Alantra advised Liberbank on a restructuring of their non-core exposure and parallel €500m rights issue
ServiceEquity Capital Markets
Value €500 million
Alantra advised Spanish bank Liberbank in the design and execution of three different transactions with the aim of massively restructuring its Non-Performing Asset (NPAs) exposure.
The three transactions have been executed, almost in parallel, between July and November encompassing:
The sale of the REOs servicing platform, Mihabitants, to Cerberus which has resulted in a capital gain for the bank of €85m. The referred platform will play a critical role in accelerating the NPA wind down strategy;
The sale of a portfolio of foreclosed real estate assets of around €600m of gross value, with relevant exposure to land, which provides evidence of the executability of the referred accelerated wind down of NPAs; and finally The €500m rights issue which has allowed to significantly reinforce the coverage of NPAs and further accelerate NPA divestments. The capital raising was structured through a complex process implying a tail-swallow movement of a 20% stake from the former Cajas through an ABB (Accelerated Book Building). Demand was 2x the offer in the ABB and 8x the offer of the rights issue. Final pricing implied a multiple above 0.4x tangible book value.
In addition to the advisory to Bm in the merger process with Bankia announced in July of this year, this transaction further demonstrates Alantra’s capabilities, and global approach, to structure and execute very complex transactions for banks.
Jan 2021Debt financingValue £200 millionJan 2021SECTOR FIGService Debt AdvisoryValue £200 million
Jun 2020Public takeoverValue €2.8 billionJun 2020SECTOR FIGService Equity Capital MarketsValue €2.8 billion
Apr 2020Public tender offerApr 2020SECTOR Technology; FIGService Equity Capital Markets
Jul 2019Debt financingJul 2019SECTOR FIGService Debt Advisory; M&A