Credit Suisse plans to launch specialty finance company

[N EW YORK] Credit Suisse Group AG is launching a specialty finance company to invest in the unrated debt of small or midsize US companies, the Wall Street Journal reported on Sunday.

The company, Credit Suisse Park View BDC Inc, will be a business development company, according to the report. Credit Suisse said in a regulatory filing last month it aims to raise US$500 million by selling shares at US$10.14 each, the paper said.

The business development company will operate as part of the bank's asset management unit, Credit Suisse Asset Management LLC, whose Credit Investment Group oversees US$36 billion in assets. The asset manager will earn fees for managing the BDC, according to the Journal report.

A spokesman for Credit Suisse did not immediately respond to a request for comment.

REUTERS