November 21, 2017 / 9:44 AM / a month ago

Bain to exit Skylark in US$562m block trade

HONG KONG, Nov 21 (IFR) - Bain Capital is selling its remaining shares in Japanese restaurant group Skylark in a block trade to raise up to ¥63bn (US$562m), according to a term sheet. The private equity firm is offering 38.9m shares, or 19.8% of Skylark, at an indicative price range of ¥1,602–¥1,622 a share. The range represents a discount of 3.28%–4.47% to the company’s closing price today of ¥1,677. The shares are on offer to both international and domestic institutional investors. Bank of America Merrill Lynch, Morgan Stanley and Nomura are the joint bookrunners. In June, Bain Capital raised ¥41.5bn (US$373m) through the sale of 25.5m Skylark shares at ¥1,630. That sell-down was also arranged by the same three banks. (Reporting By Fiona Lau; Editing By Steve Garton)

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