RBS Said to Seek Bids for 280 Million Euros of Leveraged LoansPatricia Kuo
Royal Bank of Scotland Group Plc, the U.K.’s biggest government-owned bank, is seeking bids for 280 million euros ($374 million) of leveraged loans it owns, according to two people with knowledge of the matter.
The loans are being sold in a so-called bids-wanted-in-competition, or BWIC, process where the highest offer above the reserve price wins, said the people, who asked not to be named because the sale is private. Bids are due by 2 p.m. London time tomorrow, the people said.
The portfolio includes loans to Formula One, the auto-racing series partly owned by CVC Capital Partners Ltd., Kion Group GmbH, a forklift truck producer, and UPC Broadband Holding BV, a unit of John Malone’s Liberty Global Inc., the people said.
Rebecca Nelson, a spokeswoman in London for RBS, declined to comment on the sale.