Bain Australia

Lloyds sells portfolio of loans to Bain

The UK bank has agreed to sell a portfolio of loans valued at A$371 million to a trust managed by Sankaty Advisors, an affiliate of Bain Capital.
The sale, code-named "the Murray portfolio", is part of the UK bank’s efforts to raise capital and refocus on its domestic market.
The sale, code-named "the Murray portfolio", is part of the UK bank’s efforts to raise capital and refocus on its domestic market.

Lloyds Banking Group has agreed to sell a portfolio of loan assets valued at A$371 million (US$332 million) to a trust managed by Sankaty Advisors.  

Sankaty, the credit affiliate of US-based private investment firm Bain Capital, outlined the transaction on Tuesday but did not disclose the price it paid for the assets.

The sale, code-named "the Murray portfolio", is part of the UK bank’s efforts to raise capital and refocus on its domestic market.

Sankaty invests in fixed income and credit instruments, including leveraged loans, high-yield bonds, distressed debt, mezzanine debt and structured products and equities. It managed about $20 billion of assets as of June 30.

Sankaty recently opened a Melbourne office headed by Mitchell Stack. Globally the team has 90 investment professionals and 196 employees.

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