NEW YORK, December 5, 2011 /PRNewswire/ --
Banco Santander-Chile (NYSE: SAN) announced today that it expects its previously announced SEC-registered underwritten public secondary offering of 14,741,593,828 shares of its common stock, including in the form of American Depositary Shares, or ADSs, to be priced after the market close in Santiago, Chile on Tuesday, December 6, 2011. In connection with the pricing, the New York Stock Exchange has informed Santander Chile that it will temporarily halt trading of Santander Chile ADSs on December 6, 2011 at 3:00 PM EST, when the Santiago Stock Exchange closes, and reopen trading at 9:30 AM EST the following morning, December 7, 2011. The Santiago Stock Exchange has informed Santander Chile that it will delay the opening of trading of Santander Chile's common stock in Santiago until 11:30 am Santiago time (9:30 AM EST) when trading of the ADSs on the New York Stock Exchange begins.
The offering will be priced by means of the sale of the shares by the selling shareholder in one block through a book auction on the Santiago Stock Exchange in a process known as subasta de libro de ordenes, in compliance with Chilean law and the rules of the Santiago Stock Exchange. The price and allocations resulting from the auction are expected to be announced before trading of Santander Chile shares and ADSs commences in Santiago and New York on December 7, 2011.
In case the offering timing slips, the Company will need to advise the NYSE and then put out a press release prior to Tuesday at 3:00 pm EST to update the market about the revised timing. Assuming the timing stays as planned, the Company will need to:
- confirm to the NYSE shortly prior to 3:00 pm EST on Tuesday that a trading halt should be put in place, and
- prior to 9:30 am EST on Wednesday that the offering has occurred and all news has been disseminated.
About Banco Santander-Chile
Banco Santander-Chile is the largest bank in Chile in terms of total assets, total deposits and shareholders' equity. As of September 30, 2011, it had total assets of Ch$ 25,655,815 million (US$ 49,371 million), loans net of allowances for loans losses of Ch$ 17,283,814 million (US$ 33,260 million), total deposits of Ch$ 13,892,003 million (US$ 26,733 million) and shareholders' equity of Ch$ 2,020,737 million (US$ 3,889 million). As of September 30, 2011, it employed 11,706 people (on a consolidated basis) and had the largest private branch network in Chile with 494 branches. It is headquartered in Santiago, and it operates in every region in Chile.
SOURCE Banco Santander Chile