Jefferies Group and Massachusetts Mutual Life Insurance (MassMutual) have invested $250 million each in equity in their commercial finance venture, The Wall Street Journal reports. The move will double the committed equity capitalization of the venture, Jefferies Finance, which the partners created in 2004. The companies have also entered into a $1 billion secured revolving credit facility to boost the investment bank’s large loan underwritings. Jefferies Finance offers senior loans to companies and has originated more than $20 billion of debt during the last five years. Babson Capital Management, a MassMutual affiliate, will continue to offer portfolio-management services, adds Bloomberg.
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