21st Dec 2015 12:49
LONDON (Alliance News) - Barclays PLC on Monday said its corporate banking unit has sold a portfolio of performing UK middle-market financial sponsor-backed term loans with a book value of around GBP500.0 million to Ares Management LP.
The deal came as part of a deal under which the London-listed bank and the New York-listed asset manager will team up to provide financing, in the form of senior and unitranche term debt, revolving credit facilities and capital expenditure facilities, to UK mid-market companies and their sponsors, targeting leverage loan opportunities.
"Our clients want financing options that bring together the best of the direct lender community and the flexibility provided by banks like Barclays. By forming this strategic partnership with Ares, we're doing just that - ensuring that Barclays remains at the vanguard of innovation and will continue to deliver real benefits for our clients," Michael Dennis, a partner in the Ares Direct Lending Group, said.
Shares in Barclays were up 0.8% at 219.35 pence on Monday shortly after midday.
By Samuel Agini; [email protected]; @samuelagini
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