IFLR1000

permanent tsb €525 million capital raising

27/4/2015
Investment grade bond/note issue, Share offer
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€ 525 million

$ 579.431 million

Completed

27/4/2015

Overview:

  • permanent tsb has undertaken a capital raising via a €400 million share offer and a €125 million AT1 notes issue.
  • The deal saw permanent tsb step up to a primary listing on the Irish Stock Exchange as well as securing a listing on the LSE. Shares were also offered to existing shareholders.
  • The deal also sees the Irish Government sell 21.8 million shares in the banking group for €98 million.
  • The capital raise is being undertaken in part to boost the banking group's capital following stress testing.

Sam Duke - Editor

Jurisdictions:

Ireland
United Kingdom

Deal types:

Investment grade bond/note issue
Share offer

Practice areas:

Capital markets : Debt
Capital markets : Equity

Industry sectors:

Banking
Financial services

Firms:
A&L Goodbody

Party: permanent tsb (Issuer)

Lawyers: Adrian Burke, Kevin Allen, Mark Ward, Paul White

Arthur Cox

Party: The Department of Finance (Ireland) (Shareholder)

Lawyers: Cormac Kissane, Maura McLaughlin

Clifford Chance

Party: permanent tsb (Issuer)

Lawyer: Simon Sinclair

Cravath Swaine & Moore

Party: The Department of Finance (Ireland) (Shareholder)

Herbert Smith Freehills

Party: Deutsche Bank AG Na ON (Global coordinator, Bookrunner)

Party: J&E Davy (Sponsor, Bookrunner)

McCann FitzGerald LLP

Party: Deutsche Bank AG Na ON (Global coordinator, Bookrunner)

Party: J&E Davy (Sponsor, Bookrunner)

Lawyer: David Byers

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