Bahrain-based investment company Investcorp INVB.BH has signed up to a $504 million-equivalent loan aimed at refinancing debt due in 2013, with the final amount potentially being increased in the coming weeks as more banks join the lending syndicate, sources said on Wednesday.
The loan heads off any refinancing risk next year for the firm, which once owned luxury brands Gucci (GUCG.PK) and Tiffany & Co (TIF.N) but like other private equity houses in the Gulf has been hit in more recent times by unfavorable market conditions.
Investcorp wanted to secure funds ahead of its financial year-end on June 30 so the loan could be included in its full-year results, two banking sources said.
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