Leading global law firm Mayer Brown has advised Spain’s Liberbank on a combined offering consisting of a €317 million accelerated share sale and a €475 million rights offering.
Liberbank’s controlling shareholders, a group of Spanish regional savings banks, sold existing shares in the offering and the bank raised gross proceeds of €575 million through the issuance of new shares. The process allowed the bank to raise its CET1 ratio to the level of other domestic listed banks and reinforced its ability to pay dividends in the future. The improved capital levels are expected to allow the bank to repurchase contingent convertible bonds issued to the Spanish government’s Fund for the Orderly Restructuring of Banks.
London Banking & Finance partner Robert Flanigan led the Mayer Brown team. He was assisted by Banking & Finance associates Kunel Tanna and Ally Krawcewicz and Corporate & Securities associate Vivienne Chiu.
