Banking, finance, and taxes
Citigroup (C) To Dump Debt For 90% Of Face
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Citigroup (NYSE: C) is near a deal to sell $12 billion of problem corporate debt to a group of private equity firms. According to The Wall Street Journal the firms include "Apollo Group, TPG and Blackstone Group ."
Citi would like to have the deal done before it reports it Q1 numbers. The haircut on the paper is supposed to to be 10%. Given how close the price is to par, it is somewhat surprising that the want to let it go.
Douglas A. McIntyre
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