Banco Santander's US auto loan division sets terms for $1.5 billion US IPO

By Renaissance Capital,

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Santander Consumer USA Holdings, which provides indirect, direct and third party originations and auto loan servicing, announced terms for its IPO on Thursday. The Dallas, TX-based company plans to raise $1.5 billion by offering 65.2 million shares (100% insider) at a price range of $22 to $24. At the midpoint of the proposed range, Santander Consumer USA Holdings would command a fully diluted market value of $8.3 billion.

Santander Consumer USA Holdings, which was founded in 1997 and booked $3.2 billion in sales for the 12 months ended September 30, 2013, plans to list on the NYSE under the symbol SC. Citi, J.P. Morgan, BofA Merrill Lynch, Deutsche Bank, Santander, Barclays, Goldman Sachs, Morgan Stanley, RBC Capital Markets, BMO Capital Markets, Credit Suisse, UBS Investment Bank and Wells Fargo Securities are the joint bookrunners on the deal.

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