bookrunners on the offering. – TradeArabia News Service