Spain's Liberbank to raise 475 mln eur in rights issue

MADRID Thu May 22, 2014 11:52am EDT

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MADRID May 22 (Reuters) - Spain's Liberbank will price its rights issue at 0.485 euros per share and raise just under 475 million euros ($649 million), according to a prospectus released to the stock market regulator on Thursday.

The lender, which needed state aid during the country's financial crisis, is raising money to repay those funds and bolster its capital levels. It will issue 979 million new shares, which will start trading on June 23.

Earlier on Thursday Liberbank also priced an accelerated share sale, raising about 317 million euros through a placement of new and existing shares. ($1 = 0.7318 Euros) (Reporting by Julien Toyer, Editing by Sarah White)