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Santander Consumer USA increases range and shares offered, deal size is now $1.9 billion
By: Renaissance Capital
Santander Consumer USA, which is a leading provider of
subprime auto loans in the US, raised the proposed deal size for
its upcoming IPO on Wednesday. The Dallas, TX-based company now
plans to raise up to $1.9 billion by offering 75.0 million shares
(100% insider) at a price range of $24 to $25. The company had
previously filed to offer 65.2 million shares at a range of $22
to $24. At the high end of the revised range, Santander Consumer
USA would raise 25% greater proceeds than previously anticipated.
Santander Consumer USA, which was founded in 1995 and booked $3.5 billion in sales for the 12 months ended September 20, 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. It is expected to price during the week of January 20, 2014.