Financial Services
Citi Might Sell Leveraged Loans: Reports
04/09/08 - 08:29 AM EDT
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Citigroup C might be close to a deal to sell $12 billion of leveraged loans at a discount to a group of investors, according to published reports Wednesday. Bloomberg and The Wall Street Journal said Citi could sell the loans to Apollo Management, Blackstone Group BX and TPG in order to help repair its balance sheet. The reports cited people familiar with the situation. The sale could be completed at 90 cents on the dollar and might take place as early as next week, around the time Citi issues its quarterly results, the reports said. Shares of Citi were up 2.9% at $24.45 in premarket trading.
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