Citi Might Sell Leveraged Loans: Reports

Shares of Citi are up nearly 3%.
Author:
Publish date:

Citigroup

(C) - Get Report

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) - Get Report

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.

This article was written by a staff member of TheStreet.com.