Corsair Capital and Centerbridge Partners - pre-IPO deal with RBSG in relation to Williams & Glyn's

  • 27 Sept 2013
 

Slaughter and May is advising global financial service specialists Corsair Capital and Centerbridge Partners, who are leading a consortium of investors, on a £600 million pre Initial Public Offering ('IPO') investment into the Williams & Glyn's business which centres around 314 bank branches in the UK.

In addition to Corsair and Centerbridge, the consortium of investors includes the Church Commissioners for England and RIT Capital Partners plc.

The pre-IPO investment agreed by the Investors with The Royal Bank of Scotland Group plc ('RBSG') on 27 September 2013 takes the form of a £600 million bond to be issued by RBSG, which will be exchangeable for a significant minority interest in Williams & Glyn's at the time of its IPO. The bond will convert into Williams & Glyn's shares at the IPO price, subject to a minimum ownership level and a maximum of no more than 49%.

The subscription for the bond will be satisfied by way of a cash payment from the Investors. RBSG's Markets division is providing a £270 million secured financing package to the Investors for the investment.

Corsair Capital is a private equity firm dedicated to making long term investments in the financial services industry that create value. Since inception in 1992, Corsair Capital has invested and led transactions that have raised over US$17 billion of aggregate equity. Centerbridge Partners, L.P. is a multi-strategy institutional investment management firm with approximately US$20 billion in capital under management.

 
 

Contacts

 

Corporate and Private Equity: Jeff Twentyman (partner), Chris McGaffin (associate), Murray Cox (associate); Financing: Mark Dwyer (partner), Sarah Ellicott (associate), Jennifer Williams (associate); Financial Regulation: Jan Putnis (partner), Tim Fosh (associate); Tax: Mike Lane (partner), James Hume (associate); Competition: Michael Rowe (partner), William Turtle (associate), Paul Hutchinson (associate)

 
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