selling bad loans: $27.57 | BPOP Message Board Posts


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Msg  15 of 15  at  3/1/2013 2:13:36 PM  by

mlkrborn


selling bad loans: $27.57

Popular announces agreement to sell $568 million of Non-performing loans and other real estate owned (BPOP) 27.92 : Co announced that Banco Popular de Puerto Rico, its principal banking subsidiary, has entered into a definitive agreement to sell a portfolio of non-performing commercial and construction loans, and commercial and single-family real estate owned, with a combined unpaid principal balance on loans and appraised value of other real estate owned of $1,022 mln and book value of $568 mln, to an entity majority owned by a joint venture between Caribbean Property Group and certain affiliated funds of Perella Weinberg Partners Asset Based Value Strategy.

The transaction is expected to result in an after-tax loss of ~$185 mln, which will be recognized in the first quarter of 2013. The purchase price for the assets is equal to 34% of the unpaid principal balance of the loans and the appraised value of the other real estate owned as of the agreed cut-off date - (~$347 mln), adjusted for certain collections and advances made after such date. As consideration for the sale of the assets, Banco Popular will receive ~$112 mln in cash, a note for ~$203 mln as seller financing and a 24.9% equity interest in the purchasing entity. 



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