Phoenix wins hedge fund backer for £250m cap hike

Phoenix Group Holdings, the closed-life insurance firm, launched a £250m placing and open offer designed to support a re-profiling of its loans and to increase dividend payments. The deal is fully backed by alternative asset manager Och-Ziff at a small discount to the recent share price, instead of being underwritten by a bank syndicate.

  • 30 Jan 2013

Phoenix is selling 50m new shares, 28.75% of the existing share capital, at 500p each. That was a 10.5% discount 30 day volume weight average price and a 15.4% discount to Tuesday’s close of 591p.

Och-Ziff is buying 16m shares, 9.2% of the existing share capital, while an open ...

Please take a trial or subscribe to access this content.

Contact Mark Goodes to discuss your access:

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: or find out more online here.

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 41.30
2 Rabobank 35.35
3 Morgan Stanley 11.45
4 BNP Paribas 5.95
4 Credit Agricole 5.95

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 CITIC Securities 1,560.67 2 10.70%
2 SG Corporate & Investment Banking 1,445.74 4 9.92%
3 Wells Fargo Securities 1,187.61 3 8.15%
4 Rabobank 1,081.86 1 7.42%
5 Bank of America Merrill Lynch 831.08 4 5.70%