Why Santander Consumer USA (SC) Stock Is Declining Today

NEW YORK (TheStreet) -- Santander Consumer USA (SC) shares are down -2.7% to $18.83 on Wednesday after pricing the secondary public offering of 10,047,954 shares of its common stock by Sponsor Auto at a price of $18.68 cents per share. 

JPMorgan (JPM) is acting as the sole bookrunner for the offering while investment vehicle Sponsor Auto will receive all of the proceeds from the offering. It's expected to close on September 8.

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SC Chart SC data by YCharts

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