Latham & Watkins Advised Investcorp Capital on Securing $800 Million Credit Facility
Global law firm Latham & Watkins successfully advised Investcorp Capital plc on securing a substantial $800 million credit
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Latham & Watkins Advised Investcorp Capital on Securing $800 Million Credit FacilityGlobal law firm Latham & Watkins successfully advised Investcorp Capital plc (Investcorp) on securing a substantial $800 million credit facility. This financing, arranged by a consortium of prominent regional and international banks, signifies strong support from major financial...
Latham & Watkins Advised Investcorp Capital on Securing $800 Million Credit Facility
Global law firm Latham & Watkins successfully advised Investcorp Capital plc (Investcorp) on securing a substantial $800 million credit facility. This financing, arranged by a consortium of prominent regional and international banks, signifies strong support from major financial institutions worldwide.
Investcorp, a leader in private markets investments and capital financing services, will use a portion of the facility to refinance existing obligations within the Investcorp Group. The remaining funds will be directed towards general corporate purposes.
The $800 million revolving credit facility (RCF) strengthens Investcorp Capital's financial standing and supports its investment strategy. Investcorp serves as the guarantor for the RCF.
"This strategic move underscores Investcorp Capital's commitment to optimising its financial structure and leveraging resources to drive its investment goals forward," said a company spokesperson.
The proceeds from the RCF will be used for various purposes. Initially, funds will be used to repay an intercompany receivable between an Investcorp Capital subsidiary and Investcorp Holdings, the parent company. The remaining funds will be allocated to Investcorp Capital's general corporate activities and to bolster its investment initiatives.
The agreement's financial effects are expected to be realised within the first quarter of 2024, ending on March 31, 2024.
Five banks fully underwrote and arranged the new facility: Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait (DIFC Branch), Commercial Bank of Dubai, Gulf International Bank, and HSBC Bank Middle East Limited. Strong interest from major regional and international banks allowed Investcorp to secure an additional $200 million in participation, exceeding the initial target of $600 million.
The Latham & Watkins team advising Investcorp was led by Dubai partner Christian Adams, with associates Isabel Overton and Mustafa Darwich.