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J.C. Flowers funds sell 8% stake in OneSavings Bank

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J.C. Flowers funds sell 8% stake in OneSavings Bank

Funds managed and advised by J.C. Flowers & Co. LLC sold 20 million shares in OneSavings Bank Plc, representing about 8% of the lender's share capital, at 375 pence per share.

The placement generated gross proceeds of £75 million for the funds. Proceeds of the placing are payable in cash on usual settlement terms, and placement is expected to close on a two-day settlement basis Oct. 6, subject to certain customary conditions.

At the same time, a number of existing shares in the U.K.-based bank, representing roughly 6% of the number sold under the book build, have been distributed to certain investors in the funds advised by J.C. Flowers. These shares are separate and in addition to the shares sold under the book build arrangements.

Citigroup Global Markets Ltd. and Credit Suisse Securities (Europe) Ltd. are acting as joint global coordinators and joint book runners. N M Rothschild & Sons Ltd. is acting as sole financial adviser to J.C. Flowers.

The latest transaction follows sales of approximately 10% apiece in late March and late May.