The financing is from 15 banks, principally in Europe, Japan and the US.

The five-year facility was launched in February at $200 million and was increased due to oversubscription, according to Investcorp. It is structured as a dual-tranche revolving credit facility and term loan.

Rishi Kapoor, chief financial officer at Investcorp, comments that the oversubscribed deal closed at its original price targets, ‘a significant result’ given the current global tightening of credit.

Kapoor adds: ‘[This is a] recognition by the banks of our continued commitment towards maintaining a solid balance sheet, with a strong investment-grade rating.’

Founded in 1982, Investcorp invests in buy-outs and fast-growing technology companies in North America and Western Europe. It also manages hedge funds and property investments.

Its current private equity investments include US packaging supplier Berlin Packaging and quality assurance group Moody International. Past investments have included jewellery retailer Tiffany and Co, and European car park operator APCOA.