NEW YORK - ITT Corp. said it has completed the previously announced sale of ITT Consumer Financial Corp.'s domestic unsecured consumer loan portfolio to an investor group led by an affiliate of Goldman Sachs & Co.
According to terms of the sale, ITT received about $1.7 billion in cash, including loan payments collected since Feb. 28 totaling $392 million. ITT contributed approximately $29 million for a 15% equity stake in the new group.
ITT said it applied 85% of the proceeds to retire commercial paper and will report an estimated pretax gain of $95 million in the second quarter.
