LONDON -(Dow Jones)- Bayern LB, Commerzbank and The Royal Bank of Scotland (RBS.LN), the key lenders in Arcandor AG's lending syndicates, announced Wednesday that they are considering their options in respect to procuring the sale of their 43.9% stake in Thomas Cook Group PLC (TCG.LN) currently held by Arcandor AG which was granted as security to Bayern LB.
MAIN FACTS:
-The agreement was granted as security to Bayern LB for and on behalf of the lending syndicates in respect of lending commitments under certain facilities agreements and against which the security agent, acting on behalf of the lenders, can take enforcement action following default by Arcandor AG under such facilities agreements.
-Bayern LB, as security agent, has appointed Commerzbank Aktiengesellschaft (Commerzbank), RBS Hoare Govett Limited and UBS Investment Bank, as joint Bookrunners on an accelerated bookbuild of the Stake subject to demand, price and market conditions.
-The total number of ordinary shares to be sold in the Placing and the placing price will be decided at the close of the accelerated bookbuilding, and a further announcement will be made at that time.
-The books for the Placing will open with immediate effect.
-Pricing and allocations are expected to be announced as soon as practicable following the closing of the books. The timing of closing of the books will be at the absolute discretion of the Bookrunners
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com