US private equity firm KKR is expected to take €1.2bn of loans from Greece's alpha bank and Eurobank, as it expands a new platform that partners with banks to provide capital and manage exposures to non-core and underperforming assets. KKR Credit said last week it aimed to extend the platform, called Pillarstone, across Europe and it was evaluating more countries. Its plan is for Pillarstone to provide fresh long-term capital and operational expertise to large corporate borrowers, to help them stabilise, recover and grow. But rather than being a straight buyout, where banks take a loss up-front, the banks share some of the upside as the performance of the corporate borrowers improves, it said.
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