ICG buys RBS €1.4bn credit portfolio

ICG is buying the loans at par value, financed by both equity and debt, with the deal set to complete by the end of August 2010.

ICG will manage the portfolio as part of its credit fund management business, which holds about €4.7bn of loan and high yield investment.

The purchase of the RBS portfolio comes just after ICG reported a drop in defaults in its credit portfolio, with the 12-month cumulative default rate sliding to 3.6% as of end of June 2010, compared to 4.5% at 2009 year-end.

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• Topics
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