Deutsche Bank has acquired Banksia’s performing loan portfolio for $238.8 million, announced receivers and managers of Banksia Securities Limited, McGrathNicol, and trustee, The Trust Company.
According to McGrathNicol, there will be two repayments made to Banksia’s debenture holders by 30 June 2013.
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Around 17 May 2013, 10 cents in the dollar will be paid, funded from interest receipts and discharges and on 30 June 2013, 35 cents in the dollar will be paid, funded from the Deutsche Bank sale proceeds.
Following the deal, Banksia receivers expect to have made total repayments of 65 cents in the dollar to Banksia’s debenture holders by 30 June 2013, including the first interim repayment of 20 cents, paid in December 2012.
Receiver Tony McGrath said: ""The sale was a competitive process with significant interest from a broad range of suitable parties, leading to a strong outcome for debenture holders."
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