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Bain Capital Affiliate Buys Portfolio Of International Loans From JP Morgan
Sankaty Advisors, a managed credit affiliate of Bain Capital, has agreed to acquire a $1.3 billion portfolio of loans and other securities from JP Morgan's Global Special Opportunities Group.
Sankaty
Advisors, a managed credit affiliate of Bain Capital, has
agreed to acquire a $1.3 billion portfolio of loans and other
securities from JP Morgan's Global Special Opportunities
Group.
The portfolio contains mezzanine loans in North America and
Europe, as well as loans and related special situations
investments in Australia and across Asia, Sankaty said in a
statement yesterday. The definitive purchase agreement follows
Sankaty Advisors' other purchases of loan portfolios from Irish
Bank Resolution Capital, Lloyds Banking Group and CapitalSource,
it said.
The transaction, which is expected to close by the end of 2014,
is subject to borrower and regulatory approvals. Kirkland & Ellis
served as legal counsel to Sankaty Advisors. JP Morgan advised on
the sale and Davis Polk & Wardwell, served as legal counsel to
JPMorgan Chase.
This transaction is not expected to have a material impact on
JPMorgan's earnings.
Sankaty Advisors is the independently-managed credit affiliate of
Bain Capital and was founded in 1998. It now oversees more than
$24 billion of assets and employs 200 people. An employee-owned
private partnership, it has offices in Boston, New York, Chicago,
London, Luxembourg and Melbourne.
