Bahrain-based alternative investment manager Investcorp has closed an approximate €250 million ($292.87 million) collateralized loan obligation (CLO).

The loan, known as Harvest CLO XXIV DAC (Harvest XXIV) is the second CLO issued by the company in 2020.

It follows the closing of €489 million Harvest CLO XXIII in March 2020, the largest European CLO issued year to date according to a statement by Investcorp.

“The current environment offers attractive opportunities to invest in strong, performing assets at attractive levels,” Jeremy Ghose, Global Head of Investcorp Credit Management said.

The CLO attracted strong interest from 19 external investors and is backed by a diversified portfolio of senior-secured leveraged loans across typically defensive, resilient industries such as Services, Healthcare, Software and Education, the statement said.  

The notes offered are subject to a one-year non-call and three-year reinvestment period, Investcorp said.

The Bahrain-based alternative investment manager’s Credit Management business has $13 billion in assets under management.

(Writing by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

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