December 27, 2018 / 5:22 PM / 8 months ago

RPT-BRIEF-Novo Banco to offload NPAs worth 2.15 bln euros to group of funds

(Repeats with no changes)

Dec 27 (Reuters) - Novo Banco SA, which was rescued by the Portuguese state in 2014 and is now owned by U.S. private equity firm Lone Star:

* said in a statement it entered into a sale and purchase agreement with a consortium of funds managed by U.S.-based KKR Credit Advisors LLC and Luxembourg-based LX Investment Partners II SARL to sell a portfolio of non-performing loans and related exposures.

* The portfolio comprises around 102,000 contracts worth a total approximate outstanding balance amount of 2.15 billion euros ($2.45 billion).

* Expects the deal to be completed in the first quarter of 2019, once unspecified conditions to which the transaction is subject have been met.

* Important step in bank’s divestment strategy of non-performing assets (NPA).

* At the end of September, Novo Banco's non-performing loans stood at 8.46 billion euros. Source text for Eikon: bit.ly/2RjAEjk

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