Santander Unit’s $1.56B IPO Offers Payday For PE Backers

Law360, New York (January 9, 2014, 3:04 PM EST) -- The private equity backers of Banco Santander SA’s U.S. auto loan unit are seeking to raise $1.56 billion in an initial public offering of 65.2 million shares, the company said Thursday.

Santander Consumer USA Holdings Inc. filed documents with the U.S. Securities and Exchange Commission listing its IPO price at between $22 and $24 per share with Banco Santander, private equity stockholders and top executives at Santander Consumer USA unloading some of their shares and reducing their ownership. 

It said underwriters will have a 30-day option...
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