Finance
KKR Buys BMO’s $7 Billion RV Loan Portfolio as Banks Shed Debt
- Kennedy Lewis, along with other lenders, also participated
- Sale comes as banks dispose of assets, private credit steps in
This article is for subscribers only.
A group led by KKR & Co. has purchased a roughly $7.2 billion portfolio of recreational vehicle loans from Canada’s Bank of Montreal, as private credit lenders continue to scoop up assets from financial institutions, according to a statement seen by Bloomberg.
BMO started exploring the sale of the super-prime portfolio earlier this year, Bloomberg reported in October, noting KKR was among the potential bidders. BMO provided seller financing to the purchasing parties, by buying $6.4 billion of bonds backed by the RV loans KKR purchased, the statement says.