Permanent TSB sets price range for €400m fundraising, repaying bailout loans
Published 23/04/2015 | 07:18
PERMANENT TSB has set the price range for its €400m fundraising and has also announced plans to repay loan notes from the Exchequer for its financial rescue during the banking crisis.
The price range for the Placing has been set at between €3.90 and €4.50 per ordinary share and a May 5 date has been set for the initial public offering with shares to be traded in Dublin and London.
Currently the State owns more than 99pc of the lender.
The mid-point of the price range implies a market capitalisation at admission of approximately €1.9bn, the lender said today.
The deal size includes a €400m equity raising with additional secondary shares potentially being offered and sold by the Minister for Finance in the placing.
Permanent TSB also announced that it has agreed terms for the repurchase of the €400m loan notes or contingent convertible notes from the State at a premium of €10.5m.
The repurchase will be contingent upon the successful execution of the previously announced forthcoming capital raise of €525m, consisting of €400m of new equity and €125m of additional funding from private investors.