Deutsche Banks sells portions of Alliance Boot's loans

May 15th, 2008
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Deutsche Bank was finally able to move some of the loans that funded the Alliance Boots Ltd leveraged buy out by Kohlberg Kravis Robers &Co. Hedge Fund, Apollo Management Inc and Blackstone Group LP agreed to buy $3.9 billion in loans of the $22billion take-over. The Alliance Boots LBO was Europe's largest ever. When the sale collapsed after Deutsche Bank and other lenders couldn't find buyers for the debt, panic was triggered and investors backed out leaving the banks with $230 billion in leveraged loans which eventually had to be written off. According to Paul Thompson former head of HSBC Holdings Plc, Apollo and Blackstone are `taking advantage of market dislocation' and will `later resell the debt at a profit.'
For Detailed Investor Profiles on these Investors, click below:
Apollo Capital Management
The Blackstone Group
Related People: Avi Katz; Barry Cohen; Chin Hwee Tan; James Zelter; Joshua Harris; Leon Black; Marc Rowan; Patrick Dalton; Peter G. Peterson; Robert Ruberton; Stephen A. Schwarzman
Related Entities: AP Alternative Investments; AP Investment Europe Ltd; Apollo Asia Opportunity Fund; Apollo Investment Corporation; Apollo Investment Management; Apollo Value Funds; Apollo Value Investment Fund; Blackstone Kailix Advisors*; GSO Capital Partners LP

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