Investcorp, a Bahrain-based investment company, is seeking a loan of more than $500 million to help refinance debt due in 2013 as it looks to head off any potential refinancing risk next year, four sources familiar with matter said on Thursday.
The firm has done some high-profile deals in the past, including flotations of luxury brands Gucci and Tiffany & Co, but like other private equity houses in the region has been hit by unfavourable global market conditions. It reported a 90 percent drop in first-half profits in February.
But by securing a refinancing well ahead of time, Investcorp shows it is in a much stronger position than other investment houses in Bahrain which have faced refinancing issues.
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