Sankaty Advisors, the independently managed credit affiliate of Bain Capital, has entered into an agreement to purchase a portfolio of loans and other securities from JP Morgan’s Global Special Opportunities Group.
Under the terms of the agreement, Sankaty Advisors will buy JP Morgan’s $1.3 billion portfolio including mezzanine loans in North America and Europe, as well as loans and related special situations investments in Australia and across Asia.
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Subject to borrower and regulatory approvals, the deal is anticipated to complete by the end of 2014.
This transaction will not have any material effect on JPMorgan Chase’s earnings.
This purchase follows Sankaty Advisors’ other acquisition of loan portfolios from Irish Bank Resolution Capital, Lloyds Banking Group and CapitalSource.
Jonathan Lavine, managing partner and CIO of Sankaty Advisors, said: "We are continuing to see significant opportunities to invest by leveraging the skills of our global credit team to diligence portfolios by geography, by industry and by borrower resulting in a diverse array of investment opportunities."
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By GlobalDataChris Nicholas, head of JP Morgan’s Global Special Opportunities Group, said: "We are confident Sankaty Advisors will be a good steward of these assets as Sankaty has a successful track record of acquiring global investment portfolios and acting as partners to borrowers. Their global reach, scale, reputation and track record were important attributes as we evaluated potential buyers."
