Friday, July 16, 2010

Structured Deals: Oaktree Capital wins $1.7 billion asset sale by FDIC

Thu Jul 15, 2010 3:10am EDT

The portfolio, from Ohio-based Am Trust, consists of about 280 loans with an average face value of about $6 million each, the paper said.
The Financial Times said Los Angeles-based private equity and distressed-debt investor Oaktree teamed up with luxury U.S. homebuilder Toll Brothers to bid for the assets, for which the FDIC offered zero interest rate debt and took an equity stake along with the buyer.
The FDIC and Oaktree could not be immediately reached for comment by Reuters outside regular U.S. business hours.
On Wednesday, Thomas Barrack's Colony Capital won an auction for a 40 percent stake in a portfolio of distressed commercial real estate loans being sold by the FDIC, paying $440 million.
(Reporting by Antonita Madonna Devotta in Bangalore; Editing by Michael Shields)