Citigroup near sale of $12 bln loans-sources |
| Reuters - Apr 9, 2008 |
Citigroup Inc, the largest U.S. bank, is close to selling about $12 billion of leveraged loans and bonds to a group of private equity firms, people familiar with the situation said on Tuesday.
The sale would be to private equity firms including Apollo Group, Blackstone Group LP (BX.N: Quote, Profile, Research) and TPG, at an average price slightly below 90 cents on the dollar, the people said.
Apollo would buy about half of the debt, while Blackstone and TPG would each buy about one-fourth of it, one of the people said. A sale could be made final by the time Citigroup reports first-quarter results on April 18, the people said.
Citigroup, Apollo, Blackstone and TPG declined to comment. The possible sale was earlier reported by the Financial Times and The Wall Street Journal.
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- Posted: 2008-04-09 08:34:42
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