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Credit Suisse to launch speciality finance company - WSJ
February 9, 2015 / 12:20 AM / 3 years ago

Credit Suisse to launch speciality finance company - WSJ

A national flag of Switzerland flies in front of a branch office of Swiss bank Credit Suisse in Luzern October 30, 2014. REUTERS/Arnd Wiegmann

(Reuters) - Credit Suisse Group AG CSGN.VX is launching a speciality finance company to invest in the unrated debt of small or midsize U.S. companies, the Wall Street Journal reported on Sunday.

The company, Credit Suisse Park View BDC Inc, will be a business development company, according to the report. Credit Suisse said in a regulatory filing last month it aims to raise $500 million (328 million pounds) by selling shares at $10.14 each, the paper said.

The business development company will operate as part of the bank’s asset management unit, Credit Suisse Asset Management LLC, whose Credit Investment Group oversees $36 billion in assets. The asset manager will earn fees for managing the BDC, according to the Journal report.

A spokeswoman for Credit Suisse declined to comment.

Reporting by Jessica Toonkel; Editing by Eric Walsh

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