KKR Nears Deal to Purchase $2 Billion of Orange Bank Loans [BNN Bloomberg (Canada)]
Bank Of Montreal (BMO)
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Source: BNN Bloomberg
The private equity firm — which has been working with Morgan Stanley on the deal — is poised to win a competitive process that lasted months, said the people, who asked not to be named because the matter is private. The transaction involves three portfolios, mostly comprising home and consumer loans, they said. Rothesay, a pensions insurance specialist, is providing the financing for KKR's proposed transaction, said the people. Representatives for Orange Bank, KKR, Morgan Stanley and Rothesay declined to comment. In December KKR bought a $7.2 billion recreational-vehicle loan portfolio from a Bank of Montreal unit, and in July it purchased a portfolio of prime auto loans from Georgia-based Synovus Financial Corp. Earlier this year, Orange and BNP Paribas reached a commercial agreement to provide a continuity solution for Orange Bank's customers in France and Spain. Orange Bank's loan-sale transaction is nearing completion weeks after Barclays Plc priced a securitization trans
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