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PacWest Bancorp’s stock rose Monday after the bank said it agreed to sell a $3.5 billion lender-finance loan portfolio to Ares Management Corp. in a deal expected to provide $2 billion before transaction costs for the bank.
Additional tranches to generate more cash are expected to close in “future periods” as unfunded commitments are disbursed and then sold, PacWest said.
PacWest’s…
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