An M&A-Filled Monday
It was a busy day for dealmaking activity, so let’s quickly review.
Regional banks were buoyed after PacWest Bancorp said it would sell a portfolio of real estate construction loans to shore up its balance sheet. The company will sell 74 loans with an aggregate principal outstanding of $2.6 billion to a unit of Kennedy-Wilson Holdings. It’s also selling them six additional loans with an aggregate balance of around $363 million. While the deal comes at a discount, investors are celebrating PacWest’s steps toward improving its liquidity position. 💵