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LONDON – March 25, 2014 – Bain Capital Credit, on behalf of its Credit Opportunities V Investment Program, and Canyon Capital Advisors LLC (Canyon), a global alternative asset manager through its associated funds, today acquired a portfolio of loans being disposed as part of Tranche 4 of the Project Rock process run by Irish Bank Resolution Corporation Limited (in Special Liquidation).
“We identified the loans as one of the most attractive loan assets in the IBRC portfolio. We pride ourselves on having the scale, flexibility and expertise to support and provide liquidity to small and medium enterprises in challenging market environments,” said Alon Avner, a Managing Director and Head of Bain Capital Credit’s European business.
“This presents a compelling opportunity to invest in the UK’s economic recovery as it gradually takes hold. This investment is in keeping with Canyon’s European investment strategy of pursuing well positioned businesses that are challenged by over leveraged balance sheets,” said Todd Lemkin, a Partner at Canyon.
Bain Capital Credit is the independently-managed credit affiliate of Bain Capital, LP and one of the world’s leading private managers of fixed income and credit instruments. Founded in 1998 and now managing more than $20 billion of assets, Bain Capital Credit has an integrated team of 200 people that enables the firm to invest up and down the capital structure, and to conduct rigorous, independent analysis of thousands of corporate issuers. Sankaty invests in a wide variety of securities and investments globally, including leveraged loans, high-yield bonds, distressed and stressed debt, mezzanine debt, structured products and equities. An employee-owned private partnership, the firm has offices in Boston, New York, Chicago, London, Luxembourg and Melbourne. Bain Capital Credit is registered with the Securities and Exchange Commission and Bain Capital Credit is authorised and regulated by the Financial Conduct Authority. For more information, please visit www.sankaty.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.
Canyon Capital Advisors LP is a leading alternative asset manager serving institutional clients worldwide. Canyon seeks to achieve superior, risk-adjusted returns significantly in excess of the debt and equity market indices with substantially lower volatility. Canyon and its affiliates currently manage investment funds and separate accounts in excess of $24 billion in assets with a staff of over 200, including more than 100 investment professionals. The firm was founded in 1990 and is headquartered in Los Angeles, with offices in New York and London. Canyon, through its predecessors, has been registered with the SEC since 1994.