Apollo Global Management has secured £90m of retrospective finance from Credit Suisse for its Project Lane non-performing loans purchase.
In November, Apollo paid Lloyds Banking Group €175m for the Irish loan book, which had a face value of €1.8bn, representing a 90% discount.
It has since raised finance for the purchase by selling Credit Suisse €90m of shares in the special-purpose vehicle it set up to buy Lane.
The margin on the finance is understood to be under 600 basis points over three-month Euribor and the loan will amortise over three years.
CarVal Investors bought another Lloyds portfolio around the same time – the €380m Project Pittsburgh, for which it paid €95m.
It has since applied modest leverage to the deal. Lane and Pittsburgh were originally brought to market together as one large package, called Project Pittlane.
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