k of America and U.S. hedge fund Davidson Kempner Capital Management were expected to buy the Lloyds' loans, one of the sources said. Another source added that the terms of the deal were being finalised.
Lloyds, Bank of America and Davidson Kempner all declined to comment.
Pricing on the deal was in the region of 80 percent of the value of the loans, one of the sources said.
"Lloyds are keen to get out of shipping and this deal is part of their efforts to speed up the process," another source said.
In February, finance and banking sources said Lloyds was looking to the sell the $500 million tranche as the state-backed bank cuts the size of its balance sheet to reduce risk.
The state-backed bank accelerated the run-down of its shipping portfolio last year and sold 2.7 billion pounds of loans, contributing to a 35 billion pound reduction in its non-core assets to 64 billion pounds.
Lloyds' sale of shipping loans last year left it with 965 million pounds of net ship finance loans at the end of December, down from more than 7 billion pounds at the peak of the financial crisis.