Crescent Capital Group, an alternative credit investment firm, provided unitranche financing and an equity co-investment to support the management buyout of Texecom, which was supported by LDC, the UK-based private equity arm of Lloyds Banking Group.
Reuters reported that British lenders, including Barclays, the Royal Bank of Scotland and Lloyds Banking Group, may lose hundreds of millions of pounds in outstanding loans following the collapse of UK-based Carillion, a facilities management and construction company.
Pantheon International agreed an additional multi-currency revolving credit facility agreement of £50 million ($61.2 million), arranged by the Royal Bank of Scotland and Lloyds Banking Group.
Westpac announced it has entered into an agreement to acquire Lloyds Banking Group’s Australian asset finance business and its corporate loan portfolio encompassing $8.4 billion of assets.
Bloomberg reported that Britain’s four biggest banks will have eliminated about 189,000 jobs by the end of this year from their peak staffing levels in 2008, bringing employment to a nine-year low.
The Wall Street Journal reported the Bank of England warned UK banks they must come up with $38 billion fresh capital, putting pressure on RBS and Lloyds to step up the pace of asset sales.