Printer Friendly

THE FOOTHILL GROUP INC. ANNOUNCES COMPLETION OF ITS LARGEST FUND

 LOS ANGELES, April 5 /PRNewswire/ -- The Foothill Group Inc. (NYSE: FGI) announced that its Foothill Partners II L.P. has, in its final closing, successfully raised $432 million in total commitments, including $40 million by the general partners and their affiliates, to invest in senior loans of distressed companies. The first closing of this new partnership with $234 million in commitments was previously announced on Dec. 23, 1992. Merrill Lynch & Co. acted as exclusive financial advisor and placement agent in this private placement offering.
 Foothill Partners II L.P. will target investments in performing and non-performing senior loans and is the fourth and largest fund raised by Foothill. Foothill has managed three other funds since 1988 whose commitments totaled more than $193 million.
 "We are extremely pleased with the high level of interest in this new fund by sophisticated institutional investors," said Don L. Gevirtz, chairman and chief executive officer.
 Foothill is a recognized leading investor in distressed senior loans. It has been investing its own capital in distressed senior loans since 1983 and has realized returns on completed transactions in excess of 30 percent.
 The Foothill Group Inc. is a financial services company engaged in the commercial finance and asset management businesses. It owns or manages assets totaling more than $1.2 billion. Foothill Capital Corp., its largest subsidiary, provides asset-based financing secured by accounts receivable, inventory, equipment and other assets to businesses nationwide. Foothill Thrift and Loan specializes in providing commercial real estate financing for California-based small businesses and entrepreneurs. The Capital Markets Division (parent company) manages institutional limited partnerships which invest in the debt of companies which are in reorganization or in the process of restructuring.
 -0- 4/5/93
 /CONTACT: Henry K. Jordan, VP and CFO of Foothill Group, 310-996-7000/
 (FGI)


CO: Foothill Group Inc.; Foothill Partners II L.P.; Foothill Capital
 Corp. ST: California IN: FIN SU:


LS-JB -- LA036 -- 3210 04/05/93 17:06 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 5, 1993
Words:321
Previous Article:TERESA QUEVEDO TO ANCHOR KVEA-TV'S NEWSCAST 'NOTICIERO 52'
Next Article:ROCHESTER MEDICAL SIGNS PROMOTION AND DISTRIBUTION AGREEMENT
Topics:


Related Articles
THE FOOTHILL GROUP INC. REPORTS 1991 YEAR-END FINANCIAL RESULTS
THE FOOTHILL GROUP INC. REPORTS 1992 SECOND QUARTER RESULTS
THE FOOTHILL GROUP INC. REPORTS 1992 THIRD QUARTER RESULTS
THE FOOTHILL GROUP INC. REPORTS 1992 FOURTH-QUARTER AND YEAR-END RESULTS
THE FOOTHILL GROUP INC. REPORTS FIRST QUARTER RESULTS
FOOTHILL GROUP SUBSIDIARY COMPLETES ANNUAL RENEWAL OF BANK CREDIT FACILITY AND INCREASES AMOUNT TO $235 MILLION
THE FOOTHILL GROUP INC. REPORTS HISTORICALLY HIGH SECOND QUARTER RESULTS AND PLAN TO SPIN-OFF FOOTHILL THRIFT TO SHAREHOLDERS
THE FOOTHILL GROUP INC. REPORTS 1993 FOURTH QUARTER AND RECORD YEAR-END RESULTS
THE FOOTHILL GROUP INC. REPORTS RECORD FIRST QUARTER RESULTS
THE FOOTHILL GROUP INC. REPORTS IMPROVED THIRD QUARTER RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters