Permanent TSB raises €525m

Permanent TSB has raised €525m in capital from private sources.

Permanent TSB raises €525m

Permanent TSB has raised €525m in capital from private sources.

The transaction values the Group at over €2bn.

The firm raised €400m by the sale of 88.9m ordinary shares. The shares were priced at €4.50 per share which was at the top end of the price guidance issued last week.

A further €125m has been raised through the issuance of AT1 capital at a coupon (interest rate) of 8.625% to investors.

PTSB will now return €410.5m to the Government through the repurchase of the Contingent Convertible Notes which formed part of the Government’s recapitalisation of the Group, which was then called Irish Life & Permanent Group plc, in 2011.

The Minister for Finance said that Permanent TSB's announcement is a significant milestone in its recovery, following the European Commission's approval of its Restructuring Plan.

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