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.
