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Lloyds Seen by TradeWinds Selling Shipping Loans at 50% of Value

Oct. 2 (Bloomberg) -- Lloyds Banking Group Plc sold discounted shipping loans to Oaktree Capital Management LP, according to TradeWinds.

The London-based bank sold $750 million of loans from its $8 billion shipping portfolio to the Los Angeles-based fund at 50 to 55 cents on the dollar, the industry newspaper said, citing ship finance professionals it didn’t identify.

Lloyds spokesman Ian Kitts declined to comment by phone today. So did an official at Oaktree who declined to be identified.

To contact the reporter on this story: Isaac Arnsdorf in London at iarnsdorf@bloomberg.net

To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net

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