PE-backed Santander Consumer USA debuts IPO

Santander Consumer USA launched its IPO on Thursday after pricing its offering of almost 75 million shares at a $24 per share. The stock is trading on the NYSE under the ticker symbol “SC.” Citigroup and J.P. Morgan are serving as lead underwriters. Based in Dallas, Santander Consumer USA is a provider of car loans. Its backers include Warburg Pincus, Kohlberg Kravis Roberts and Centerbridge Partners.

PRESS RELEASE

DALLAS – January 23, 2014 – Santander Consumer USA Holdings Inc. (the “Company”), the parent company of Santander Consumer USA Inc., today announced the pricing of its initial public offering of 74,991,470 shares of common stock at a price of $24 per share. The Company’s common stock is expected to begin trading on the New York Stock Exchange today, under the ticker symbol “SC.”
All of the shares of common stock to be sold in the offering are being offered by the selling stockholders. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 11,248,720 shares of common stock at the initial public offering price less the underwriting discount. The Company will not receive any proceeds from the sale of shares by the selling stockholders.
The offering is being made through global coordinators and joint book-running managers Citigroup and J.P. Morgan. Additional joint book-running managers include BofA Merrill Lynch, Deutsche Bank Securities, Santander Investment Securities, Barclays, Goldman, Sachs & Co., Morgan Stanley, RBC Capital Markets, BMO Capital Markets, Credit Suisse, UBS Investment Bank and Wells Fargo Securities. KKR, Sandler O’Neill + Partners, L.P., Stephens Inc. and LOYAL3 Securities are also acting as managing underwriters of the offering.
The offering will be made only by a means of a prospectus, copies of which may be obtained by contacting Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (tel: 800-831-9146), or by email: BATProspectusdept@citi.com; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (tel: 866-803-9204).
The registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Santander Consumer USA Holdings Inc.
Santander Consumer USA Holdings Inc. is a full-service, technology-driven consumer finance company focused on vehicle finance and unsecured consumer lending products. The company has a serviced finance portfolio of approximately $21 billion, relationships with nearly 14,000 automotive dealers in the U.S., and retail installment contracts with more than 2 million customers. The company began originating financing in 1997 and is headquartered in Dallas.

 

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