General Re-New England Asset Management was poised to sell off a portfolio of approximately $335 million in loans as LMW went to press last week. The specific credits could not be determined but they are reportedly high quality with just a few distressed names. Repeated calls to officials at Gen-Re were not returned by press time. Gen-Re is said to have approached five dealers for the sale. Several loan investors noted that this is a good time to go forward with the portfolio sale due to the current run-up in secondary market prices.
The loans are believed to have been assets held by the firm's KZH-Pondview collateralized loan vehicle. It was slated to undergo a refinancing into a new Stonewell CLO I (LMW, 2/17) but this was never completed.