15 April 2015
Public Relations, Saxo Bank
Saxo Bank, the global online trading and investment specialist, has announced that it has strengthened its capital base by issuing Convertible Tier 2 Notes in exchange for EUR 46.25 million and by issuing new equity capital in the amount of EUR 31.25 million.
CarVal Investors, a leading global investment fund manager with more than USD 10 billion under management, became note owners when investing in the Convertible Tier 2 and minority shareholders when subscribing shares equal to 2.5% of the share capital before this issue.
In a joint statement, Kim Fournais and Lars Seier Christensen, co-CEOs and co-founders of Saxo Bank said:
“In the process of exploring opportunities in the market, we found a combination which allows us to both issue additional capital and raise equity capital which will benefit the Bank, the shareholders, investors and clients. This framework enables Saxo Bank to not only meet potential future capital requirements, but also to consolidate our market position as a solid industry player. The investment is testament to the trust in the bank’s ability to capitalise on significant growth opportunities. We welcome CarVal Investors as new shareholders and note owners.”
The Tier 2 instrument fulfils the new European capital regulations and is subject to conversion into ordinary shares if the common equity tier 1 ratio in the Saxo Bank Group and/or Saxo Bank A/S falls below 7 per cent.
Following the issues then Saxo Bank A/S and Saxo Bank Group’s regulatory capital ratio are 22.8% and 19.0% respectively while the estimated solvency need is 13.8% and 12.8% respectively.
International media enquiries
Kasper Elbjørn, Head of International Communications
+45 3065 4300
Nordic media enquiries
Cathrine Kier, Head of Nordic Communications
+45 2068 4510
About CarVal Investors
CarVal Investors is a global alternative investment fund manager focused on opportunities in corporate securities, loan portfolios and real estate. Since 1987, CarVal's team has invested more than $81 billion in 5,300 transactions across 71 countries. Today, CarVal Investors has over $10 billion in assets under management in both credit and real estate strategies.
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