Deutsche Bank (DB) and a group of banks are seeking to offload a $700 million term loan for the acquisition of FitCrunch after they were left with the loan following the transaction, Bloomberg News reported Friday, citing an unnamed source familiar with the matter.
The group of banks include BNP Paribas, a unit of Macquarie Group, and Jefferies Financial Group, said Bloomberg.
According to Bloomberg, the source said the banks failed to sell a bigger loan to institutional investors before the FitCrunch acquisition closed, leaving them with a portion of the debt. The source also said the banks are now offering the loan at a discount with added protection for lenders.
Deutsche Bank and Macquarie Group declined to comment on the matter. BNP Paribas and Jefferies Financial Group did not immediately respond to MT Newswires' requests for comments.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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