Investcorp has secured a $243 million medium term financing facility for its own corporate balance sheet.

The self-arranged financing was structured as a dual tranche Revolving Credit Facility and Term Loan, the company said.

The new five-year facility was launched in February as a $200 million deal and was upsized to $243 million at closing due to oversubscription.

Fifteen of Investcorp’s core relationship banks, principally from Europe, Japan and the US, participated in the deal.

“Against the backdrop of the current global credit crisis, an over-subscribed deal closing at original price targets is a significant result,” said Investcorp chief financial officer Rishi Kapoor.

“This reflects the high value placed by our lending banks on their overall business relationship with Investcorp, as well as our proactive approach towards providing best-in-class disclosure to the credit community.

“It is also recognition by the banks of our continued commitment towards maintaining a solid balance sheet, with a strong investment grade rating.” – TradeArabia News Service