CVC, RBS raise $216m through Samsonite sale

The block trade of 112.5 million shares was priced at HK$14.90-15.15, a discount of up to 4.73% on the previous closing price. Bank of America Merrill Lynch was the sole arranger.

Samsonite listed in June 2011, raising $1.25 billion, plus an additional $46 million after underwriters exercised the over-allotment option. CVC took away $550 million from the IPO and was left with a 28.7% stake in Samsonite. RBS' gained $316.8 million and retained a 15.2% interest. Tuesday's sale leaves CVC with 23.3% and RBS with 13.2%.

CVC bought Samsonite in 2007 for $1.7 billion, including debt, and funded most of the transaction with a loan from RBS. A subsequent round of restructuring - necessitated by downturn in business due to the global financial crisis - saw RBS take a near 30% stake in the company.

In late March, Samsonite announced EBITDA of $248.3 million for 2011, up 29.3% year-on-year, as sales rose 28.8% to $1.56 billion. The company's stock gained momentum in the days after the announcement, rising 12% to close at HK$15.64 on April 10. They ended morning trading on April 11 at HK$14.38.

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