Mariner Financial sells off another arm
Mariner Financial is preparing to sell Mariner Credit Corporation to Pentagon Properties Group, a subsidiary of the 360 Capital Group.
Mariner Financial has entered into a conditional contract for the sale of Mariner Credit Corporation to Pentagon for a purchase price of $3.7 million. This includes Pentagon’s acquisition of the Mariner Lifestyle Bonds.
The conditions on the contract include the transfer or repayment of Mariner Financial’s $7.1 million loan via the restructure of Mariner Credit Corporation, and the novation of Mariner Retirement’s Solutions $1.3 million loan to Pentagon, among other conditions.
360 Capital/Pentagon will attempt to add value for Mariner Credit Corporation’s bondholders through initiatives such as a review of the bonds on offer and a possible rebalancing of the Australian real estate investment trust portfolio.
Following the transaction, Mariner Credit Corporation will change its name to Pentagon Capital.
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