Citi closes sale of $12 billion of loans

Fri Apr 18, 2008 3:41pm BST

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NEW YORK (Reuters) - Citigroup Inc (C.N) closed on the sale of a roughly $12 billion portfolio of loans financing leveraged buyouts on Thursday night, the bank's chief financial officer told Reuters.

In an interview Friday morning, CFO Gary Crittenden declined comment on terms of the deal. Sources last week said the average price of the loans was expected to be slightly below 90 cents on the dollar.

Sources last week also said the loans were being sold to private equity firms Apollo Group, Blackstone Group (BX.N), and TPG, with Citigroup financing most of the purchase price.

(Reporting by Dan Wilchins and Jonathan Stempel, editing by Gerald E. McCormick)

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