TSSP has acquired credit assets, including part ofCredit Suisse AG'sdistressed credit portfolio, for about $1.27 billion.
The Credit Suisse distressed portfolio is composed of more than270 instruments across asset types and geographies relating to about 170companies, according to a May 3 news release. The transaction reduces CreditSuisse's overall distressed credit exposure by $1.24 billion. In addition to the $99million of write-downs disclosed in respect of the overall distressed portfolioon March 23, this transaction has resulted in a further charge of about $100million, the bulk of which will be reflected in Credit Suisse's first-quarterresults.
Simultaneous with the transaction, Credit Suisse executivesBob Franz, head of U.S. credit trading, and Ken Hoffman, head of distressedresearch and trading, will lead the formation of a new asset management firm toassist in servicing these assets and other similar ones in the future.
TSSP is the global credit and special situations platform ofTPG.