PacWest Sells $5.7B Loan Portfolio to Kennedy Wilson.

PacWest Bancorp has sold the first tranche of a $5.7 billion loan portfolio to Kennedy Wilson Holdings and its affiliate Fairfax Financial Holdings. The sale is part of PacWest's efforts to shore up liquidity after runs on deposits hit several regional lenders earlier this year. The first tranche of loans acquired by Kennedy Wilson and Fairfax totaled $3.25 billion in commitments and $1.8 billion in principal balances. PacWest's shares have slumped 60% this year amid the turmoil.