NEW YORK and LONDON, March 14, 2018 /PRNewswire/ -- Cerberus Capital Management, L.P., a global leader in alternative investing, announced today that its affiliates Promontoria Holding 212 B.V., Promontoria Holding 213 B.V., and Promontoria Holding 215 B.V., which directly own shares of BAWAG Group AG, have entered into a two year loan facility secured against the shares held in BAWAG. The borrowers remain the legal and beneficial owners of the pledged shares, which represent approximately 35% of the outstanding ordinary shares of BAWAG, and retain full voting rights.
The loan facility and the related pledge of shares are permitted under the underwriter lock up arrangements entered into at the time of BAWAG's initial public offering, as disclosed in the IPO prospectus dated October 24, 2017.
About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is a global leader in alternative investing with more than US $34 billion under management across complementary credit, private equity, and real estate strategies. From its headquarters in New York City and network of affiliate and advisory offices in the United States, Europe, and Asia, Cerberus has the on-the-ground presence to invest in multiple asset classes globally.
SOURCE Cerberus Capital Management, L.P.