B&B faces fees for failed funding deal

07-07-2008

B&B faces fees for failed funding deal
Bradford & Bingley (B&B) is to pay out a fee to Goldman Sachs for its collapsed funding deal.

The Sunday Telegraph reports despite US investors Texas Pacific Group (TPG) pulling out of a £179 million deal for a 23 per cent stake, the buy-to-let lender will still pay Goldman Sachs for advising on the deal.

TPG pulled out of the deal last week after B&B's debt rating was lowered.

B&B – the eighth biggest UK bank - will now return to it initial plan to raise some £400 million through a rights issue.

It is thought some of the company's largest investors – including M&G Investment Managers, Legal & General Investment Management, Insight Investment and Standard Life Investments – will take control of the bulk of the stock.

The rights issue has an unchanged subscription price of 55 pence per share, and will be underwritten by Citi and UBS.


Bookmark with:
Bookmark with: Digg Digg Bookmark with: Del.icio.us Delicious Bookmark with: Reddit Reddit Bookmark with: StumbleUpon StumbleUpon Bookmark with: Google Google Bookmark with: Technorati Technorati Bookmark with: Netvouz Netvouz

Latest News:

Search News
News Front Page
Accountancy / Tax
Advertising / PR
Armed Forces
Automotive
Aviation / Aerospace
Banking / Finance
Charities / Voluntary
Childcare / Youth
Construction / Property
Customer Services
Education / Training / Teaching
Emergency Services
Engineering / Electronics
Entertainment / TV / Theatre
Graduate Roles
Health / Beauty
Hotel / Catering / Restaurants
HR / Recruitment
Insurance / Pensions
International / Overseas
IT / Internet
Legal
Management / Business
Manufacturing / Industry
Media / New Media / Creative
Medical / Healthcare
Pharmaceutical Industry
Public Sector
Retail / Wholesale
Sales / Purchasing / Marketing
Science / Technology
Secretarial / PA / Admin
Skilled / Semi-skilled Manual
Telecommunications
Transport / Logistics
Travel / Tourism / Leisure