Commerzbank Capital Increase Volume Of 10% Minus 1 Share Placed
2011年1月14日 - 12:45AM
Dow Jones News
About 118.1 million new shares of Commerzbank AG (CBK.XE) were
placed with institutional investors in an accelerated bookbuilding
Thursday, investment bank Credit Suisse Group (CS) said.
The placement price was fixed at EUR5.30 a share, enabling
Commerzbank to raise around EUR625.93 million in new capital in a
transaction that involved exchanging hybrid bonds for new
shares.
The transaction will take some EUR1 billion worth of hybrid debt
issued by Commerzbank off the market and replace it with 10% minus
one share of equity capital, one person familiar with the matter
said earlier Thursday.
People familiar with the matter said the transaction will result
in an estimated capital gain of at least EUR300 million from buying
the hybrid bonds back at a discount.
Credit Suisse said the issue was "multiple times
oversubscribed."
Settlement of the transaction is scheduled to take place Jan.
26.
In this context, Allianz SE (ALV.XE) agreed to provide Credit
Suisse with a stock lending facility of existing Commerzbank shares
sourced from Allianz's holding. On the basis of this agreement,
investors were able to borrow Commerzbank shares from Credit Suisse
until the delivery of the new shares from the placement. Allianz
still holds 10.3% in Commerzbank following the sale of Dresdner
Bank.
A syndicate of Credit Suisse Group (CS), Citigroup Inc. (C),
Goldman Sachs Group Inc. (GS) and UBS AG (UBS.VX) placed the shares
with institutional investors.
-By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500;
ulrike.dauer@dowjones.com