NEW YORK -- Investcorp, which controls Saks Fifth Avenue and Gucci, among other investments, has completed a $300 million bank financing replacing a three-year, $250 million facility arranged in May 1991.

Investcorp said the loan was significantly oversubscribed in the underwriting stage so it was increased to $300 million from $250 million. The additional $50 million will be used for working capital, the company said.

At $300 million, it was still oversubscribed, but the company said it decided that its current needs were covered at the $300 million level.

The loan was arranged by a group of 14 international banks including Bankers Trust International, Chemical Bank, The Saudi British Bank, Saudi National Commercial Bank, OBU -Bahrain and Burgan Bank S.A.K.-Kuwait.

Investcorp is based in London and Bahrain and its principal investors are from the Mideast.

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