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Santander's U.S. auto-lending unit prices IPO at $24 a share

January 23, 2014

New York , Jan 23 (EFE).- Santander Consumer USA , the American auto-lending unit of Spain's Banco Santander, priced its initial public offering at $24 a share. The company made the announcement after the markets closed on Wednesday and its shares began trading Thursday on the New York Stock Exchange . They were up a whopping 8.4 percent to $26 a share in early trading. SCUSA, which Banco Santander controls with a 65 percent stake, informed the Securities and Exchange Commission Wednesday that its private equity investors planned to sell 75 million shares in the offering, up from an earlier estimate of 65.2 million shares. The underwriters of the IPO, which include JPMorgan Chase and Citigroup , also have a 30-day option of purchasing an additional 11.5 million shares, up from 9.8 million shares. If they exercise that option, that would bring the amount raised in the IPO to more than $2 billion . SCUSA said in a registration statement filed with the SEC that it plans to offer a quarterly dividend of $0.15 a share. The company's common stock began trading Thursday under the ticker symbol "SC." SCUSA said in a press release Thursday that it would not receive any proceeds from the sale of shares by the selling stockholders. EFE rcf/mc

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Source: EFE Ingles

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