Jefferies Declares Exposure to First Brands

Jefferies Financial (JEF) disclosed its Point Bonita investment fund (which has mainly outside investors) had about $715 million exposure (through receivables) to auto-parts supplier First Brands. 

Jefferies said its own exposure was about $45m. 

Morgan Stanley, Blackrock  and Texas Treasury Safekeeping Trust, are looking to redeem cash from their investments in Point Bonita.

SMBC, a shareholder of Jefferies, has agreed to increase its stake in Jefferies and extend up to $2.5bn in new credit.