LONDON, Nov 13 (Reuters) - Investkredit Bank has received interest from a handful of funds and banks on a 350-million-euro ($444.89 million) portfolio of loans it is selling as part of the Austrian bank’s efforts to exit non-core loans, banking sources said on Tuesday.
Investkredit is the latest bank to clean up its balance sheet following a number of French, Spanish, UK, Irish, Greek and Portuguese peers as the eurozone crisis hammered their funding costs.
Bids were submitted last month for Investkredit’s portfolio that includes a mixture of leveraged loans, corporate loans, bilateral and club deals, bankers said.
Bain Capital’s credit affiliate Sankaty Advisers and specialist finance company Haymarket Financial both expressed interest in the portfolio although the latter is no longer involved in the process, bankers added.
Other parties that have expressed interest in the portfolio include Barclays, Deutsche Bank, private equity firms LBO France and Triton. Some of these could have teamed up together to make a joint bid, one of the bankers said.
Barclays, Deutsche Bank, Sankaty and Haymarket declined to comment. LBO France and Triton were not immediately available to comment.
The portfolio has been in the market for a couple of months and is likely to trade at around 40 percent discount to par, traders said.
Investkredit merged with its parent Oesterreichische Volksbanken (VBAG) on 28 September. VBAG assumed all of Investkredit’s senior and subordinated outstanding debt. ($1 = 0.7867 euros) (Reporting by Claire Ruckin; Editing by Louise Heavens)