Banco de Sabadell SA (SABE.MC)
9 Dec 2016
Latest Key Developments (Source: Significant Developments)
Banco de Sabadell SA:Moody’s Investor Services has affirmed its long and short-term credit ratings on company at Ba2 and NP, respectively with upward revision, following announcement of submission of tender offer to buy TSB Banking Group. Full Article
Banco de Sabadell SA:Says the boards of directors of Banco de Sabadell S.A. ( Sabadell) and TSB Banking Group plc ( TSB) have reached agreement on the terms of a recommended cash offer for TSB by Sabadell.Pursuant to which Sabadell will acquire the entire issued and to be issued share capital of TSB (the Offer.Sabadell has agreed to acquire a 9.99 pct interest in TSB from Lloyds Bank plc ( Lloyds), and Lloyds has entered into an irrevocable undertaking to accept the Offer in respect of its entire remaining 40.01 pct shareholding in TSB.Under the terms of the Offer, TSB Shareholders will receive 340 pence per share in cash for each TSB Share, which values the entire issued share capital of TSB at about 1.7 billion Pounds.Sabadell is also announcing a fully underwritten rights issue, which is intended to raise gross proceeds of about e1.6 bln ($1.7 bln and 1.2 bln Pounds), such proceeds to be used to maintain Sabadell's Common Equity Tier 1 capital ratio following completion of the Offer.Goldman Sachs International is acting as exclusive financial adviser to Sabadell in respect of the Offer.Allen & Overy LLP is acting as legal adviser to Sabadell.Citigroup Global Markets Limited is providing financial and corporate broking advice to the TSB Directors in relation to the Offer and Rothschild is providing financial advice to the TSB Directors in relation to the Offer. Full Article
Banco de Sabadell SA:Says Standard & Poor’s Ratings Services has affirmed its long-term and short-term credit ratings on company at BB+ and B, respectively after announcement of possible presentation of offer to acquire TSB Banking Group. Full Article
Banco de Sabadell SA:To propose a script dividend payment of 0.04 euro per share financed by a capital increase, shareholders will choose to receive dividend in cash or in shares.To propose additional dividend payment of 0.01 euro per share, financed from treasury shares. Full Article
MADRID, Nov 21 Colombian billionaire Jaime Gilinski has agreed to sell a 3 percent stake in Banco Sabadell , worth about 212 million euros ($225 million), to institutional investors, according to a sock market filing on Monday.