Bloomberg News

Lloyds Unit BOS Said to Auction Loan Made to Nine Entertainment

December 15, 2011

Dec. 14 (Bloomberg) -- Lloyds Banking Group Plc’s Australian unit BOS International sold a loan it made to Nine Entertainment Co., the media company that’s seeking to restructure its debt, according to a spokesperson at the bank.

Following yesterday’s auction, the bank’s holding of Nine Entertainment debt is now in line with its target, the spokesperson said, asking not to be named in accordance with company policy. The person declined to state the target, the price or the amount of debt sold.

Nine, the Australian media company owned by CVC Asia Pacific Ltd., this month proposed dividing its A$2.8 billion ($2.8 billion) of debt, people familiar with the matter said on Dec. 12. Hedge funds own about 60 percent of the media company’s loans and are seeking to take control, the Australian newspaper reported today, citing an unidentified person at a hedge fund.

--Editors: Beth Thomas, Garfield Reynolds

To contact the reporter on this story: Sarah McDonald in Sydney at smcdonald23@bloomberg.net.

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net


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