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J.C. Flowers, others to sell Shinsei Bank shares in secondary offering

Private equity firm J.C. Flowers & Co. LLC and other shareholders of Shinsei Bank Ltd. plan to sell up to 43,535,000 common shares of the Japanese bank in a secondary offering.

The lender said Aug. 8 that the proposed secondary offering would comprise an international offering of 25,783,900 shares, with an overallotment option of up to 3,867,500 shares, and a domestic offering of 13,883,600 shares, with an overallotment option of 2,082,500 shares.

Once the offering is completed, the stake of J.C. Flower's Saturn IV Sub LP fund in the bank will drop to 1.17% from 13.20% currently and it will no longer be the bank's largest and principal shareholder. Other shareholders selling shares in the offering include J.C. Flowers founder J. Christopher Flowers, Saturn Japan III Sub CV, Saturn Japan II Sub CV, and Thierry Porté, Managing Director of J.C. Flowers and the former CEO of Shinsei Bank.

Further, Flowers announced his intention to retire from the bank's board of directors following the completion of the offering.

The offering is expected to be settled between Aug. 27 and Aug. 30, or on the fifth business day following the offering price determination date, the bank added.

As of March 31, a group of investors, including affiliates of J.C. Flowers, held 55,366,348 common shares, or 22.57% of Shinsei Bank's outstanding common shares, excluding treasury shares, according to the bank's 2019 integrated report.