PacWest sells loan portfolio to Ares Management in deal that generates $2 bln ‘to improve liquidity’

PacWest is selling a loan portfolio for $2 billion and is planning further sales

PacWest Bancorp PACW, +0.56% said Monday it agreed to sell a lender finance loan portfolio to Ares Management Corp.

in a deal expected to provide $2 billion before transaction costs for the bank. Additional tranches to generate more cash are currently expected to close in “future periods” as unfunded commitments are disbursed and then sold, PacWest said. PacWest said the first tranche closed on June 22 when Ares bought an aggregate outstanding principal balance of $2.07 billion and assumed $187.14 million of the $1.33 billion unfunded commitment in the portfolio.

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