The $181 billion-asset company said in a press release Friday that
it sold the $3.2 billion portfolio to an affiliate of Waterfall Asset
Management. Key did not disclose how much the Waterfall affiliate paid for the
loans.
Key said its bank also purchased $2.8 billion of senior notes
from a securitization collateralized by the sold loans. The bank will continue
to service the loans.
The company was advised by Morgan Stanley, KeyBanc Capital Markets
and Sidley Austin. Waterfall was advised on the transaction by Morgan,
Lewis & Bockius.
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