December 27, 2018 / 5:25 PM / 9 months ago

RPT-BRIEF-Novo Banco to offload NPAs worth 2.15 bln euros to group of funds

(Repeats with no changes)

Dec 27 (Reuters) - Novo Banco SA, which was rescued by the Portuguese state in 2014 and is now owned by U.S. private equity firm Lone Star:

* said in a statement it entered into a sale and purchase agreement with a consortium of funds managed by U.S.-based KKR Credit Advisors LLC and Luxembourg-based LX Investment Partners II SARL to sell a portfolio of non-performing loans and related exposures.

* The portfolio comprises around 102,000 contracts worth a total approximate outstanding balance amount of 2.15 billion euros ($2.45 billion).

* Expects the deal to be completed in the first quarter of 2019, once unspecified conditions to which the transaction is subject have been met.

* Important step in bank’s divestment strategy of non-performing assets (NPA).

* At the end of September, Novo Banco's non-performing loans stood at 8.46 billion euros. Source text for Eikon:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below