KeyCorp in Cleveland has sold its indirect retail auto loan portfolio.
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.