Citigroup Selling $12 Billion In Loans

Citigroup is close to selling $12 billion in loans to a group of private equity firms that include Apollo Group, the Blackstone Group, and TPG. The average price is just below 90 cents on the dollar. The loan sale is an attempt to help sure up their books after incurring exposure to $43 billion in leveraged loans last year. Another good call my Meredith Whitney a few weeks back.

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