08:14 AM EDT, 07/18/2024 (MT Newswires) -- Lloyds Banking Group ( LYG ) and Oaktree Capital Management said Thursday they struck a deal where Oaktree's European Private Debt platform will provide Lloyds Bank's buyout fund customers with loans of as much as 175 million British pounds ($227.2 million) each.

The companies are planning to deploy up to 1 billion pounds over the next three years out of Oaktree's funds, according to media reports on Thursday.

"Sponsor clients will be able to finance larger transactions without needing to bring on board additional lenders," said James Ranger, Lloyds' head of structured finance and syndicate.

Lloyds and Oaktree said they will seek to originate loans to UK middle-market sponsor-backed companies with EBITDA of 10 million to 75 million pounds.

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