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Battered Swiss bank UBS(UBS Quote) on Thursday said it would raise $15.5 billion through a deeply discounted rights offering.
The Zurich-based bank will sell the new shares at 21 Swiss francs, a 31% markdown from the roughly current price of 30.64 Swiss francs. Shareholders will receive one subscription right per share held, with 20 of the rights entitling the holder to buy seven new shares at the price of 21 Swiss francs.
The issue has been fully underwritten by Goldman Sachs(GS Quote), JPMorgan Chase(JPM Quote), Morgan Stanley(MS Quote) and BNP Paribas. The rights will begin trading on May 27 on the SWX Europe and the New York Stock Exchange. ...
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