Debt Capital Markets
has sold assets to
• PacWest Bancorp ("PacWest") has entered into a purchase agreement to sell a portfolio of Lender Finance loans with an approximate aggregate commitment amount of $3.5 billion, including aggregate principal balance currently outstanding of $2.2 billion, to Ares Management Corporation.
• The first tranche closed on June 22, 2023, and loans with an aggregate commitment amount of $3.4 billion, including an aggregate principal balance of $2.1 billion, were sold, resulting in proceeds of $2.0 billion.
• The sale of the remainder of the portfolio is subject to customary closing conditions, including PacWest receiving certain required consents.
• Stephens served as exclusive financial advisor to PacWest in the transaction.
About PacWest Bancorp
Headquartered in Los Angeles, California, PacWest Bancorp (NASDAQ: PACW) is a relationship-based community focused on providing business banking and treasury management services to small, middle market, and venture-backed businesses. The Bank offers a broad range of loan and lease and deposit products and services through full-service branches throughout California and in Durham, North Carolina and Denver, Colorado, and loan production offices around the country.
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