Funds managed and advised by private equity firm J.C. Flowers & Co. LLC sold 24.3 million shares in OneSavings Bank Plc, representing an approximately 10% stake in the British lender, at 395 pence per share.
Gross proceeds from the transaction amount to about £96 million, according to joint global coordinators and joint book runners Citigroup Global Markets Ltd. and Credit Suisse Securities (Europe) Ltd. Closing of the share placement is expected to occur on a T+2 basis March 30.
In addition to the share placement, a number of existing shares representing a 0.6% stake in OneSavings Bank were distributed to certain investors in the J.C. Flowers funds.
N M Rothschild & Sons Ltd. acted as financial adviser to J.C. Flowers on the transaction.