Santander Consumer USA Holdings Inc. in $2.0 Billion IPO

January 28, 2014

Cleary Gottlieb represented Citigroup and J.P. Morgan as representatives of the underwriters in the initial public offering of shares of common stock of Santander Consumer USA Holdings Inc.

The deal priced on January 22 and closed on January 28. The offering price was $24 per share. The selling stockholders included Banco Santander, the controlling shareholder, and an investment vehicle owned by funds managed by Centerbridge, KKR and Warburg Pincus. Together with certain officers of the company, the selling stockholders sold 74,991,470 shares of common stock, and certain selling stockholders sold an additional 10,250,572 shares of common stock to cover over-allotments. The common stock is listed on the New York Stock Exchange under the ticker symbol “SC.” Proceeds from the offering to the selling stockholders were approximately $2.0 billion after deducting underwriting discounts and commissions. The company did not receive any proceeds from the sale of shares by the selling stockholders.

Santander Consumer USA Holdings Inc. is a full-service, technology-driven consumer finance company focused on vehicle finance and unsecured consumer lending products. The company has a serviced finance portfolio of approximately $21 billion, relationships with nearly 14,000 automotive dealers in the United States and retail installment contracts with more than 2 million customers. The company began originating financing in 1997 and is headquartered in Dallas.