Blackstone/TPG/Carval £3.8 billion acquisition of GE Capital UK home loan portfolio

Overview:

• A consortium made up of funds managed by Blackstone, TPG Special Situations Partners (TSSP), and CarVal Investors has acquired a portfolio of first lien mortgage loans from GE Capital's UK home loan business.
• The loans have a value of around £3.8 billion though the acquisition price was not disclosed.
• The financing for the deal consisted of two senior facilities provided by HSBC and a consortium made up of Citibank, Deutsche Bank and Bank of America Merrill Lynch respectively.
• The deal is part of GE's wider plan to divest assets with the company looking to offload around $200 billion of assets from its finance arm (according to Reuters).

Sam Duke - Editor