© Reuters. Pacwest (PACW) gains after selling $3.5 billion worth of loans to Ares
Ares Management Corp (NYSE:) said today that it completed the purchase of a $3.5 billion specialty finance loan portfolio from PacWest Bancorp (NASDAQ:).
Originally a part of PacWest’s Lender Finance unit, the portfolio of loans is backed by assets across a variety of industries and asset classes including consumer loans, auto loans, small business loans, etc.
PacWest shares rose 5% in pre-market trading on this news.
“We are excited to broaden and enhance our existing Alternative Credit portfolio through this strategic acquisition of a high quality portfolio of asset-backed loans,” said Jeffrey Kramer, Partner and Portfolio Manager in Alternative Credit.
“Our longstanding relationship with PacWest and our team’s ability to underwrite across numerous asset classes and efficiently complete the transaction positioned Ares to be the partner of choice.”
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