Blackstone planning discounted sale of $450m in private credit loans

Private Equity Wire

Blackstone’s credit unit is planning to sell around $450m of loans at a discount, as it looks to provide liquidity to investors in an older fund, according to a report by Bloomberg citing unnamed people with knowledge of the mater.

Blackstone has been working with Evercore to find a buyer for the loan portfolio, which was acquired for $2.4bn from NewStar Financial in 2017 and includes debt from travel rewards program Arriva, American Achievement, BMC Software and Charter Communications, according to one of Bloomberg’s sources.

With the fund now past its reinvestment window, Blackstone is selling off the remaining loans and has reportedly selected a bid that valued the portfolio at around 60 cents on the dollar, although the transaction has yet to close.

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