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Permanent TSB to sell 'Glas Tranche II' NPL portfolio to Lone Star affiliates

Permanent TSB PLC agreed to sell its "Glas Tranche II" portfolio of nonperforming loans, which has a gross balance sheet value of €506 million, to two affiliates of U.S.-based private equity fund Lone Star for €264 million in cash.

The lender will sell the portfolio to retail credit firm Start Mortgages DAC and LSF Irish Holdings 101 DAC. Proceeds from the deal will be used for general corporate purposes, the bank said.

With the sale, Permanent TSB expects to reduce its overall NPL ratio to approximately 7% of total loans from nearly 10%, and raise its common equity Tier 1 ratio by 30 basis points.

Permanent TSB PLC is wholly owned by Permanent TSB Group Holdings PLC.