Swedbank sets price in new share issue
Sweden's fourth-biggest bank Swedbank has announced the terms for its second rights offer in less than a year.
| Related news: • Swedbank launches $2.1 billion rights issue |
Stockholm-based Swedbank, badly exposed to the troubled Baltic economies and Ukraine, said last month is will raise around 15 billion kronor ($2.1 billion) by issuing shares in a rights issue.
On Monday the bank announced the terms for its second rights offer in less than a year.
Investors can buy one news share for 39 kronor for every two they hold. The subscription price representing a 51 percent discount to Friday's closing price.
The bank’s stock share has rose some 20 percent on the Stockholm stock exchange since the rights offer was announced, indicating a well-built support.
The ordinary share issue is underwritten by existing shareholders, such as insurance company Folksam, 48 independent savings banks and the Swedish Export Credit Corporation, covering 46.6 percent of the shares while Bank of America Merrill Lynch and Credit Suisse are underwriting the remaining 53.4 percent.
The subscription period runs from September 22 until October 6, the bank said.
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Last Updated (Monday, 14 September 2009 10:38)
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