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24 Mar 2008

Hedge Fund Asks Investors To Replace Bank Loans

Hedge Fund Carrington Capital Management LLC is asking investors to lend it as much as $200 million to replace bank loans, according to the Financial Times.

The $1 billion hedge fund has offered investors an 18% interest rate on new preferred shares they said in a letter to investors from Carrington.

The hedge fund, which specializes in mortgages, said that their relationship with financiers Citigroup Inc. and JPMorgan Chase & Co. remains "good," according to FT.

Carrington Capital Management, LLC ("CCM"), is a privately managed investment management company, it currently has over $1 billion in assets under management.

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