Daily News: March 14, 2012

Bloomberg: Lone Star Said to Buy $1B of CIT Commercial Loans

Bloomberg reported that Lone Star Funds has agreed to buy $1 billion in commercial loans from CIT, citing a source with knowledge of the sale.

Lone Star, a Dallas-based private equity firm, is purchasing mostly senior secured loans, as well as some junior secured debt, in about 72 companies, according to the person, who asked not to be named because the transactions haven’t been announced, Bloomberg said.

CIT sold more than $3.5 billion of lower-yielding assets last year, according to a presentation from JPMorgan’s Global High Yield & Leveraged Finance conference in February, the article noted.

To read the full Bloomberg article click here.