Home Capital plans $2 bln in asset sales to ease loan burden: Reuters
Home Capital Group, Canada's biggest non-bank lender, is in talks to divest about $2 billion in assets to help pay down a high-interest loan and delay a potential sale of the entire company, sources told Reuters. The Toronto company wants to sell all or part of its commercial mortgage portfolio, its consumer finance business and a small portion of its traditional residential mortgage portfolio to raise the $2 billion. U.S. buyout firms Cerberus Capital Management LP, Fortress Investment Group LLC and Apollo Global Management LLC are among those in active talks with Home Capital about buying some of its assets. Caisse de dépôt et placement du Québec, as well as other pension funds and some private equity firms, are in talks about providing an alternative loan, the sources said.
