LONDON – May 7, 2015 – Bain Capital Credit, formerly known as Sankaty Advisors, announced today that it has acquired, through a controlled affiliate, a portfolio of secured loans from BFA-Bankia Group.
The portfolio—which has a par value of €560 million—is made up of defaulted bilateral and syndicated Spanish loans to real estate developers and small-to-medium enterprises, secured primarily on various real estate collateral. This is Bain Capital Credit's second loan portfolio transaction in the Spanish market during the past six months.
“We are excited to be making this investment in Spain. This transaction further enhances our track record of investing in complex and idiosyncratic portfolios across Europe, where we have the ability to leverage our experience while remaining flexible to maximize value for our investors,” said Alon Avner, a Managing Director and Head of Bain Capital Credit's European business, which has bought €2.3 billion in loan portfolios from European banks over the last three years.
Copernicus, a Spanish financial services company, assisted Sankaty in transaction due diligence and will also act as the servicer for the portfolio post-acquisition. J&A Garrigues acted as legal advisor and Aura REE provided real estate valuation advice on the transaction.
Bain Capital Credit, formerly known as Sankaty Advisors, is one of the world’s leading private managers of fixed income and credit instruments. Founded in 1998 and now managing more than $26 billion of assets, Bain Capital Credit has an integrated team of more than 230 people that enables the firm to invest up and down the capital structure and to conduct rigorous, independent analysis of thousands of corporate issuers. Bain Capital Credit invests in a wide variety of securities and investments globally, including leveraged loans, high-yield bonds, distressed and stressed debt, mezzanine debt, structured products, real estate and equities. An employee-owned private partnership, the firm has offices in Boston, New York, Chicago, London, Luxembourg, Dublin, Hong Kong and Melbourne. Bain Capital Credit is registered with the Securities and Exchange Commission and Bain Capital Credit, Ltd., is authorized and regulated by the Financial Conduct Authority. For more information, please visit www.baincapitalcredit.com.
Bain Capital Credit’s European team, consisting of more than 30 professionals based in London, has a successful 12-year track record of investing in European leveraged loans, high yield bonds and mezzanine capital, and currently manages investments in approximately 100 companies.
This press release has been updated to reflect the new business unit name, "Bain Capital Credit," which was changed from "Sankaty Advisors."