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Barclay Brothers Offer to Buy Loans From Anglo Irish, Mail Says

Nov. 27 (Bloomberg) -- Billionaire brothers David and Frederick Barclay offered Anglo Irish Bank Corp. 130 million pounds ($200 million) to buy loans owed to the bank by developer Paddy McKillen, the Irish Mail on Sunday reported.

The brothers offered to buy the debt, which is secured against London’s Berkeley, Connaught and Claridge’s hotels in writing on Oct. 28, the newspaper said.

The purchase would allow the twins to take full control of the three hotels after they purchased a 64 percent stake in their parent company from Ireland’s National Asset Management Agency, the Mail said. McKillen, who owns the remaining 36 percent, won a court bid to stop NAMA taking over his loans because he was continuing to repay them, the Mail said.

A spokesman for the Barclays told the newspaper that if Anglo Irish fails to take up the offer, the hotel company will hold a rights offering, potentially diluting the lender’s stake in the company, the newspaper reported.

To contact the reporter on this story: Colm Heatley in Belfast at cheatley@bloomberg.net

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net

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