Reuters: Private Equity: Lloyds to sell buyout loans to Bain Capital-FT

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Lloyds to sell buyout loans to Bain Capital-FT Mar 22nd 2012, 01:53 LONDON, March 22 | Wed Mar 21, 2012 9:53pm EDT LONDON, March 22 (Reuters) - Lloyds Banking Group has agreed to a deal with the debt investment arm of Bain Capital to sell a 500 million pound ($792.36 million) portfolio of mostly UK-leveraged loans for private equity buyouts, the Financial Times reported on Thursday. The bank's deal with Bain's Sankaty unit is for only 26 loans, a few of which are performing, but many are distressed, the newspaper said, citing people familiar with the matter. The loans have a 500 million pound face value, but were acquired at a "significant discount", according to a person close to the sale, cited by the FT, who did not to give an average price of the deal. The relatively modest number of loans in the sale has also allowed Sankaty to value each individually, according to the FT. Lloyds expects the sale to be finalised in April, the article said.

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